AlJazira Takaful’s profit grows 15% to SAR 44.3M in 2023; Q4 at SAR 2.9

21/03/2024 Argaam Exclusive

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AlJazira Takaful Taawuni Co. (AlJazira Takaful) reported a net profit of SAR 44.3 million for 2023, an increase of 15% from SAR 38.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	415.62	437.42	5.2 %
Insurance Revenues	220.58	301.95	36.9 %
Net Profit Before Zakat & Tax	40.45	67.91	67.9 %
Net Income	38.52	44.25	14.9 %
Average Shares	66.00	66.00	-
EPS (Riyals)	0.58	0.67	14.9 %

This was backed by 36.89% higher insurance revenue, driven by business growth. The insurer also cited higher insurance service results, increase in net investment result after deducting the finance expenses/income, and a rise in total comprehensive income for the current year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	145.82	150.64	3.3 %
Insurance Revenues	70.16	73.28	4.4 %
Net Profit Before Zakat & Tax	11.20	23.73	111.9 %
Net Income	11.06	2.85	(74.2 %)
Average Shares	66.00	66.00	-
EPS (Riyals)	0.17	0.04	(74.2 %)

Item	Q3 2023	Q4 2023	Change‬
Insurance Revenues	86.73	73.28	(15.5 %)
Net Profit Before Zakat & Tax	17.26	23.73	37.5 %
Net Income	16.91	2.85	(83.1 %)
Average Shares	66.00	66.00	-
EPS (Riyals)	0.26	0.04	(83.1 %)

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	415.62	437.42	5.2 %
Insurance Revenues	220.58	301.95	36.9 %
Insurance Services Income	20.03	57.16	185.4 %
Investment Income	(179.07)	348.52	294.6 %
Net Profit of Insurance Services and Investment	38.60	87.53	126.8 %

Q4 2023 net profit stood at SAR 2.9 million, a slump of 74% year-on-year (YoY) from SAR 11.06 million.

On a quarterly basis, net profit plummeted 83.1% from SAR 16.91 million.

Total shareholders’ equity, after minority interest, stood at SAR 940.36 million by Dec. 31, 2023, compared to SAR 892.33 million a year earlier.

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