Gulf General incurs SAR 5.7M loss in Q1 2024

13/05/2024 Argaam Exclusive

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Gulf General Cooperative Insurance Co. swung to a net loss of SAR 5.7 million in the first quarter of 2024 from a net profit of SAR 4.1 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	99.37	174.98	76.1 %
Insurance Revenues	87.68	87.77	0.1 %
Net Profit Before Zakat & Tax	4.97	(3.92)	(178.9 %)
Net Income	4.07	(5.74)	(240.9 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.14	(0.19)	(240.9 %)

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	117.97	174.98	48.3 %
Insurance Revenues	80.96	87.77	8.4 %
Net Profit Before Zakat & Tax	5.04	(3.92)	(177.8 %)
Net Income	4.96	(5.74)	(215.8 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.17	(0.19)	(215.8 %)

Profits from insurance service declined in Q1 2024 by SAR 6.1 million year-on-year (YoY), while insurance service expenses rose by SAR 12.81 million, or 16.92%, compared to Q1 2023.

This occurred despite a decrease in reinsurance contract expenses of SAR 5.96 million, or 51.30%, and an increase in net investment income to SAR 4.25 million, or 12.17% YoY.

Meanwhile, operating expenses shrank to SAR 2. 52 million, or 33.24% YoY.

Sequentially, the insurer turned to losses from a profit of SAR 4.96 million in Q4 2023.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	99.37	174.98	76.1 %
Insurance Revenues	87.68	87.77	0.1 %
Insurance Services Income	6.33	(5.20)	(182.1 %)
Investment Income	3.80	4.26	12.1 %
Net Profit of Insurance Services and Investment	8.76	(1.40)	(116.0 %)

Shareholders' equity, no minority interest, reached SAR 294.65 million at the end of Q1 2024, compared with SAR 299.75 million a year earlier.

Accumulated losses stood at SAR 49.86 million as of March 31, 2024, representing 16.62% of capital.

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