Tawuniya net profit up to SAR 616.4M in 2023, Q4 at SAR 89.8M

The Company for Cooperative Insurance (Tawuniya) reported a net profit of SAR 616.4 million for 2023, compared to SAR 302.2 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	14,355.51	18,470.35	28.7 %
Insurance Revenues	11,408.35	15,265.42	33.8 %
Net Profit Before Zakat & Tax	391.58	717.81	83.3 %
Net Income	302.19	616.43	104.0 %
Average Shares	150.00	150.00	-
EPS (Riyals)	2.01	4.11	104.0 %

Gross written premiums (GWP) grew 28.66% year-on-year (YoY) driven by the strong performance of the main business lines—health, motor, and general insurance.

Insurance services results leapt 29.78% YoY as insurance revenues led up supported by a reduction in claims incurred. Net profit of insurance results jumped 114.79% YoY as insurance services improved, in addition to the favorable decrease of 14.71% YoY in net expenses from reinsurance contracts held.

Investment income rose 17.04% YoY on higher profit rates and steady fixed income returns.

Moreover, the company attributed its positive results to the reversal of expected credit losses on financial assets allowance by SAR 16.23 million in 2023, compared to an increase in ECL charge by SAR 141.50 million last year.

On the other hand, the company saw a leap in net insurance finance expense by 1,087.86% YoY mainly due to the increase in liability for claims incurred, although marginal reduction in discount rates were observed.

In addition, other net operating expenses increased, as Tawuniya continues to invest in its 2025 strategy related projects and initiatives.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	4,700.45	5,497.19	17.0 %
Insurance Revenues	3,259.92	4,199.95	28.8 %
Net Profit Before Zakat & Tax	254.88	110.72	(56.6 %)
Net Income	233.40	89.82	(61.5 %)
Average Shares	150.00	150.00	-
EPS (Riyals)	1.56	0.60	(61.5 %)

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	3,219.95	5,497.19	70.7 %
Insurance Revenues	3,960.79	4,199.95	6.0 %
Net Profit Before Zakat & Tax	229.88	110.72	(51.8 %)
Net Income	206.29	89.82	(56.5 %)
Average Shares	150.00	150.00	-
EPS (Riyals)	1.38	0.60	(56.5 %)

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	14,355.51	18,470.35	28.7 %
Insurance Revenues	11,408.35	15,265.42	33.8 %
Insurance Services Income	317.13	681.17	114.8 %
Investment Income	198.41	413.06	108.2 %
Net Profit of Insurance Services and Investment	509.79	1,025.92	101.2 %

The net profit in Q4 2023 slumped 62% YoY to SAR 89.8 million.

Sequentially, net earnings plunged 56.5% from SAR 206.29 million in Q3 2023.

Total shareholders’ equity (no minority equity) at end of 2023 amounted to SAR 3.61 billion, compared to SAR 3.12 billion the previous year.

View More Financial Results

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Share Price

The Company for Cooperative Insurance (TAWUNIYA)

	Current
Market Cap (M)	19,620.00
Shares Outstanding (M)	150.00
EPS ( Riyal) (TTM)	6.29
Book Value (BV) ( Riyal)	28.66
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	20.79
P/E (TTM)	20.79
Price/Book	4.56
Return on Average Assets (%) (TTM)	4.8
Return on Average Equity (%) (TTM)	24.0
Return on Market Cap (%)	4.3

