Wataniya Insurance turns to SAR 84.6M profit in 2023; Q4 at SAR 31.5M

14/03/2024 Argaam Exclusive

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Wataniya Insurance Co. swung to a net profit of SAR 84.6 million for 2023, from a net loss of SAR 27.7 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	1,042.42	1,627.88	56.2 %
Insurance Revenues	835.08	1,378.64	65.1 %
Net Profit Before Zakat & Tax	(21.17)	96.49	555.8 %
Net Income	(27.66)	84.58	405.8 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.69)	2.11	405.8 %

The profit was driven by an increase in insurance revenue to SAR 543.55 million, or 65.08% compared to 2022. In addition, the company’s insurance services results increased 162.14% year-on-year (YoY) to SAR 164.66 million. Investment revenue rose 426.36% YoY to SAR 36.47 million.

In Q4 2023, the insurer turned a profit of SAR 31.5 million versus a loss of SAR 12.25 million in the year-earlier period.

The fourth-quarter net profit declined from SAR 33.99 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	261.84	353.25	34.9 %
Insurance Revenues	214.98	439.95	104.6 %
Net Profit Before Zakat & Tax	(9.38)	35.01	473.2 %
Net Income	(12.25)	31.50	357.2 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.31)	0.79	357.2 %

Item	Q3 2023	Q4 2023	Change‬
Insurance Revenues	367.28	439.95	19.8 %
Net Profit Before Zakat & Tax	37.38	35.01	(6.3 %)
Net Income	33.99	31.50	(7.3 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.85	0.79	(7.3 %)

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	1,042.42	1,627.88	56.2 %
Insurance Revenues	835.08	1,378.64	65.1 %
Insurance Services Income	(13.47)	64.63	579.8 %
Investment Income	8.55	45.03	426.7 %
Net Profit of Insurance Services and Investment	(0.75)	104.45	14026.7 %

Total shareholder equity (no minority interest) at the end of 2023 amounted to SAR 488.27 million compared to SAR 400 million at the end of 2022.

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