Arabian Shield Cooperative Insurance Co. reported a net profit of SAR 44.2 million for 2023, versus SAR 18.2 million net loss a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,106.29 | 1,297.13 | 17.3 % |
| Insurance Revenues | 918.72 | 1,145.71 | 24.7 % |
| Net Profit Before Zakat & Tax | 0.41 | 65.14 | 15943.3 % |
| Net Income | (18.23) | 44.19 | 342.5 % |
| Average Shares | 63.85 | 67.84 | 6.2 % |
| EPS (Riyals) | (0.29) | 0.65 | 328.2 % |
The improvement was attributed to increased insurance revenue that rose 24.7% year-on-year (YoY), in turn boosting insurance service results. The insurer also cited a 70% YoY increase in net investment income, and a slump of 13% YoY in other operating expenses.
Further, gross written premiums (GWP) increased by SAR 190,844, or 17% YoY.
This was offset by higher insurance service expenses, and rising net expenses from reinsurance contracts.
Q4 2023 net profit stood at SAR 15.3 million, against net loss of SAR 4.18 million in the prior year period.
On a quarterly basis, net profit increased by more than four-fold from SAR 3.79 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 299.03 | 376.57 | 25.9 % |
| Insurance Revenues | 251.74 | 319.84 | 27.0 % |
| Net Profit Before Zakat & Tax | 0.32 | 20.84 | 6474.4 % |
| Net Income | (4.18) | 15.31 | 466.4 % |
| Average Shares | 63.85 | 67.84 | 6.2 % |
| EPS (Riyals) | (0.07) | 0.23 | 444.8 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,106.29 | 1,297.13 | 17.3 % |
| Insurance Revenues | 918.72 | 1,145.71 | 24.7 % |
| Insurance Services Income | (8.70) | 22.86 | 362.8 % |
| Investment Income | 36.27 | 61.53 | 69.6 % |
| Net Profit of Insurance Services and Investment | 27.98 | 90.35 | 222.9 % |
Total shareholders’ equity, no minority interest, stood at SAR 1.53 billion by Dec. 31, 2023, compared to SAR 1.18 billion a year earlier.
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