ACIG turns to SAR 63.4M profit in 2023, Q4 at SAR 17M

21/03/2024 Argaam Exclusive

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Share Price

Allied Cooperative Insurance Group (ACIG)

Allied Cooperative Insurance Group (ACIG) reported a profit of SAR 63.4 million in 2023, against a loss of SAR 17.3 million a year before.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	830.70	1,047.40	26.1 %
Insurance Revenues	672.81	974.68	44.9 %
Net Profit Before Zakat & Tax	(24.78)	72.21	391.4 %
Net Income	(17.34)	63.41	465.6 %
Average Shares	29.10	29.10	-
EPS (Riyals)	(0.60)	2.18	465.6 %

The improved results were due to higher revenues on the increase in motor policies sales and net profits from investments.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	257.03	-	-
Insurance Revenues	187.26	244.10	30.4 %
Net Income	9.85	17.04	73.1 %
Average Shares	29.10	29.10	-
EPS (Riyals)	0.34	0.59	73.1 %

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	261.34	-	-
Insurance Revenues	256.18	244.10	(4.7 %)
Net Income	32.30	17.04	(47.2 %)
Average Shares	29.10	29.10	-
EPS (Riyals)	1.11	0.59	(47.2 %)

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	830.70	1,047.40	26.1 %
Insurance Revenues	672.81	974.68	44.9 %
Insurance Services Income	(32.92)	47.07	243.0 %
Investment Income	10.82	38.25	253.5 %
Net Profit of Insurance Services and Investment	(18.49)	85.50	562.4 %

The insurer's Q4 2023 earnings soared 73% to SAR 17 million from SAR 9.85 million in Q4 2022.

Sequentially, the Q4 earnings dropped 47.2% from SAR 32.30 million in Q3 2023.

Shareholders' equity, no minority interest, reached SAR 254.34 million at the end of 2023, compared with SAR 188.94 million a year earlier.

Accumulated losses reached SAR 73.99 million at the end of the current period, representing 25.43% of the company's capital.

View More Financial Results

Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	1.65	(17.2 %)	0.07	2.28	(5.1 %)
Q2 2014	1.85	21.2 %	0.08	2.88	89.1 %
Q3 2014	1.94	(45.4 %)	0.09	1.94	(48.9 %)
Q4 2014	1.89	(61.1 %)	0.08	1.89	(61.1 %)
2014	7.27	(39.1 %)	0.32	8.93	(29.0 %)
Q1 2015	3.13	89.3 %	0.14	3.85	68.7 %
Q2 2015	3.15	70.5 %	0.14	3.15	9.3 %
Q3 2015	3.98	105.2 %	0.18	3.98	105.2 %
