Saudi Re's 2023 net profit jumps 64% to SAR 124.4M; Q4 at SAR 19.2M

26/03/2024 Argaam Exclusive

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Saudi Reinsurance Co.
25.90
(0.20) (0.77 %)

Saudi Reinsurance Co. (SAUDI RE)

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Saudi Reinsurance Co. (Saudi Re) reported a 64% increase in net profit to SAR 124.4 million in 2023, compared to SAR 76.1 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,403.00 1,597.00 13.8 %
Insurance Revenues 697.00 627.19 (10.0 %)
Net Profit Before Zakat & Tax 91.32 158.56 73.6 %
Net Income 76.05 124.43 63.6 %
Average Shares 89.10 89.10 -
EPS (Riyals) 0.85 1.40 63.6 %

This was fueled by higher reinsurance service results on lower reinsurance service expenses. The insurer also cited a 621% uptick in investment income and an increased profit share of equity accounted investee.

 

Q4 2023 net earnings more than doubled to SAR 19.2 million, from SAR 8.09 million in the prior-year period.

 

On a quarterly basis, net profit dropped 43.7% from SAR 34.07 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 205.14 - -
Insurance Revenues 222.41 133.23 (40.1 %)
Net Profit Before Zakat & Tax 12.97 36.94 184.8 %
Net Income 8.09 19.19 137.4 %
Average Shares 89.10 89.10 -
EPS (Riyals) 0.09 0.22 137.4 %

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,403.00 1,597.00 13.8 %
Insurance Revenues 697.00 627.19 (10.0 %)
Insurance Services Income 83.59 119.76 43.3 %
Investment Income 8.38 60.39 620.6 %
Net Profit of Insurance Services and Investment 93.45 145.52 55.7 %

Total shareholders’ equity, no minority interest, grew to SAR 1.14 billion by Dec. 31, 2023, compared to SAR 1.01 billion a year ago.

 

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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2014 18.09 81.8 % 0.20 22.50 49.9 %
Q2 2014 (10.93) (53.0 %) (0.12) (7.21) (262.8 %)
Q3 2014 (1.46) 94.7 % (0.02) 1.21 105.3 %
Q4 2014 (11.04) 88.1 % (0.12) (6.65) 92.6 %
Q1 2015 (12.48) (169.0 %) (0.14) (9.32) (141.4 %)
Q2 2015 18.36 268.0 % 0.21 22.61 413.7 %
Q3 2015 (59.70) (3,986.4 %) (0.67) (57.24) (4846.0 %)
Q4 2015 38.54 449.0 % 0.43 44.05 762.0 %
Q1 2016 (20.74) (66.1 %) (0.23) (17.70) (90.0 %)
Q2 2016 (12.55) (168.4 %) (0.14) (8.93) (139.5 %)
Q3 2016 (0.68) 98.9 % (0.01) 2.71 104.7 %
Q4 2016 37.13 (3.7 %) 0.42 42.38 (3.8 %)
Q1 2017 3.88 118.7 % 0.04 7.48 142.3 %
Q2 2017 9.39 174.9 % 0.11 13.41 250.2 %
Q3 2017 (3.63) (436.8 %) (0.04) (0.27) (110.0 %)
Q4 2017 15.76 (57.5 %) 0.18 18.22 (57.0 %)
Q1 2018 4.61 18.8 % 0.05 7.60 1.5 %
Q2 2018 3.29 (65.0 %) 0.04 6.44 (52.0 %)
Q3 2018 6.89 289.9 % 0.08 10.03 3799.4 %
Q4 2018 (13.97) (188.6 %) (0.16) (10.34) (156.8 %)
Q1 2019 21.44 365.3 % 0.24 24.83 226.9 %
Q2 2019 14.09 328.5 % 0.16 17.74 175.7 %
Q3 2019 10.33 50.0 % 0.12 13.59 35.5 %
Q4 2019 (0.41) 97.1 % 0.00 3.16 130.6 %
Q1 2020 7.37 (65.6 %) 0.08 10.29 (58.6 %)
Q2 2020 5.50 (61.0 %) 0.06 9.03 (49.1 %)
Q3 2020 12.21 18.1 % 0.14 15.76 16.0 %
Q4 2020 20.84 5185.2 % 0.23 25.62 710.3 %
Q1 2021 16.23 120.4 % 0.18 19.58 90.3 %
Q2 2021 13.24 140.7 % 0.15 16.89 87.2 %
Q3 2021 8.09 (33.7 %) 0.09 11.42 (27.5 %)
Q4 2021 0.75 (96.4 %) 0.01 5.42 (78.9 %)
Q1 2022 25.90 59.6 % 0.29 29.53 50.8 %
Q2 2022 2.21 (83.3 %) 0.02 5.36 (68.3 %)
Q3 2022 39.85 392.6 % 0.45 43.46 280.4 %
Q4 2022 8.09 978.5 % 0.09 12.97 139.4 %
Q1 2023 11.20 (56.8 %) 0.13 15.91 (46.1 %)
Q2 2023 59.96 2607.3 % 0.67 66.02 1132.7 %
Q3 2023 34.07 (14.5 %) 0.38 39.58 (8.9 %)
Q4 2023 19.19 137.4 % 0.22 36.94 184.8 %
2023 124.43 63.6 % 1.40 158.56 73.6 %

