Financial Results : Al-Etihad Insurance’s net profit slumps 78% to SAR 2.7M in Q1 2024

Al-Etihad Insurance’s net profit slumps 78% to SAR 2.7M in Q1 2024

13/05/2024 Argaam Exclusive

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Al-Etihad Cooperative Insurance Co. reported a net profit of SAR 2.7 million in Q1 2024, a decline of 78% from SAR 12.2 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 238.04 301.69 26.7 %
Insurance Revenues 260.38 371.36 42.6 %
Net Profit Before Zakat & Tax 16.19 4.66 (71.2 %)
Net Income 12.19 2.66 (78.2 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.24 0.05 (78.2 %)

The insurer incurred a net loss from the insurance segment’s results of SAR 17.7 million in Q1 2024, compared to a net profit of SAR 9.8 million during the same quarter of the previous year. This decrease was offset by an uptick in net investment results to SAR 17.8 million, an increase of 173% compared to Q1 2023.

 

Net comprehensive income decreased in Q1 2024 compared to the same quarter of the previous year due to the reasons mentioned above. This is in addition to an increase in the fair value of the company’s investment in Najm for Insurance Services Co. during Q1 2023.

 

On the other hand, insurance revenue climbed by 43% year-on-year (YoY) in Q1 2024, mainly due to the rise in insurance premiums for the vehicle insurance division, which witnessed a YoY hike of 65% during the current quarter.

 

The first-quarter net profit slumped 88.9% from SAR 24 million in Q4 2023.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 238.04 301.69 26.7 %
Insurance Revenues 260.38 371.36 42.6 %
Insurance Services Income 9.86 (17.76) (280.1 %)
Investment Income 10.36 28.23 172.5 %
Net Profit of Insurance Services and Investment 19.08 6.48 (66.0 %)

Shareholders’ equity, no minority interest, rose to SAR 674.28 million, from SAR 586.58 million a year earlier.

 

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