Salama Insurance profit shrink 21% to SAR 10.1M profit in Q1 2024

13/05/2024 Argaam Exclusive

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Salama Cooperative Insurance Co.’s profits dropped 21% to SAR 10.1 million by the end of the first quarter of 2024, compared to profits of SAR 12.7 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	165.85	133.96	(19.2 %)
Insurance Revenues	201.78	188.49	(6.6 %)
Net Profit Before Zakat & Tax	13.15	11.05	(15.9 %)
Net Income	12.65	10.05	(20.5 %)
Average Shares	15.27	20.00	31.0 %
EPS (Riyals)	0.83	0.50	(39.3 %)

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	201.39	133.96	(33.5 %)
Insurance Revenues	206.09	188.49	(8.5 %)
Net Profit Before Zakat & Tax	9.33	11.05	18.4 %
Net Income	8.33	10.05	20.6 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.42	0.50	20.6 %

Salama’s revenues dropped in Q1 2024 on lower earned revenues as gross written premiums (GWPs) for the compulsory motor insurance and health insurance segments retreated.

Salama did not report other revenues related to the Hajj and Umrah joint insurance portfolio in Q1 2024, compared to SAR 6 million in Q1 2023, despite an increase of SAR 1.7 million in investment profits.

Other operating expenses fell by SAR 1.8 million in Q1 2024.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	165.85	133.96	(19.2 %)
Insurance Revenues	201.78	188.49	(6.6 %)
Insurance Services Income	11.56	11.75	1.6 %
Investment Income	5.40	7.14	32.2 %
Net Profit of Insurance Services and Investment	15.63	17.58	12.5 %

Shareholders’ equity, no minority interest, grew to SAR 215.864 million as of March 31, 2024, compared to SAR 73.645 million a year earlier.

Accumulated losses stood at SAR 25.67 million by the end of Q1 2024, which represents 12.84% of capital.

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