AICC’s net profit rises 7% to SAR 7.8M in Q1 2024

12/05/2024 Argaam Exclusive

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Arabia Insurance Cooperative Co. (AICC) reported a net profit rose to SAR 7.8 million in Q1 2024, from SAR 7.3 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	309.75	232.96	(24.8 %)
Insurance Revenues	197.28	198.27	0.5 %
Net Profit Before Zakat & Tax	11.56	10.27	(11.2 %)
Net Income	7.32	7.84	7.0 %
Average Shares	53.00	53.00	-
EPS (Riyals)	0.14	0.15	7.0 %

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	130.59	232.96	78.4 %
Insurance Revenues	197.96	198.27	0.2 %
Net Profit Before Zakat & Tax	11.94	10.27	(14.0 %)
Net Income	10.22	7.84	(23.3 %)
Average Shares	53.00	53.00	-
EPS (Riyals)	0.19	0.15	(23.3 %)

AICC said net investment income and other income grew by approximately SAR 6 million, while other expenses and the provision for Zakat and income tax fell approximately SAR 4.5 million, despite the decrease in net insurance results by approximately SAR 10 million.

Insurance revenue rose driven by the increase in revenues from the engineering insurance segment, despite the decrease in revenues from the medical insurance segment.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	309.75	232.96	(24.8 %)
Insurance Revenues	197.28	198.27	0.5 %
Insurance Services Income	16.22	5.98	(63.1 %)
Investment Income	6.41	9.35	45.9 %
Net Profit of Insurance Services and Investment	21.13	13.51	(36.1 %)

On a quarterly basis, net earnings fell 23.3% from SAR 10.22 million in Q4 2023.

Shareholders’ equity (no minority interest) at the end Q1 2024 amounted to SAR 569.17 million, compared to SAR 500.47 million in the same period of the previous year.

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