Q4 2015	0.15	(91.9 %)	0.01	0.15	(91.9 %)
2015	10.41	43.3 %	0.46	11.13	24.6 %
Q1 2016	3.53	12.8 %	0.16	3.78	(1.7 %)
Q2 2016	4.04	28.3 %	0.18	4.41	39.8 %
Q3 2016	3.82	(4.2 %)	0.17	4.71	18.1 %
Q4 2016	(4.70)	(3171.2 %)	(0.21)	(4.55)	(3071.9 %)
2016	6.69	(35.8 %)	0.30	8.34	(25.1 %)
Q1 2017	4.50	27.5 %	0.20	4.90	29.7 %
Q2 2017	6.11	51.2 %	0.27	6.61	50.1 %
Q3 2017	2.96	(22.5 %)	0.13	3.93	(16.4 %)
Q4 2017	2.40	151.1 %	0.11	2.67	158.6 %
2017	15.97	138.8 %	0.71	18.12	117.1 %
Q1 2018	1.94	(56.8 %)	0.09	2.42	(50.7 %)
Q2 2018	(0.14)	(102.2 %)	(0.01)	2.94	(55.6 %)
Q3 2018	(2.22)	(175.0 %)	(0.10)	(1.10)	(128.0 %)
Q4 2018	(2.98)	(224.3 %)	(0.13)	(1.88)	(170.5 %)
2018	(3.41)	(121.3 %)	(0.15)	2.36	(87.0 %)
Q1 2019	1.00	(48.8 %)	0.04	1.98	(18.2 %)
Q2 2019	1.28	1050.4 %	0.06	2.48	(15.4 %)
Q3 2019	(1.84)	16.9 %	(0.08)	(0.55)	50.0 %
Q4 2019	0.08	102.6 %	0.00	2.00	206.3 %
2019	1.72	150.5 %	0.08	7.12	201.7 %
Q1 2020	2.23	123.8 %	0.10	2.88	45.4 %
Q2 2020	5.77	349.8 %	0.26	7.09	185.4 %
Q3 2020	(2.95)	(60.1 %)	(0.13)	(1.45)	(163.2 %)
Q4 2020	(5.96)	(7746.2 %)	(0.27)	(4.96)	(348.3 %)
2020	(0.92)	(153.3 %)	(0.04)	3.55	(50.2 %)
Q1 2021	2.43	8.9 %	0.11	3.73	29.6 %
Q2 2021	(7.32)	(226.8 %)	(0.33)	(5.54)	(178.2 %)
Q3 2021	(28.63)	(869.5 %)	(1.27)	(26.63)	(1,732.7 %)
Q4 2021	(81.07)	(1,259.2 %)	(3.61)	(75.57)	(1,422.3 %)
2021	(114.58)	(12,395.5 %)	(5.10)	(104.01)	(3033.1 %)
Q1 2022	(30.46)	(1354.3 %)	(1.44)	(31.96)	(957.2 %)
Q2 2022	(3.16)	56.9 %	(0.11)	(11.09)	(100.1 %)
Q3 2022	14.35	150.1 %	0.49	7.42	127.9 %
Q4 2022	9.85	112.1 %	0.34	10.85	114.4 %
2022	(17.34)	84.9 %	(0.60)	(24.78)	76.2 %
Q1 2023	3.54	111.6 %	0.12	-	-
Q2 2023	10.52	433.3 %	0.36	14.95	234.8 %
Q3 2023	32.30	125.1 %	1.11	34.60	366.4 %
Q4 2023	17.04	73.1 %	0.59	-	-
2023	63.41	465.6 %	2.18	72.21	391.4 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	7.27	(39.1 %)	0.32	8.93	(29.0 %)
2015	10.41	43.3 %	0.46	11.13	24.6 %
2016	6.69	(35.8 %)	0.30	8.34	(25.1 %)
2017	15.97	138.8 %	0.71	18.12	117.1 %
2018	(3.41)	(121.3 %)	(0.15)	2.36	(87.0 %)
2019	1.72	150.5 %	0.08	7.12	201.7 %
2020	(0.92)	(153.3 %)	(0.04)	3.55	(50.2 %)
2021	(114.58)	(12,395.5 %)	(5.10)	(104.01)	(3033.1 %)
2022	(17.34)	84.9 %	(0.60)	(24.78)	76.2 %
2023	63.41	465.6 %	2.18	72.21	391.4 %

