Allianz SF net profit up to SAR 37M profit in 2023, Q4 at SAR 13.4M

17/03/2024 Argaam Exclusive

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Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) reported a net profit of SAR 37 million for 2023, compared to SAR 8.6 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	848.26	960.95	13.3 %
Insurance Revenues	735.65	862.63	17.3 %
Net Profit Before Zakat & Tax	16.69	49.22	194.9 %
Net Income	8.58	36.99	331.3 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.14	0.62	331.3 %

This was fueled by a 52% year-on-year (YoY) rise in net insurance results on improved results of motor and medical segments.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	227.35	166.51	(26.8 %)
Insurance Revenues	202.98	247.29	21.8 %
Net Profit Before Zakat & Tax	9.82	15.39	56.7 %
Net Income	10.39	13.39	28.9 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.17	0.22	28.9 %

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	253.89	166.51	(34.4 %)
Insurance Revenues	223.40	247.29	10.7 %
Net Profit Before Zakat & Tax	7.16	15.39	114.8 %
Net Income	3.58	13.39	273.7 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.06	0.22	273.7 %

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	848.26	960.95	13.3 %
Insurance Revenues	735.65	862.63	17.3 %
Insurance Services Income	4.60	30.20	556.5 %
Investment Income	27.77	96.90	248.9 %
Net Profit of Insurance Services and Investment	25.86	72.99	182.3 %

Q4 2023 net profit increased by 29% YoY to SAR 13.4 million, from SAR 10.39 million.

On a quarterly basis, net profit surged by 273.7% from SAR 3.58 million.

Total shareholders’ equity, no minority interest, stood at SAR 786.48 million by Dec. 31, 2023, compared to SAR 779.54 million a year earlier.

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