Wataniya Insurance 2024 net profit rises to SAR 103.1M; Q4 at SAR 32.5M

25/02/2025 Argaam Exclusive

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Wataniya Insurance Co. reported a net profit of SAR 103.1 million in 2024, an increase of 21.8% compared to SAR 84.6 million in the year-earlier period.

Financials (M)

Item	2023	2024	Change‬
Insurance Revenues	1,378.64	1,796.14	30.3 %
Net Profit Before Zakat & Tax	96.49	116.78	21.0 %
Net Income	84.58	103.05	21.8 %
Average Shares	40.00	40.00	-
Earnings Per Share before unusual items (Riyals)	2.11	2.58	21.8 %
EPS (Riyals)	2.11	2.58	21.8 %

Insurance revenues for 2024 increased 30.28% to SAR 1.7 billion, compared to SAR 1.3 billion during the previous year, on business growth. The insurer also cited higher net insurance services and a 58.47% increase in investment returns.

This was offset by SAR 1.7 million surplus from insurance pools, and other operating expenses amounting to SAR 22.1 million .

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Insurance Revenues	439.95	486.62	10.6 %
Net Profit Before Zakat & Tax	35.01	33.82	(3.4 %)
Net Income	31.50	32.49	3.1 %
Average Shares	40.00	40.00	-
Earnings Per Share before unusual items	0.79	0.81	3.1 %
EPS (Riyals)	0.79	0.81	3.1 %

Item	Q3 2024	Q4 2024	Change‬
Insurance Revenues	466.23	486.62	4.4 %
Net Profit Before Zakat & Tax	18.63	33.82	81.5 %
Net Income	14.88	32.49	118.3 %
Average Shares	40.00	40.00	-
Earnings Per Share before unusual items	0.37	0.81	118.3 %
EPS (Riyals)	0.37	0.81	118.3 %

Insurance Operations

Item	2023	2024	Change‬
Insurance Revenues	1,378.64	1,796.14	30.3 %
Insurance Services Income	64.63	71.99	11.4 %
Investment Income	45.03	71.35	58.4 %
Net Profit of Insurance Services and Investment	104.45	136.55	30.7 %

Q4 2024 net earnings grew 3% to SAR 32.5 million, from SAR 31.5 million a year ago.

On a sequential basis, net profit more than doubled from SAR 14.8 million in Q3 2024.

Total shareholders’ equity, no minority interest, stood at SAR 609.6 million by Dec. 31, 2024, compared to SAR 488.27 million a year earlier.

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