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 299.44 36.7 % - - - -
Q2 2014 90.92 91.4 % - - - -
Q3 2014 131.96 25.3 % - - - -
Q4 2014 33.97 (29.5 %) - - - -
Q1 2015 243.75 (18.6 %) - - - -
Q2 2015 102.83 13.1 % - - - -
Q3 2015 397.05 200.9 % - - - -
Q4 2015 61.19 80.1 % - - - -
Q1 2016 446.67 83.2 % - - - -
Q2 2016 448.89 336.5 % - - - -
Q3 2016 82.46 (79.2 %) - - - -
Q4 2016 7.50 (87.7 %) - - - -
Q1 2017 456.35 2.2 % - - - -
Q2 2017 120.91 (73.1 %) - - - -
Q3 2017 302.58 267.0 % - - - -
Q4 2017 62.16 729.0 % - - - -
Q1 2018 528.38 15.8 % - - - -
Q2 2018 62.19 (48.6 %) - - - -
Q3 2018 83.27 (72.5 %) - - - -
Q4 2018 47.76 (23.2 %) - - - -
Q1 2019 424.32 (19.7 %) - - - -
Q2 2019 82.21 32.2 % - - - -
Q3 2019 169.97 104.1 % - - - -
Q4 2019 116.35 143.6 % - - - -
Q1 2020 527.72 24.4 % - - - -
Q2 2020 131.34 59.8 % - - - -
Q3 2020 198.92 17.0 % - - - -
Q4 2020 77.14 (33.7 %) - - - -
Q1 2021 834.28 58.1 % - - - -
Q2 2021 120.81 (8.0 %) - - - -
Q3 2021 159.20 (20.0 %) - - - -
Q4 2021 1.59 (97.9 %) - - - -
Q1 2022 598.62 (28.2 %) 1.77 - 17.50 -
Q2 2022 321.48 166.1 % 12.84 - 5.16 -
Q3 2022 277.76 74.5 % 39.77 - 42.62 -
Q4 2022 205.14 12817.9 % 29.22 - 28.17 -
Q1 2023 1,070.78 78.9 % 10.45 491.0 % 12.98 (25.8 %)
Q2 2023 146.31 (54.5 %) 62.14 384.1 % 59.28 1048.5 %
Q3 2023 335.99 21.0 % 28.58 (28.1 %) 35.53 (16.6 %)
Q4 2023 - - 18.59 (36.4 %) 39.59 40.5 %
2023 1,597.00 13.8 % 119.76 43.3 % 145.52 55.7 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 89.10 (1.23) (1.23) 9.43
Q2 2014 89.10 (1.27) (1.27) 9.31
Q3 2014 89.10 (0.98) (0.98) 9.30
Q4 2014 89.10 (0.06) (0.06) 9.17
Q1 2015 89.10 (0.40) (0.40) 9.03
Q2 2015 89.10 (0.07) (0.07) 9.24
Q3 2015 89.10 (0.73) (0.73) 8.57
Q4 2015 89.10 (0.17) (0.17) 9.00
Q1 2016 89.10 (0.26) (0.26) 8.77
Q2 2016 89.10 (0.61) (0.61) 8.63
Q3 2016 89.10 0.05 0.05 8.62
Q4 2016 89.10 0.04 0.04 9.04
Q1 2017 89.10 0.31 0.31 9.08
Q2 2017 89.10 0.56 0.56 9.19
Q3 2017 89.10 0.52 0.52 9.15
Q4 2017 89.10 0.29 0.29 9.30
Q1 2018 89.10 0.29 0.29 9.37
Q2 2018 89.10 0.22 0.22 9.37
Q3 2018 89.10 0.34 0.34 9.49
Q4 2018 89.10 0.01 0.01 9.35
Q1 2019 89.10 0.20 0.20 9.59
Q2 2019 89.10 0.32 0.32 9.73
Q3 2019 89.10 0.36 0.36 9.85
Q4 2019 89.10 0.51 0.51 9.84
Q1 2020 89.10 0.35 0.35 9.92
Q2 2020 89.10 0.26 0.26 9.98
Q3 2020 89.10 0.28 0.28 10.13
Q4 2020 89.10 0.52 0.52 10.39
Q1 2021 89.10 0.61 0.61 10.57
Q2 2021 89.10 0.70 0.70 10.73
Q3 2021 89.10 0.66 0.66 10.80
Q4 2021 89.10 0.43 0.43 10.86
Q1 2022 89.10 0.54 0.54 10.91
Q2 2022 89.10 0.41 0.41 10.84
Q3 2022 89.10 0.77 0.77 11.18
Q4 2022 89.10 0.85 0.85 11.42
Q1 2023 89.10 0.69 0.69 11.54
Q2 2023 89.10 1.34 1.34 12.28
Q3 2023 89.10 1.27 1.27 12.63
Q4 2023 89.10 1.40 1.40 12.87

