Wataniya Insurance profit rises 86% to SAR 27.3M in Q1 2024

13/05/2024 Argaam Exclusive

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Wataniya Insurance Co. reported an 86% rise in Q1 2024 net profit to SAR 27.3 million, from SAR 14.6 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	510.55	560.98	9.9 %
Insurance Revenues	257.68	409.83	59.0 %
Net Profit Before Zakat & Tax	17.39	31.53	81.3 %
Net Income	14.64	27.28	86.4 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.37	0.68	86.4 %

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	353.25	560.98	58.8 %
Insurance Revenues	439.95	409.83	(6.8 %)
Net Profit Before Zakat & Tax	35.01	31.53	(9.9 %)
Net Income	31.50	27.28	(13.4 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.79	0.68	(13.4 %)

The profit was driven by a 59.04% year-on-year (YoY) increase in insurance revenue to SAR 409.83 million, largely due to the growth in operations. In addition, the company’s insurance services results increased YoY by 85%, or SAR 10.52 million. Investment revenue rose by SAR 8.48 million.

On a quarterly basis, the Q1 net profit fell 13.4% from SAR 31.50 million.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	510.55	560.98	9.9 %
Insurance Revenues	257.68	409.83	59.0 %
Insurance Services Income	12.41	22.93	84.8 %
Investment Income	8.06	16.54	105.2 %
Net Profit of Insurance Services and Investment	16.76	38.16	127.7 %

Shareholders’ equity, no minority interest, rose to SAR 515.54 million, from SAR 414.77 million a year earlier.

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