LIVA’s earnings climb to SAR 11.3M in H1 2024; Q2 at SAR 6.6M

05/08/2024 Argaam Exclusive

LIVA Insurance Co.’s net profit increased to SAR 11.3 million in H1 2024, compared to SAR 2 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 264.71 140.18 (47.0 %)
Insurance Revenues 269.25 213.34 (20.8 %)
Net Profit Before Zakat & Tax 5.32 15.09 183.6 %
Net Income 1.97 11.25 470.0 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.05 0.28 470.0 %

This came as the insurance services segment’s six-month earnings grew to SAR 13.7 million, jumping by 208% from SAR 4.45 million in H1 2023.

 

Further, the gross investment income soared to SAR 15.44 million during the current period, a 33.5% rise from SAR 11.57 million for the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 102.82 46.04 (55.2 %)
Insurance Revenues 138.83 102.80 (26.0 %)
Net Profit Before Zakat & Tax 4.39 8.11 84.7 %
Net Income 2.84 6.60 132.5 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.07 0.17 132.5 %

In Q2 2024, the bottom-line more than doubled to SAR 6.6 million, against SAR 2.84 million in Q2 2023.

 

On a quarterly basis, net earnings climbed by 42.1% from SAR 4.65 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 264.71 140.18 (47.0 %)
Insurance Revenues 269.25 213.34 (20.8 %)
Insurance Services Income (4.81) 13.61 383.0 %
Investment Income 11.57 15.45 33.5 %
Net Profit of Insurance Services and Investment 4.88 27.20 457.4 %

Shareholders’ equity, with no minority interest, grew to SAR 401.23 million as of June 30, 2024, compared to SAR 377.13 million in the year-earlier period.

 

Accumulated losses reached SAR 43.9 million by the end of the six-month period, representing 10.98% of the company’s capital.

 

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Share Price

LIVA Insurance Co.
16.50
(0.10) (0.60 %)

LIVA Insurance Co. (LIVA)

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Financial Ratios
Current
Market Cap (M) 662.40
Shares Outstanding (M) 40.00
EPS ( Riyal) (TTM) 0.72
Book Value (BV) ( Riyal) 10.30
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.15
P/E (TTM) 23.15
Price/Book 1.61
Return on Average Assets (%) (TTM) 3.4
Return on Average Equity (%) (TTM) 7.2
Return on Market Cap (%) 3.8
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