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	90.32	(15.5 %)	-	-	-	-
Q2 2014	41.84	(53.2 %)	-	-	-	-
Q3 2014	50.39	(21.9 %)	-	-	-	-
Q4 2014	114.82	33.4 %	-	-	-	-
2014	297.37	(14.3 %)	-	-	-	-
Q1 2015	187.02	107.1 %	-	-	-	-
Q2 2015	143.87	243.8 %	-	-	-	-
Q3 2015	113.13	124.5 %	-	-	-	-
Q4 2015	105.41	(8.2 %)	-	-	-	-
2015	549.44	84.8 %	-	-	-	-
Q1 2016	147.27	(21.3 %)	-	-	-	-
Q2 2016	146.77	2.0 %	-	-	-	-
Q3 2016	136.48	20.6 %	-	-	-	-
Q4 2016	80.09	(24.0 %)	-	-	-	-
2016	510.62	(7.1 %)	-	-	-	-
Q1 2017	81.77	(44.5 %)	-	-	-	-
Q2 2017	102.30	(30.3 %)	-	-	-	-
Q3 2017	112.80	(17.4 %)	-	-	-	-
Q4 2017	133.11	66.2 %	-	-	-	-
2017	429.97	(15.8 %)	-	-	-	-
Q1 2018	115.96	41.8 %	-	-	-	-
Q2 2018	114.12	11.6 %	-	-	-	-
Q3 2018	164.54	45.9 %	-	-	-	-
Q4 2018	105.39	(20.8 %)	-	-	-	-
2018	500.01	16.3 %	-	-	-	-
Q1 2019	144.39	24.5 %	-	-	-	-
Q2 2019	130.55	14.4 %	-	-	-	-
Q3 2019	129.38	(21.4 %)	-	-	-	-
Q4 2019	125.03	18.6 %	-	-	-	-
2019	529.35	5.9 %	-	-	-	-
Q1 2020	134.00	(7.2 %)	-	-	-	-
Q2 2020	134.21	2.8 %	-	-	-	-
Q3 2020	108.25	(16.3 %)	-	-	-	-
Q4 2020	138.66	10.9 %	-	-	-	-
2020	515.12	(2.7 %)	-	-	-	-
Q1 2021	152.15	13.5 %	-	-	-	-
Q2 2021	132.69	(1.1 %)	-	-	-	-
Q3 2021	161.34	49.1 %	-	-	-	-
Q4 2021	146.41	5.6 %	-	-	-	-
2021	592.59	15.0 %	-	-	-	-
Q1 2022	177.84	16.9 %	(28.61)	-	(27.25)	-
Q2 2022	169.09	27.4 %	(6.80)	-	(5.06)	-
Q3 2022	226.74	40.5 %	9.72	-	14.53	-
Q4 2022	257.03	75.6 %	(7.23)	-	(0.71)	-
2022	830.70	40.2 %	(32.92)	-	(18.49)	-
Q1 2023	-	-	2.66	109.3 %	11.31	141.5 %
Q2 2023	223.06	31.9 %	12.39	282.3 %	21.51	525.5 %
Q3 2023	261.34	15.3 %	29.60	204.5 %	40.58	179.3 %
Q4 2023	-	-	3.86	153.4 %	13.53	2005.6 %
2023	1,047.40	26.1 %	47.07	243.0 %	85.50	562.5 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	297.37	(14.3 %)	-	-	-	-
2015	549.44	84.8 %	-	-	-	-
2016	510.62	(7.1 %)	-	-	-	-
2017	429.97	(15.8 %)	-	-	-	-
2018	500.01	16.3 %	-	-	-	-
2019	529.35	5.9 %	-	-	-	-
2020	515.12	(2.7 %)	-	-	-	-
2021	592.59	15.0 %	-	-	-	-
2022	830.70	40.2 %	(32.92)	-	(18.49)	-
2023	1,047.40	26.1 %	47.07	243.0 %	85.50	562.5 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	22.48	0.52	0.52	4.64
Q2 2014	22.48	0.53	0.53	4.73
Q3 2014	22.48	0.46	0.46	4.83
Q4 2014	22.48	0.33	0.33	4.92
Q1 2015	22.48	0.39	0.39	5.05
Q2 2015	22.48	0.45	0.45	5.25
Q3 2015	22.48	0.54	0.54	5.20
Q4 2015	22.48	0.46	0.46	5.20
Q1 2016	22.48	0.48	0.48	5.28
Q2 2016	22.48	0.52	0.52	5.52
Q3 2016	22.48	0.51	0.51	5.63
Q4 2016	22.48	0.30	0.30	5.57
Q1 2017	22.48	0.34	0.34	5.71
Q2 2017	22.48	0.43	0.43	5.95
Q3 2017	22.48	0.39	0.39	6.08
Q4 2017	22.48	0.71	0.71	6.14
Q1 2018	22.48	0.60	0.60	6.22
Q2 2018	22.48	0.32	0.32	6.34
Q3 2018	22.48	0.09	0.09	6.22
Q4 2018	22.48	(0.15)	(0.15)	6.14
Q1 2019	22.48	(0.19)	(0.19)	6.27
Q2 2019	22.48	(0.13)	(0.13)	6.36
Q3 2019	22.48	(0.11)	(0.11)	6.32
Q4 2019	22.48	0.02	0.02	6.43
Q1 2020	22.48	0.08	0.08	6.39
Q2 2020	22.48	0.28	0.28	6.74
Q3 2020	22.48	0.23	0.23	6.79
Q4 2020	22.48	(0.04)	(0.04)	6.53
Q1 2021	22.48	(0.03)	(0.03)	6.71
Q2 2021	22.48	(0.61)	(0.61)	6.40
Q3 2021	22.48	(1.76)	(1.76)	5.06
Q4 2021	22.48	(5.10)	(5.10)	1.49
Q1 2022	21.15	(6.97)	(6.97)	8.49
Q2 2022	29.10	(4.92)	(4.92)	6.06
Q3 2022	29.10	(3.45)	(3.45)	6.35
Q4 2022	29.10	(0.32)	(0.32)	6.49
Q1 2023	29.10	0.84	0.84	6.61
Q2 2023	29.10	1.31	1.31	6.98
Q3 2023	29.10	1.93	1.93	8.09
Q4 2023	29.10	2.18	2.18	8.74

