Tawuniya’s Q1 profit lifted by insurance revenue: CFO

Mater Alenazi, CFO of Tawuniya Insurance

The Company for Cooperative Insurance (Tawuniya) posted higher profits in the first quarter of 2024, backed by a 29% year-on-year (YoY) rise in insurance revenue that exceeded SAR 979 million on seasonal business, CFO Mater Alenazi told Argaam in an interview.

The health, motor, and general insurance divisions witnessed growth of SAR 93.4 million in net insurance services results, up by 58% YoY, contributing to positive outcomes. 

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It is impossible to differentiate between one sector and another within the insurance sector in terms of importance or impact on returns, as each sector has its own characteristics and regulatory and operational standards, he added.

The growth in investment portfolios and increased investment income arise from strong growth in unrealized gains from the improved performance of stock markets, in addition to better returns from Murabaha deposits.

Alenazi affirmed that Tawuniya is committed to implementing high-level insurance standards in line with its comprehensive strategy for business development, which has positively impacted profit steadily and rapidly, despite the rising costs and risks surrounding the sector. The company reported an increase in returns from core sectors.

Alenazi added that he is upbeat about achieving its ambitious goals in the upcoming period and the associated positive results.

Tawuniya’s Q1 2-24 net profit rose to SAR 196.7 million, from SAR 74.5 million riyals inthe same period of 2023.