Al-Etihad Insurance 9M 2024 profit falls 20% to SAR 55.9M; Q3 at SAR 3.9M

Al-Etihad Cooperative Insurance Co. posted a 20% decline in its net income for the first nine months of 2024 to SAR 55.9 million, compared to SAR 69.9 million in the corresponding period of 2023.

This was due a decrease in company's share of the industry pool results, which was offset by a decline in net insurance finance expenses and non-attributed general and administrative expenses.

In addition, the company cited a decline in comprehensive income due to the above-mentioned reasons, along with booking an increase in the fair value of company's investment in Najm for Insurance Services in during 2023.

Insurance revenues leapt by 37%, mainly due to an increase in insurance service revenues of the motor insurance segment.

The third-quarter net income dipped 53% to SAR 3.9 million, from SAR 8.1 million in Q3 2023, mainly due to a decrease in company's share of the industry pool results.

Net income also sank 92.2% from SAR 49.3 million in the previous quarter.

Total shareholders’ equity, no minority interest, decreased to SAR 700.53 million as of Sept. 30, 2024, from SAR 644.33 million a year earlier.

Accumulated losses reached SAR 128.98 million as of Sept. 30, 2014.

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