Al Sagr Insurance swings to SAR 42.3M profit in 2023; Q4 at SAR 7.3M

19/03/2024 Argaam Exclusive

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Al Sagr Cooperative Insurance Co. reported a net profit of SAR 42.3 million for 2023, versus a net loss of SAR 53.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	475.26	471.50	(0.8 %)
Insurance Revenues	473.35	486.23	2.7 %
Net Profit Before Zakat & Tax	(48.86)	49.50	201.3 %
Net Income	(53.46)	42.30	179.1 %
Average Shares	21.24	21.24	-
EPS (Riyals)	(2.52)	1.99	179.1 %

This was driven by a 3% year-on-year (YoY) rise in insurance revenues as gross earned premium of medical and general accident line of business grew.

Insurance service results for 2023 showed a surplus of SAR 34.93 million as compared to a deficit of SAR 20.91 million for the previous year. Net investment income jumped 4,229% YoY, while general and administrative expenses declined 7% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	117.52	106.19	(9.6 %)
Insurance Revenues	121.80	121.35	(0.4 %)
Net Profit Before Zakat & Tax	6.41	10.31	61.0 %
Net Income	5.41	7.31	35.3 %
Average Shares	21.24	21.24	-
EPS (Riyals)	0.25	0.34	35.3 %

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	125.49	106.19	(15.4 %)
Insurance Revenues	128.90	121.35	(5.9 %)
Net Profit Before Zakat & Tax	19.00	10.31	(45.7 %)
Net Income	18.00	7.31	(59.4 %)
Average Shares	21.24	21.24	-
EPS (Riyals)	0.85	0.34	(59.4 %)

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	475.26	471.50	(0.8 %)
Insurance Revenues	473.35	486.23	2.7 %
Insurance Services Income	(20.91)	34.93	267.0 %
Investment Income	0.78	33.90	4246.2 %
Net Profit of Insurance Services and Investment	(19.54)	69.84	457.4 %

Q4 2023 net profit rose 35% YoY to SAR 7.3 million.

On a quarterly basis, net profit slumped 59.4% from SAR 18 million.

Total shareholders’ equity, no minority interest, stood at SAR 198.19 million by Dec. 31, 2023, compared to SAR 153.45 million a year earlier.

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