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	32.84	148.0 %	0.22	-	-
Q2 2014	182.54	8289.3 %	1.22	-	-
Q3 2014	195.37	1350.4 %	1.30	-	-
Q4 2014	149.37	128.0 %	1.00	-	-
2014	560.12	194.8 %	3.73	-	-
Q1 2015	87.79	167.4 %	0.59	-	-
Q2 2015	204.65	12.1 %	1.36	-	-
Q3 2015	216.62	10.9 %	1.44	-	-
Q4 2015	89.38	(40.2 %)	0.60	-	-
2015	598.43	6.8 %	3.99	-	-
Q1 2016	47.21	(46.2 %)	0.31	-	-
Q2 2016	229.12	12.0 %	1.53	-	-
Q3 2016	259.56	19.8 %	1.73	-	-
Q4 2016	196.89	120.3 %	1.31	-	-
2016	732.78	22.5 %	4.89	-	-
Q1 2017	142.61	202.1 %	0.95	160.30	-
Q2 2017	230.95	0.8 %	1.54	248.76	-
Q3 2017	141.51	(45.5 %)	0.94	159.71	-
Q4 2017	(715.74)	(463.5 %)	(4.77)	(715.78)	-
2017	(200.20)	(127.3 %)	(1.33)	(146.54)	-
Q1 2018	27.08	(81.0 %)	0.18	41.93	(73.8 %)
Q2 2018	23.46	(89.8 %)	0.16	38.27	(84.6 %)
Q3 2018	(36.52)	(125.8 %)	(0.24)	(22.87)	(114.3 %)
Q4 2018	(293.35)	59.0 %	(1.96)	(270.67)	62.2 %
2018	(279.33)	(39.5 %)	(1.86)	(213.34)	(45.6 %)
Q1 2019	29.04	7.3 %	0.19	46.03	9.8 %
Q2 2019	51.55	119.7 %	0.34	70.41	84.0 %
Q3 2019	92.97	354.6 %	0.62	109.11	577.1 %
Q4 2019	154.03	152.5 %	1.03	176.62	165.3 %
2019	327.59	217.3 %	2.18	402.17	288.5 %
Q1 2020	66.85	130.2 %	0.45	85.06	84.8 %
Q2 2020	188.20	265.1 %	1.25	210.11	198.4 %
Q3 2020	94.53	1.7 %	0.63	113.80	4.3 %
Q4 2020	43.75	(71.6 %)	0.29	105.50	(40.3 %)
2020	393.33	20.1 %	2.62	514.46	27.9 %
Q1 2021	59.14	(11.5 %)	0.39	80.81	(5.0 %)
Q2 2021	143.66	(23.7 %)	0.96	165.94	(21.0 %)
Q3 2021	64.37	(31.9 %)	0.43	89.91	(21.0 %)
Q4 2021	(0.61)	(101.4 %)	0.00	13.48	(87.2 %)
2021	266.56	(32.2 %)	1.78	350.14	(31.9 %)
Q1 2022	(13.67)	(123.1 %)	(0.09)	7.79	(90.4 %)
Q2 2022	64.47	(55.1 %)	0.43	88.43	(46.7 %)
Q3 2022	18.00	(72.0 %)	0.12	40.48	(55.0 %)
Q4 2022	233.40	38425.6 %	1.56	254.88	1790.5 %
2022	302.19	13.4 %	2.01	391.58	11.8 %
Q1 2023	74.47	644.6 %	0.50	101.35	1201.2 %
Q2 2023	245.85	281.4 %	1.64	275.86	211.9 %
Q3 2023	206.29	1046.2 %	1.38	229.88	467.9 %
Q4 2023	89.82	(61.5 %)	0.60	110.72	(56.6 %)
2023	616.43	104.0 %	4.11	717.81	83.3 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	560.12	194.8 %	3.73	-	-
2015	598.43	6.8 %	3.99	-	-
2016	732.78	22.5 %	4.89	-	-
2017	(200.20)	(127.3 %)	(1.33)	(146.54)	-
2018	(279.33)	(39.5 %)	(1.86)	(213.34)	(45.6 %)
2019	327.59	217.3 %	2.18	402.17	288.5 %
2020	393.33	20.1 %	2.62	514.46	27.9 %
2021	266.56	(32.2 %)	1.78	350.14	(31.9 %)
2022	302.19	13.4 %	2.01	391.58	11.8 %
2023	616.43	104.0 %	4.11	717.81	83.3 %

Insurance Operations Performance (M)

