Walaa turns SAR 148M profit in 2023; Q4 at SAR 45.3M

Walaa Cooperative Insurance Co. swung to SAR 148 million net profit in 2023, from a loss of SAR 68.1 million in 2022.

Insurance revenues rose 12.26% year-on-year (YoY) to SAR 2.88 billion in 2023, driven by business growth in medical, engineering, protection & savings, and other general insurance segments.

Insurance services results posted a profit of SAR 28.12 million, compared to a loss of SAR 119.99 million, backed by business growth and improvement in the loss ratios in certain lines.

Net investment results jumped 110.53% YoY due to an increase in unrealized gains on investments and commission income on deposits.

Meanwhile, other operating expenses grew 76.90% YoY.

In Q4 2023, the insurance services provider turned to a net profit of SAR 45.3 million, against a net loss of SAR 11.41 million in Q4 2022.

On a sequential basis, Walaa’s earnings rose 13.8% from SAR 39.78 million in Q3 2023.

Shareholders’ equity, no minority interest, amounted to SAR 1.27 billion as of Dec. 31, 2023, compared to SAR 1.11 billion in 2022.

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