AICC reports SAR 60.5M net profit in 2023; Q4 at SAR 5.1M

21/03/2024 Argaam Exclusive

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Arabia Insurance Cooperative Co. (AICC) reported a net profit of SAR 60.5 million for 2023, compared to SAR 6.2 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	733.19	923.58	26.0 %
Insurance Revenues	560.65	838.95	49.6 %
Net Profit Before Zakat & Tax	11.76	76.29	549.0 %
Net Income	6.20	60.46	875.2 %
Average Shares	29.28	53.00	81.0 %
EPS (Riyals)	0.21	1.14	438.7 %

This was attributed to higher net insurance service results, increased revenues of medical insurance segment, and the increase in net investment and other income.

Q4 2023 net profit stood at SAR 5.1 million, a slump of 68% year-on-year (YoY) from SAR 15.87 million.

On a quarterly basis, net profit plummeted 77%, from SAR 22.23 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	163.53	130.59	(20.1 %)
Insurance Revenues	174.71	197.96	13.3 %
Net Profit Before Zakat & Tax	18.42	11.94	(35.2 %)
Net Income	16.25	10.22	(37.1 %)
Average Shares	29.28	53.00	81.0 %
EPS (Riyals)	0.56	0.19	(65.3 %)

Item	Q3 2023	Q4 2023	Change‬
Insurance Revenues	215.98	197.96	(8.3 %)
Net Profit Before Zakat & Tax	27.60	11.94	(56.8 %)
Net Income	22.23	10.22	(54.0 %)
Average Shares	53.00	53.00	-
EPS (Riyals)	0.42	0.19	(54.0 %)

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	733.19	923.58	26.0 %
Insurance Revenues	560.65	838.95	49.6 %
Insurance Services Income	23.17	76.52	230.3 %
Investment Income	6.68	30.53	357.0 %
Net Profit of Insurance Services and Investment	27.19	100.47	269.5 %

Total shareholders’ equity, no minority interest, stood at SAR 559.91 million by Dec. 31, 2023, compared to SAR 242.80 million a year earlier.

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