Compared With The

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
Q1 2014	1,493.70	23.3 %	-	-	-	-
Q2 2014	1,478.44	(2.8 %)	-	-	-	-
Q3 2014	1,373.44	4.2 %	-	-	-	-
Q4 2014	1,862.03	19.8 %	-	-	-	-
2014	6,207.61	10.8 %	-	-	-	-
Q1 2015	1,505.50	0.8 %	-	-	-	-
Q2 2015	1,802.26	21.9 %	-	-	-	-
Q3 2015	1,473.14	7.3 %	-	-	-	-
Q4 2015	2,764.36	48.5 %	-	-	-	-
2015	7,545.27	21.5 %	-	-	-	-
Q1 2016	1,701.34	13.0 %	-	-	-	-
Q2 2016	2,135.50	18.5 %	-	-	-	-
Q3 2016	1,241.06	(15.8 %)	-	-	-	-
Q4 2016	2,977.23	7.7 %	-	-	-	-
2016	8,055.14	6.8 %	-	-	-	-
Q1 2017	2,028.38	19.2 %	-	-	-	-
Q2 2017	2,104.24	(1.5 %)	-	-	-	-
Q3 2017	1,421.12	14.5 %	-	-	-	-
Q4 2017	2,852.93	(4.2 %)	-	-	-	-
2017	8,406.67	4.4 %	-	-	-	-
Q1 2018	2,095.71	3.3 %	-	-	-	-
Q2 2018	1,755.86	(16.6 %)	-	-	-	-
Q3 2018	1,207.78	(15.0 %)	-	-	-	-
Q4 2018	2,581.89	(9.5 %)	-	-	-	-
2018	7,641.25	(9.1 %)	-	-	-	-
Q1 2019	2,457.03	17.2 %	-	-	-	-
Q2 2019	1,999.51	13.9 %	-	-	-	-
Q3 2019	1,422.64	17.8 %	-	-	-	-
Q4 2019	2,496.68	(3.3 %)	-	-	-	-
2019	8,375.86	9.6 %	-	-	-	-
Q1 2020	2,572.71	4.7 %	-	-	-	-
Q2 2020	2,469.83	23.5 %	-	-	-	-
Q3 2020	1,319.89	(7.2 %)	-	-	-	-
Q4 2020	2,699.35	8.1 %	-	-	-	-
2020	9,061.77	8.2 %	-	-	-	-
Q1 2021	2,920.72	13.5 %	-	-	-	-
Q2 2021	2,265.05	(8.3 %)	-	-	-	-
Q3 2021	1,864.71	41.3 %	-	-	-	-
Q4 2021	3,168.13	17.4 %	-	-	-	-
2021	10,218.61	12.8 %	-	-	-	-
Q1 2022	3,508.69	20.1 %	50.71	-	20.45	-
Q2 2022	3,224.59	42.4 %	179.27	-	127.85	-
Q3 2022	2,921.78	56.7 %	54.00	-	80.11	-
Q4 2022	4,700.45	48.4 %	33.15	-	275.04	-
2022	14,355.51	40.5 %	317.13	-	509.79	-
Q1 2023	5,364.12	52.9 %	162.31	220.1 %	126.19	517.2 %
Q2 2023	4,629.22	43.6 %	459.71	156.4 %	343.45	168.6 %
Q3 2023	3,219.95	10.2 %	146.04	170.4 %	321.10	300.8 %
Q4 2023	5,497.19	17.0 %	(34.94)	(205.4 %)	235.19	(14.5 %)
2023	18,470.35	28.7 %	681.17	114.8 %	1,025.92	101.2 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	6,207.61	10.8 %	-	-	-	-
2015	7,545.27	21.5 %	-	-	-	-
2016	8,055.14	6.8 %	-	-	-	-
2017	8,406.67	4.4 %	-	-	-	-
2018	7,641.25	(9.1 %)	-	-	-	-
2019	8,375.86	9.6 %	-	-	-	-
2020	9,061.77	8.2 %	-	-	-	-
2021	10,218.61	12.8 %	-	-	-	-
2022	14,355.51	40.5 %	317.13	-	509.79	-
2023	18,470.35	28.7 %	681.17	114.8 %	1,025.92	101.2 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	150.00	(3.26)	(3.26)	11.42
Q2 2014	150.00	(2.03)	(2.03)	12.14
Q3 2014	150.00	(0.82)	(0.82)	13.54
Q4 2014	150.00	3.73	3.73	13.84
Q1 2015	150.00	4.10	4.10	13.40
Q2 2015	150.00	4.25	4.25	14.43
Q3 2015	150.00	4.39	4.39	15.03
Q4 2015	150.00	3.99	3.99	15.39
Q1 2016	150.00	3.72	3.72	14.99
Q2 2016	150.00	3.88	3.88	16.60
Q3 2016	150.00	4.17	4.17	18.20
Q4 2016	150.00	4.89	4.89	19.52
Q1 2017	150.00	5.52	5.52	17.63
Q2 2017	150.00	5.53	5.53	19.04
Q3 2017	150.00	4.75	4.75	20.00
Q4 2017	150.00	(1.34)	(1.34)	14.75
Q1 2018	150.00	(2.11)	(2.11)	15.23
Q2 2018	150.00	(3.49)	(3.49)	14.74
Q3 2018	150.00	(4.68)	(4.68)	14.41
Q4 2018	150.00	(1.86)	(1.86)	12.66
Q1 2019	150.00	(1.85)	(1.85)	13.54
Q2 2019	150.00	(1.66)	(1.66)	14.09
Q3 2019	150.00	(0.80)	(0.80)	14.82
Q4 2019	150.00	2.18	2.18	16.00
Q1 2020	150.00	2.44	2.44	16.23
Q2 2020	150.00	3.35	3.35	17.37
Q3 2020	150.00	3.36	3.36	18.23
Q4 2020	150.00	2.62	2.62	18.89
Q1 2021	150.00	2.57	2.57	19.18
Q2 2021	150.00	2.27	2.27	19.70
Q3 2021	150.00	2.07	2.07	19.62
Q4 2021	150.00	1.78	1.78	19.69
Q1 2022	150.00	1.29	1.29	19.04
Q2 2022	150.00	0.76	0.76	19.46
Q3 2022	150.00	0.45	0.45	19.56
Q4 2022	150.00	2.01	2.01	20.88
Q1 2023	150.00	2.60	2.60	21.39
Q2 2023	150.00	3.81	3.81	22.32
Q3 2023	150.00	5.07	5.07	23.69
Q4 2023	150.00	4.11	4.11	24.15

