Tawuniya 9M 2024 profit up 62% to SAR 854.1M; Q3 at SAR 197.6M

The Company for Cooperative Insurance (Tawuniya) reported a net profit of SAR 854.1 million in the first nine months of 2024, compared to SAR 526.6 million in the year-earlier period.

The profit increase was driven by a rise in insurance revenues, which reached SAR 13.49 billion, up from SAR 11.06 billion in the same period last year. This reflects a growth of 21.95% in revenues, attributed to the expansion of the company's core business sectors.

The results from insurance services saw a significant increase of 431%, rising to SAR 1.98 billion in the nine-month period from SAR 374.14 million a year earlier. This growth was attributed to lower claims and improved claims management.

Net profit of insurance results for the nine-month period grew 24.6% year-on-year to SAR 892.25 million from SAR 716.11 million in the same period last year, due to the improvement in the main business.

The company's investment portfolio experienced strong growth, resulting in a net investment income of SAR 492.39 million during the first nine months of 2024, 61.94% up from SAR 304.05 million in the same period last year. This growth was driven by the expansion of the investment portfolio, which reached SAR 10.5 billion.

The company achieved a net income before Zakat of SAR 947.15 million during the current period, compared to SAR 607.09 million in the same period of the previous year, an increase of 56.02%.

Total gross written premium during the current period amounted to SAR 14.36 billion, compared to SAR 12.97 billion a year earlier, an increase of 10.72%.

The net profit in Q3 2024 fell 4% YoY to SAR 197.56 million, from SAR 206.29 million a year earlier on higher operating expenses.

Sequentially, net earnings dropped 57% from SAR 459.8 million in Q2 2024.

Total shareholders’ equity at the end of 9M 2024 amounted to SAR 4.29 billion, compared to SAR 3.55 billion the previous year.

View More Financial Results