Al-Etihad Insurance H1 2024 profit falls 16% to SAR 52.1M; Q2 at SAR 49.4M

05/08/2024 Argaam Exclusive

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Al-Etihad Cooperative Insurance Co. reported a net profit of SAR 52.1 million in H1 2024, down 16% from SAR 61.8 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	550.84	525.45	(4.6 %)
Insurance Revenues	535.83	737.78	37.7 %
Net Profit Before Zakat & Tax	69.76	56.05	(19.6 %)
Net Income	61.76	52.05	(15.7 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	1.24	1.04	(15.7 %)

The profit decline was due to a decrease in net insurance service earnings by SAR 41.5 million year-on-year (YoY). However, this was offset by a drop in net insurance finance expenses by SAR 7.7 million.

Net investment return increased by SAR 10 million YoY, while non-attributable general and administrative expenses as well as Zakat charges fell by SAR 14 million.

Insurance revenues grew by 38% YoY on a 74% YoY rise in gross earned premiums of the motor insurance segment.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	312.80	223.76	(28.5 %)
Insurance Revenues	275.45	366.43	33.0 %
Net Profit Before Zakat & Tax	53.57	51.39	(4.1 %)
Net Income	49.57	49.39	(0.4 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.99	0.99	(0.4 %)

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	301.69	223.76	(25.8 %)
Insurance Revenues	371.36	366.43	(1.3 %)
Net Profit Before Zakat & Tax	4.66	51.39	1002.8 %
Net Income	2.66	49.39	1756.7 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.05	0.99	1756.7 %

The second-quarter net earnings reached SAR 49.4 million, marginally lower from SAR 49.5 million in Q2 2023.

The insurer's Q2 2024 earnings soared from SAR 2.66 million in Q1 2024.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	550.84	525.45	(4.6 %)
Insurance Revenues	535.83	737.78	37.7 %
Insurance Services Income	67.92	26.45	(61.1 %)
Investment Income	30.76	40.78	32.6 %
Net Profit of Insurance Services and Investment	86.49	62.73	(27.5 %)

Shareholders’ equity, no minority interest, rose to SAR 696.66 million at the end of H1 2024, from SAR 636.14 million a year earlier.

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