Allianz SF H1 2024 profit dips 47% to SAR 10.6M; Q2 at SAR 601,000

05/08/2024 Argaam Exclusive

Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) posted a 47% profit drop to SAR 10.6 million in H1 2024, from SAR 20 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 540.54 448.06 (17.1 %)
Insurance Revenues 391.94 470.31 20.0 %
Net Profit Before Zakat & Tax 26.67 16.44 (38.4 %)
Net Income 20.01 10.59 (47.1 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.33 0.18 (47.1 %)

The insurer’s six-month profit decline was due to a decrease in the insurance services segment’s earnings of 77% year-on-year (YoY), with net investment income also down 22% YoY during the same period.

 

However, this was offset by increased business in the medical, property, and casualty insurance segment.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 276.57 - -
Insurance Revenues 207.13 238.33 15.1 %
Net Income 10.41 0.60 (94.2 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.17 0.01 (94.2 %)

The second-quarter net earnings also dropped 94% to SAR 601,000, compared with SAR 10.41 million a year before, due to a 69% YoY fall in the insurance services segment’s quarterly results.

 

The insurer's net income also dropped 94% from SAR 9.99 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 540.54 448.06 (17.1 %)
Insurance Revenues 391.94 470.31 20.0 %
Insurance Services Income 23.43 5.49 (76.6 %)
Investment Income 55.62 43.11 (22.5 %)
Net Profit of Insurance Services and Investment 45.64 32.07 (29.7 %)

Shareholders’ equity, with no minority interest, reached SAR 822.72 million by June 30, 2024, up from SAR 775.85 million in the prior-year period.

 

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Share Price

Allianz Saudi Fransi Cooperative Insurance Co.
14.80
(0.14) (0.94 %)

Allianz Saudi Fransi Cooperative Insurance Co. (ALLIANZ SF)

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Financial Ratios
Current
Market Cap (M) 888.00
Shares Outstanding (M) 60.00
EPS ( Riyal) (TTM) 0.48
Book Value (BV) ( Riyal) 13.47
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 31.16
P/E (TTM) 31.16
Price/Book 1.10
Return on Average Assets (%) (TTM) 1.3
Return on Average Equity (%) (TTM) 3.6
Return on Market Cap (%) 3.0
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