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 NEG NEG
Q1 2015 NEG NEG
Q2 2015 NEG NEG
Q3 2015 NEG NEG
Q4 2015 NEG NEG
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 More than 50 More than 50
Q4 2016 More than 50 More than 50
Q1 2017 29.36 29.36
Q2 2017 13.07 13.07
Q3 2017 14.84 14.84
Q4 2017 30.16 30.16
Q1 2018 28.14 28.14
Q2 2018 35.91 35.91
Q3 2018 19.36 19.36
Q4 2018 More than 50 More than 50
Q1 2019 35.34 35.34
Q2 2019 22.50 22.50
Q3 2019 23.27 23.27
Q4 2019 16.58 16.58
Q1 2020 20.27 20.27
Q2 2020 28.72 28.72
Q3 2020 43.55 43.55
Q4 2020 26.67 26.67
Q1 2021 21.85 21.85
Q2 2021 26.33 26.33
Q3 2021 28.38 28.38
Q4 2021 38.61 38.61
Q1 2022 31.90 31.90
Q2 2022 37.23 37.23
Q3 2022 20.95 20.95
Q4 2022 16.05 16.05
Q1 2023 21.41 21.41
Q2 2023 13.48 13.48
Q3 2023 14.67 14.67
Q4 2023 13.32 13.32

Business Segments - Gross Premium Written (Million)