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	150.00	3.73	3.73	13.84
2015	150.00	3.99	3.99	15.39
2016	150.00	4.89	4.89	19.52
2017	150.00	(1.33)	(1.33)	14.75
2018	150.00	(1.86)	(1.86)	12.66
2019	150.00	2.18	2.18	16.00
2020	150.00	2.62	2.62	18.89
2021	150.00	1.78	1.78	19.69
2022	150.00	2.01	2.01	20.88
2023	150.00	4.11	4.11	24.15

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	NEG	NEG
Q2 2014	NEG	NEG
Q3 2014	NEG	NEG
Q4 2014	8.92	8.92
Q1 2015	14.21	14.21
Q2 2015	14.82	14.82
Q3 2015	13.14	13.14
Q4 2015	13.24	13.24
Q1 2016	14.34	14.34
Q2 2016	15.49	15.49
Q3 2016	13.16	13.16
Q4 2016	14.80	14.80
Q1 2017	14.12	14.12
Q2 2017	15.51	15.51
Q3 2017	17.18	17.18
Q4 2017	NEG	NEG
Q1 2018	NEG	NEG
Q2 2018	NEG	NEG
Q3 2018	NEG	NEG
Q4 2018	NEG	NEG
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	29.27	29.27
Q1 2020	20.73	20.73
Q2 2020	17.70	17.70
Q3 2020	21.57	21.57
Q4 2020	25.33	25.33
Q1 2021	25.44	25.44
Q2 2021	30.34	30.34
Q3 2021	34.77	34.77
Q4 2021	36.34	36.34
Q1 2022	46.58	46.58
Q2 2022	More than 100	More than 100
Q3 2022	More than 100	More than 100
Q4 2022	33.30	33.30
Q1 2023	33.69	33.69
Q2 2023	30.61	30.61
Q3 2023	24.87	24.87
Q4 2023	31.68	31.68

Period	P/E	Adjusted P/E
2014	8.92	8.92
2015	13.24	13.24
2016	14.80	14.80
2017	NEG	NEG
2018	NEG	NEG
2019	29.27	29.27
2020	25.33	25.33
2021	36.34	36.34
2022	33.30	33.30
2023	31.68	31.68

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Medical - omra	Comprehensive Motor Insurance	Property Sector and accident victims	general accedient - omra	saving and investment	Travel & COVID-19
Q1 2021	2,499.81	0.46	146.01	272.40	0.29	1.76	-
Q2 2021	1,563.48	0.81	154.01	506.77	0.66	15.03	24.30
Q3 2021	1,244.91	2.03	140.82	435.24	1.75	3.45	36.51
Q4 2021	2,511.51	15.81	177.78	395.60	13.65	15.49	38.29
Q1 2022	2,781.71	68.46	243.51	310.04	59.13	7.02	37.17
Q2 2022	2,154.96	105.43	219.86	554.06	148.32	1.99	38.31
Q3 2022	1,640.47	101.89	223.67	782.48	104.79	17.36	49.88
Q4 2022	3,341.10	267.43	354.81	486.91	230.96	17.92	-
Q1 2023	4,025.23	218.61	510.69	501.66	104.93	3.00	-
Q2 2023	3,080.88	68.96	729.27	683.45	65.23	1.04	-
Q4 2023	3,958.29	170.26	697.66	575.81	58.76	36.41	-

Period	Medical Insurance	Medical - omra	Comprehensive Motor Insurance	Property Sector and accident victims	general accedient - omra	saving and investment	Travel & COVID-19
2021	7,819.71	19.11	618.61	1,610.00	16.36	35.72	99.11
2022	9,918.23	543.20	1,041.86	2,133.49	543.20	44.29	125.36
2023	12,515.89	550.07	2,869.86	2,209.56	260.84	64.13	-

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Tawuniya net profit up to SAR 616.4M in 2023, Q4 at SAR 89.8M

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

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Share Price

The Company for Cooperative Insurance (TAWUNIYA)

Financial Ratios

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

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Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

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Tawuniya net profit up to SAR 616.4M in 2023, Q4 at SAR 89.8M

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

View other reports

Share Price

The Company for Cooperative Insurance (TAWUNIYA)

Financial Ratios

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

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Business Segments - Gross Premium Written (Million)