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	22.48	0.32	0.32	4.92
2015	22.48	0.46	0.46	5.20
2016	22.48	0.30	0.30	5.57
2017	22.48	0.71	0.71	6.14
2018	22.48	(0.15)	(0.15)	6.14
2019	22.48	0.08	0.08	6.43
2020	22.48	(0.04)	(0.04)	6.53
2021	22.48	(5.10)	(5.10)	1.49
2022	29.10	(0.60)	(0.60)	6.49
2023	29.10	2.18	2.18	8.74

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	More than 50	More than 50
Q2 2014	More than 50	More than 50
Q3 2014	More than 50	More than 50
Q4 2014	More than 50	More than 50
Q1 2015	More than 50	More than 50
Q2 2015	More than 50	More than 50
Q3 2015	36.37	36.37
Q4 2015	42.56	42.56
Q1 2016	34.32	34.32
Q2 2016	31.91	31.91
Q3 2016	29.16	29.16
Q4 2016	More than 50	More than 50
Q1 2017	More than 50	More than 50
Q2 2017	32.81	32.81
Q3 2017	47.78	47.78
Q4 2017	31.48	31.48
Q1 2018	33.15	33.15
Q2 2018	More than 50	More than 50
Q3 2018	More than 50	More than 50
Q4 2018	NEG	NEG
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	More than 50	More than 50
Q1 2020	More than 50	More than 50
Q2 2020	More than 50	More than 50
Q3 2020	More than 50	More than 50
Q4 2020	NEG	NEG
Q1 2021	NEG	NEG
Q2 2021	NEG	NEG
Q3 2021	NEG	NEG
Q4 2021	NEG	NEG
Q1 2022	NEG	NEG
Q2 2022	NEG	NEG
Q3 2022	NEG	NEG
Q4 2022	NEG	NEG
Q1 2023	13.16	13.16
Q2 2023	11.88	11.88
Q3 2023	6.96	6.96
Q4 2023	6.31	6.31

Period	P/E	Adjusted P/E
2014	More than 50	More than 50
2015	42.56	42.56
2016	More than 50	More than 50
2017	31.48	31.48
2018	NEG	NEG
2019	More than 50	More than 50
2020	NEG	NEG
2021	NEG	NEG
2022	NEG	NEG
2023	6.31	6.31

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	property and others	Other classes
Q1 2014	60.32	17.45	3.65	8.90
Q2 2014	13.34	16.77	3.90	7.84
Q3 2014	17.46	24.99	3.03	4.92
Q4 2014	30.01	71.05	4.71	9.06
Q1 2015	65.36	109.76	5.88	6.02
Q2 2015	50.38	81.67	4.80	7.02
Q3 2015	36.33	56.79	4.14	15.86
Q4 2015	24.95	72.24	5.01	3.21
Q1 2016	44.05	93.72	5.48	4.02
Q2 2016	54.11	76.42	7.00	9.25
Q3 2016	56.28	68.27	4.42	7.51
Q4 2016	32.32	40.46	5.27	2.04
Q1 2017	24.40	46.43	7.04	3.91
Q2 2017	31.56	62.15	3.76	4.82
Q3 2017	35.74	70.23	3.63	3.20
Q4 2017	23.46	92.50	6.69	10.47
Q1 2018	41.55	69.37	3.39	1.65
Q2 2018	38.39	71.16	1.55	3.01
Q3 2018	45.31	111.71	1.29	6.23
Q4 2018	27.50	71.43	3.14	3.33
Q1 2019	34.74	97.59	3.39	8.69
Q2 2019	37.30	88.41	1.55	3.29
Q3 2019	42.71	74.72	7.24	4.71
Q4 2019	24.29	93.98	3.72	3.04
Q1 2020	31.39	85.93	4.56	12.11
Q2 2020	22.86	95.92	6.62	8.81
Q3 2020	34.24	64.45	3.54	6.02
Q4 2020	38.22	92.93	4.60	2.92
Q1 2021	46.31	93.09	5.00	7.75
Q2 2021	34.48	90.85	2.62	4.74
Q3 2021	45.11	100.02	3.80	12.42
Q4 2021	33.59	99.54	9.18	4.11
Q1 2022	58.84	106.95	6.85	5.20
Q2 2022	62.26	92.90	5.96	7.97
Q3 2022	57.21	155.83	-	26.50
Q4 2022	36.89	211.29	-	-
Q4 2023	48.81	200.03	-	-

Period	Medical Insurance	Comprehensive Motor Insurance	property and others	Other classes
2014	121.13	130.25	15.28	30.72
2015	177.03	320.47	19.83	32.11
2016	186.77	278.86	22.17	22.83
2017	115.16	271.31	21.12	22.39
2018	152.75	323.68	9.36	14.22
2019	139.04	354.69	15.90	19.72
2020	126.71	339.23	19.32	29.86
2021	159.48	383.50	20.59	29.02
2022	215.21	566.97	48.52	-
2023	179.10	790.40	77.91	-

Financial Ratios

	Current
Market Cap (M)	619.83
EPS ( Riyal) (TTM)	2.92
Book Value (BV) ( Riyal)	9.60
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	7.30
P/E (TTM)	7.30
Price/Book	2.22
Return on Average Assets (%) (TTM)	9.5
Return on Average Equity (%) (TTM)	36.0
Shares Outstanding (M)	29.10
Return on Market Cap (%)	15.8

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ACIG turns to SAR 63.4M profit in 2023, Q4 at SAR 17M

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Share Price

Allied Cooperative Insurance Group (ACIG)

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

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)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

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ACIG turns to SAR 63.4M profit in 2023, Q4 at SAR 17M

View other reports

Share Price

Allied Cooperative Insurance Group (ACIG)

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

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

Financial Ratios

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Business Segments - Gross Premium Written (Million)