Compared With The
Period Insurance - Engineering Fire insurance Marine Insurance Comprehensive Motor Insurance property and others Life Insurance Medical Insurance Specialized Other classes inherent defects insurance
Q1 2013 28.22 77.69 28.47 64.56 - 7.17 - - 12.96 -
Q2 2013 20.06 27.86 2.85 (24.03) - 9.98 - - 10.80 -
Q3 2013 22.86 34.67 14.55 9.09 - 11.47 - - 12.69 -
Q4 2013 5.50 19.74 (0.23) 1.01 - 22.69 - - (0.54) -
Q1 2014 41.87 111.59 35.61 12.92 21.76 59.77 - - 15.92 -
Q2 2014 14.25 34.28 3.29 3.33 (21.76) 16.24 - - 41.29 -
Q3 2014 27.87 53.07 17.37 7.29 - 15.91 35.88 - (25.43) -
Q4 2014 3.42 13.37 (1.04) 1.44 - 5.10 1.56 - 10.13 -
Q1 2015 34.21 68.38 32.53 10.23 25.58 8.86 - 44.88 19.10 -
Q2 2015 13.24 28.43 4.55 10.36 5.22 20.75 - - 20.27 -
Q3 2015 27.70 41.18 15.49 278.02 (0.74) 7.08 - - 28.32 -
Q4 2015 8.23 21.62 1.62 32.29 8.87 6.00 - - (17.45) -
Q1 2016 51.84 85.75 27.76 140.31 31.56 13.45 - 58.56 37.43 -
Q2 2016 7.86 18.57 (1.38) 379.25 6.17 20.37 - - 18.05 -
Q3 2016 19.51 38.71 8.72 10.67 3.37 10.24 - (11.79) 3.03 -
Q4 2016 2.14 (0.24) (2.24) 0.71 0.96 4.40 - (2.18) 3.94 -
Q1 2017 45.07 119.89 30.02 103.76 45.86 20.64 - 57.26 33.85 -
Q2 2017 9.00 27.57 11.38 (3.69) 22.70 20.07 - 3.93 29.94 -
Q3 2017 18.87 43.38 5.64 10.21 7.98 3.52 - 9.22 203.75 -
Q4 2017 4.60 10.36 0.22 3.31 (0.57) 11.91 - (2.30) 34.63 -
Q1 2018 36.25 128.91 34.85 101.33 59.68 20.17 25.33 91.96 29.89 -
Q2 2018 7.84 28.24 (10.31) 7.85 8.52 9.51 5.77 (17.49) 22.26 -
Q3 2018 20.88 36.36 19.97 (18.76) (1.21) 6.26 1.01 (1.37) 20.15 -
Q4 2018 10.89 13.91 2.17 3.86 2.54 9.63 1.23 (5.86) 9.40 -
Q1 2019 40.82 108.58 36.57 47.23 44.24 11.66 25.25 61.18 48.80 -
Q2 2019 9.91 28.46 3.41 5.31 5.44 20.78 (5.85) (8.66) 23.40 -
Q3 2019 19.10 49.33 39.39 6.60 3.87 9.82 0.15 19.31 22.40 -
Q4 2019 9.29 17.90 10.49 0.71 2.63 7.62 3.22 24.92 39.58 -
Q1 2020 120.38 82.56 39.94 54.23 27.96 10.35 14.09 114.85 63.36 -
Q2 2020 9.88 37.25 30.61 3.72 5.23 15.44 7.01 (2.06) 24.27 -
Q3 2020 30.11 67.14 22.70 5.08 7.31 11.19 4.04 35.85 15.52 -
Q4 2020 6.91 5.90 0.89 4.34 3.46 13.78 2.09 12.45 27.32 -
Q1 2021 41.14 119.56 44.20 95.90 40.53 37.58 182.22 192.92 80.24 -
Q2 2021 10.59 58.37 38.89 4.30 (0.60) 4.78 0.62 (19.10) 22.96 -
Q3 2021 30.66 63.60 27.69 (0.17) 1.37 3.73 0.01 5.87 26.44 -
Q4 2021 6.13 6.42 0.95 (3.28) (1.06) 3.49 (50.19) 1.42 37.70 -
Q1 2022 37.14 128.23 33.02 57.22 21.09 5.09 38.87 207.45 70.50 -
Q2 2022 22.65 82.97 4.49 3.83 13.05 3.98 4.93 (72.85) 35.47 222.97
Q3 2022 21.14 59.55 13.50 32.21 8.56 9.78 (2.93) (9.97) 25.74 120.19
Q4 2022 6.16 24.35 12.40 6.44 4.72 3.61 (5.09) 34.07 67.38 51.37


Financial Ratios
Current
Market Cap (M) 2,307.69
EPS ( Riyal) (TTM) 1.63
Book Value (BV) ( Riyal) 13.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.91
P/E (TTM) 15.91
Price/Book 1.96
Return on Average Assets (%) (TTM) 5.6
Return on Average Equity (%) (TTM) 13.1
Shares Outstanding (M) 89.10
Return on Market Cap (%) 6.6
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