Financial Results : Wataniya Insurance profit rises to SAR 55.7M in H1 2024; Q2 at SAR 28.4M

Wataniya Insurance profit rises to SAR 55.7M in H1 2024; Q2 at SAR 28.4M

05/08/2024 Argaam Exclusive

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Wataniya Insurance Co.'s H1 2024 earnings rose to SAR 55.7 million in H1 2024, compared with SAR 19.1 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 931.79 1,088.30 16.8 %
Insurance Revenues 571.41 843.30 47.6 %
Net Profit Before Zakat & Tax 24.11 64.33 166.9 %
Net Income 19.09 55.68 191.7 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.48 1.39 191.7 %

Insurance revenues amounted to SAR 843.30 million, an increase of 47.58% year-on-year (YoY), which was principally driven by business growth and earning pattern of the company.

 

In addition, insurance service result from the company's directly written business soared by 130.61% YoY (SAR 22.47 million), and investment returns increased by 70.20% (SAR 12.53 million) compared with a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 421.25 527.32 25.2 %
Insurance Revenues 313.73 433.47 38.2 %
Net Profit Before Zakat & Tax 6.72 32.80 388.1 %
Net Income 4.46 28.40 537.5 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.11 0.71 537.5 %

The insurer's Q2 2024 net earnings soared to SAR 28.40 million, compared with SAR 4.46 million in Q2 2023, mainly due to a 38.17% leap YoY in insurance revenues to SAR 433.47 million.

 

The second-quarter net profit grew 4.1% from SAR 27.28 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 931.79 1,088.30 16.8 %
Insurance Revenues 571.41 843.30 47.6 %
Insurance Services Income 17.21 39.68 130.6 %
Investment Income 17.86 30.40 70.2 %
Net Profit of Insurance Services and Investment 27.08 67.15 148.0 %

Total shareholders' equity, no minority interest, at the end of H1 2024 amounted to SAR 544.10 million, up from SAR 418.60 million a year earlier.

 

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