Financial Results : Saudi Re’s profit rises to SAR 31.8M in Q1 2024

Saudi Re’s profit rises to SAR 31.8M in Q1 2024

09/05/2024 Argaam Exclusive

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Saudi Reinsurance Co.’s (Saudi Re) net profit rose to SAR 31.8 million by the end of the first quarter of 2024 from SAR 11.2 million in the year-earlier period.


Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 1,070.78 1,190.00 11.1 %
Insurance Revenues 129.29 206.95 60.1 %
Net Profit Before Zakat & Tax 15.91 37.55 136.0 %
Net Income 11.20 31.79 183.9 %
Average Shares 89.10 89.10 -
EPS (Riyals) 0.13 0.36 183.9 %

This was attributed to revenue growth stemming from expansion across most of the company’s business segments, which resulted in a SAR 77.7 million increase, or 60% year-on-year (YoY).

 

In addition, net profit from reinsurance operations grew by SAR 20.6 million, or 197%, due to a rise in revenues.

 

Saudi Re also reported a 4% YoY decrease in reinsurance expenses and a 65% YoY increase in net investment income.

 

Sequentially, the three-month profit leapt by 65.6% from SAR 19.19 million in Q4 2023.

 

This was propelled by robust revenue growth stemming from expansion across the majority of the company's business segments, which resulted in a SAR 73.7 million increase, or 55% quarter-on-quarter (QoQ).

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 1,070.78 1,190.00 11.1 %
Insurance Revenues 129.29 206.95 60.1 %
Insurance Services Income 10.45 31.09 197.5 %
Investment Income 11.13 18.35 64.9 %
Net Profit of Insurance Services and Investment 12.98 42.57 228.0 %

Moreover, the uptick in net profit from reinsurance operations by SAR 12.5 million, marking a 67% increase QoQ, driven by 55% revenue growth, along with a 5% reduction in reinsurance expenses, contributed to Saudi Re’s higher profit in Q1 2024 QoQ.

 

Shareholders’ equity, no minority interest, stood at SAR 11.79 billion at the end of Q1 2024, compared to SAR 10.28 billion a year earlier.

 

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