Allianz SF 9M 2024 profit down 36% to SAR 15.1M; Q3 at SAR 4.5M

04/11/2024 Argaam Exclusive

Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) posted a 36% profit drop to SAR 15.1 million in the first nine months of 2024, from SAR 23.6 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 615.34 675.47 9.8 %
Net Income 23.60 15.11 (36.0 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.39 0.25 (36.0 %)

The profit decline is attributed to a decrease in insurance service result by 39% mainly due a decline in insurance service result before reinsurance contracts by 38%.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 253.89 - -
Insurance Revenues 223.40 205.16 (8.2 %)
Net Income 3.58 4.52 26.2 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.06 0.08 26.2 %

The third-quarter net earnings rose 26.2% to SAR 4.5 million, compared with SAR 3.58 million a year before, due to a 499% YoY surge in the insurance services results.

 

The insurer's net income also skyrocketed 652% from SAR 0.6 million in Q2 2024.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 615.34 675.47 9.8 %
Insurance Services Income 24.50 11.91 (51.4 %)
Investment Income 66.03 72.42 9.7 %
Net Profit of Insurance Services and Investment 59.93 52.41 (12.5 %)

Shareholders’ equity, with no minority interest, reached SAR 808.04 million by Sept. 30, 2024, up from SAR 762.75 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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