Al Rajhi Takaful posts 82% profit rise to SAR 111.4M in Q1 2024

Al Rajhi Company for Cooperative Insurance reported an 82% surge in Q1 2024 net profit to SAR 111.4 million, from SAR 61.3 million in the prior-year period.

The profit rise was fueled by insurance revenues, which increased by 50.6% to SAR 1.30 billion from SAR 865 million in Q1 2023. Net insurance services jumped 16% year-on-year (YoY) to SAR 113.22 million, mainly due to the growth in operations.

The company recorded a rise in total investment income to SAR 159.45 million from SAR 45.08 million in Q1 2023, including a SAR 101.33 million of fair value changes in the investments of the unitholders fund.

The insurance service provider also reported a 2.2% rise in net income from SAR 109 million in Q4 2023. Insurance services revenues grew by 2.3% to SAR 1.30 million from SAR 1.27 million in Q4 2023. Net insurance services soared 249.4% quarter-on-quarter (QoQ) to SAR 113.22 million, mainly. Gross written premiums (GWPs) leapt by 17.8% QoQ to SAR 2.03 million.

Total shareholders’ equity, no minority interest, increased to SAR 1.83 billion by the end of the three-month period from SAR 1.46 billion a year earlier.

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