Tawuniya 2024 profit leaps 66% to SAR 1.02B; Q4 at SAR 168M

27/02/2025 Argaam Exclusive

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The Company for Cooperative Insurance (Tawuniya) reported a net profit of SAR 1.02 billion in 2024, compared to SAR 616.4 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Gross Written Premium (GWP)	18,359.52	19,821.55	8.0 %
Insurance Revenues	15,265.42	18,272.96	19.7 %
Net Profit Before Zakat & Tax	717.81	1,145.01	59.5 %
Net Income	616.43	1,022.03	65.8 %
Average Shares	150.00	150.00	-
Earnings Per Share before unusual items (Riyals)	4.11	6.81	65.8 %
EPS (Riyals)	4.11	6.81	65.8 %

Insurance revenue jumped 19.7% year-on-year (YoY) to SAR 18.2 billion on growth in key segments.

Insurance services soared 136.9% YoY to SAR 2.8 billion, thanks to growth in insurance revenue.

Tawuniya recorded a net profit from insurance results for the current year of SAR 1.11 billion, a rise of 63.16% YoY.

The company’s investment portfolio saw growth, driving its investment income to SAR 680.44 million, compared to SAR 435.54 million in 2023.

Gross written premiums (GWPs) saw an increase of 7.9% YoY to SAR 19.8 billion.

On the other hand, net insurance finance expenses increased by 3.07% on an annual basis to SAR 70.41 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Gross Written Premium (GWP)	5,386.36	5,458.00	1.3 %
Insurance Revenues	4,199.95	4,778.53	13.8 %
Net Profit Before Zakat & Tax	110.72	197.86	78.7 %
Net Income	89.82	167.96	87.0 %
Average Shares	150.00	150.00	-
Earnings Per Share before unusual items	0.60	1.12	87.0 %
EPS (Riyals)	0.60	1.12	87.0 %

Item	Q3 2024	Q4 2024	Change‬
Gross Written Premium (GWP)	4,071.46	5,458.00	34.1 %
Insurance Revenues	4,696.24	4,778.53	1.8 %
Net Profit Before Zakat & Tax	225.38	197.86	(12.2 %)
Net Income	197.56	167.96	(15.0 %)
Average Shares	150.00	150.00	-
Earnings Per Share before unusual items	1.32	1.12	(15.0 %)
EPS (Riyals)	1.32	1.12	(15.0 %)

Insurance Operations

Item	2023	2024	Change‬
Gross Written Premium (GWP)	18,359.52	19,821.55	8.0 %
Insurance Revenues	15,265.42	18,272.96	19.7 %
Insurance Services Income	681.17	1,111.43	63.2 %
Investment Income	435.54	680.45	56.2 %
Net Profit of Insurance Services and Investment	1,048.40	1,721.46	64.2 %

The fourth-quarter net earnings climbed 87% to SAR 168 million, from SAR 89.8 million in Q4 2023.

On a sequential basis, net earnings dropped 15% from SAR 197.5 million in Q3 2024.

Shareholders’ equity, no minority interest, rose to SAR 4.47 billion as of Dec. 31, 2024, from SAR 3.62 billion a year earlier.

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Quarterly Actuals vs Estimates 27/02/202526/02/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
GIG	19.00	44.14	132.3 %
TAWUNIYA	132.58	167.96	26.7 %
ELM	461.38	497.00	7.7 %
SABIC	766.19	(1893.37)	(347.1 %)

Company	Estimated	Actual	Change
GIG	19.00	44.14	132.3 %
TAWUNIYA	132.58	167.96	26.7 %
ELM	461.38	497.00	7.7 %

Company	Estimated	Actual	Change
SABIC	766.19	(1893.37)	(347.1 %)

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