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.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,207.65 | 2,032.22 | 68.3 % |
| Insurance Revenues | 865.30 | 1,302.71 | 50.6 % |
| Net Income | 61.28 | 111.38 | 81.7 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.61 | 1.11 | 81.7 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,729.52 | 2,032.22 | 17.5 % |
| Insurance Revenues | 1,273.51 | 1,302.71 | 2.3 % |
| Net Income | 109.03 | 111.38 | 2.2 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 1.09 | 1.11 | 2.2 % |
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.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,207.65 | 2,032.22 | 68.3 % |
| Insurance Revenues | 865.30 | 1,302.71 | 50.6 % |
| Insurance Services Income | 97.62 | 113.23 | 16.0 % |
| Investment Income | 45.09 | 159.45 | 253.6 % |
| Net Profit of Insurance Services and Investment | 92.82 | 147.48 | 58.9 % |
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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