UCA swings to SAR 5.3M profit in 2023, SAR 14.7M in Q4

United Cooperative Assurance Co. (UCA) turned to a net profit of SAR 5.3 million in 2023, from a net loss of SAR 55.5 million a year earlier.

Insurance revenues amounted SAR 1.06 billion, a rise of 67.38% year-on-year (YoY) driven by business growth.

Insurance services results grew 48% YoY on greater insurance revenues and enhanced claims management resulting in reduced incurred claims. Net profit of insurance service results stood at SAR 27.11 million in 2023, compared to a net loss of SAR 42.97 million a year earlier.

Net investment results rose 46% YoY to SAR 10.15 million, influenced by the increase in the investment return.

Moreover, gross written premiums (GWP) increased 25% YoY to SAR 1.02 billion.

In the fourth quarter, the insurance services provider swung to a net profit of SAR 14.7 million from a net loss of SAR 4.43 million in Q4 2022.

Compared with Q3 2023, UCA's Q4 earnings soared from SAR 2.07 million.

Total shareholders’ equity, no minority interest, stood at SAR 265.15 million as of Dec. 31, 2023, compared to SAR 256.15 million in the prior-year period.

Accumulated losses reached SAR 180.6 million at the end of the current period, representing 45.14% of the company's capital.

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