Financial Results : Al-Etihad Insurance profit rises to SAR 93.9M in 2023; Q4 at SAR 24M

Al-Etihad Insurance profit rises to SAR 93.9M in 2023; Q4 at SAR 24M

14/03/2024 Argaam Exclusive

View other reports

Al-Etihad Cooperative Insurance Co. reported a rise in 2023 net profit to SAR 93.9 million, from SAR 12.7 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,176.70 1,489.05 26.5 %
Insurance Revenues 1,072.87 1,202.17 12.1 %
Net Profit Before Zakat & Tax 31.20 103.90 233.0 %
Net Income 12.70 93.90 639.2 %
Average Shares 50.00 50.00 -
EPS (Riyals) 0.25 1.88 639.2 %

Insurance revenues edged up 12% year-on-year (YoY) due to a rise in insurance premiums, especially motor insurance that grew 58% YoY.

 

Net insurance service results jumped 62% YoY, and net investment returns increased 184% YoY to SAR 43.4 million. In addition, other income rose to SAR 26 million, as a result of reclassifying the income earned from industry pools for 2023 to other income instead of insurance services results.

 

Zakat and income tax provisions decreased by SAR 8.5 million YoY. The insurer also booked an increase in the fair value of investment in Najm Insurance Service Co.

 

Meanwhile, net financing expenses grew by SAR 7.4 million and non-attributable expenses by SAR 2 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 261.45 446.22 70.7 %
Insurance Revenues 286.97 351.37 22.4 %
Net Profit Before Zakat & Tax 22.41 23.96 6.9 %
Net Income 15.91 23.96 50.6 %
Average Shares 50.00 50.00 -
EPS (Riyals) 0.32 0.48 50.6 %

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,176.70 1,489.05 26.5 %
Insurance Revenues 1,072.87 1,202.17 12.1 %
Insurance Services Income 20.91 33.83 61.8 %
Investment Income 23.56 66.98 184.3 %
Net Profit of Insurance Services and Investment 44.40 93.33 110.2 %

In Q4 2023, net profit soared 51% YoY to SAR 24 million.

 

The fourth-quarter net profit skyrocketed from SAR 8.18 million in Q3 2023.

 

Shareholders’ equity, no minority interest, rose to SAR 671.62 million as of Dec. 31, 2023, from SAR 536.61 million a year earlier.

 

View more financial results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.