Allianz SF net profit up 4% to SAR 10M in Q1 2024

12/05/2024 Argaam Exclusive

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Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) reported a net profit of SAR 10 million for Q1 2024, an increase of 4% from SAR 9.6 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	263.97	242.22	(8.2 %)
Insurance Revenues	184.81	231.98	25.5 %
Net Profit Before Zakat & Tax	13.51	14.01	3.7 %
Net Income	9.60	9.99	4.0 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.16	0.17	4.0 %

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	166.51	242.22	45.5 %
Insurance Revenues	247.29	231.98	(6.2 %)
Net Profit Before Zakat & Tax	15.39	14.01	(9.0 %)
Net Income	13.39	9.99	(25.4 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.22	0.17	(25.4 %)

The profit increase is driven by an 86% rise in net investment income, and higher revenue due to the increase in business mainly from medical insurance and life insurance, by 16% and 33%, respectively.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	263.97	242.22	(8.2 %)
Insurance Revenues	184.81	231.98	25.5 %
Insurance Services Income	13.16	2.28	(82.7 %)
Investment Income	17.07	31.83	86.5 %
Net Profit of Insurance Services and Investment	19.07	18.37	(3.7 %)

On a quarterly basis, net profit fell by 25.4% from SAR 13.39 million in Q4 2023.

Total shareholders’ equity, no minority interest, stood at SAR 797.62 million by March 31, 2024, compared to SAR 771.31 million a year earlier.

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