SAICO profit falls 31% to SAR 49.3M; Q4 at SAR 12.2M

12/03/2025 Argaam Exclusive

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Saudi Arabian Cooperative Insurance Co. (SAICO) reported a net profit of SAR 49.3 million for 2024, a 31% decline from SAR 71.1 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Gross Written Premium (GWP)	1,061.78	1,125.12	6.0 %
Insurance Revenues	1,044.52	1,080.64	3.5 %
Net Income	71.10	49.32	(30.6 %)
Average Shares	30.00	30.00	-
Earnings Per Share before unusual items (Riyals)	2.37	1.64	(30.6 %)
EPS (Riyals)	2.37	1.64	(30.6 %)

Net insurance service result declined 37% year-on-year (YoY) to SAR 45.71 million due to a decrease in medical business. Other operating expenses grew 13% YoY to SAR 18.37 million.

Meanwhile, net investment results rose 45% YoY to SAR 30.52 million,

Insurance revenue amounted to SAR 1.08 billion, up 3% YoY, mainly due to the growth in property & casualty and motor insurance businesses.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Gross Written Premium (GWP)	206.43	183.91	(10.9 %)
Insurance Revenues	271.42	275.94	1.7 %
Net Income	11.58	12.16	5.0 %
Average Shares	30.00	30.00	-
Earnings Per Share before unusual items	0.39	0.41	5.0 %
EPS (Riyals)	0.39	0.41	5.0 %

Item	Q3 2024	Q4 2024	Change‬
Gross Written Premium (GWP)	200.91	183.91	(8.5 %)
Insurance Revenues	268.56	275.94	2.8 %
Net Income	12.11	12.16	0.5 %
Average Shares	30.00	30.00	-
Earnings Per Share before unusual items	0.40	0.41	0.5 %
EPS (Riyals)	0.40	0.41	0.5 %

Insurance Operations

Item	2023	2024	Change‬
Gross Written Premium (GWP)	1,061.78	1,125.12	6.0 %
Insurance Revenues	1,044.52	1,080.64	3.5 %
Insurance Services Income	72.39	45.72	(36.8 %)
Investment Income	21.06	30.53	45.0 %
Net Profit of Insurance Services and Investment	90.78	68.96	(24.0 %)

Q4 net earnings increased 5% to SAR 12.2 million, from SAR 11.6 million in Q4 2023.

On a sequential basis, net profit grew 0.5% from SAR 12.1 million in Q3 2024.

Total shareholders’ equity, no minority interest, stood at SAR 381.832 million by Dec. 31, 2024, compared to SAR 313.602 million a year earlier.

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