Al Rajhi Takaful posts SAR 332.3M profits in 2024; SAR 49M in Q4

02/03/2025 Argaam Exclusive

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Al Rajhi Company for Cooperative Insurance’s (Al Rajhi Takaful) profits grew to SAR 332.3 million in 2024, from SAR 328.1 million in 2023.

Financials (M)

Item	2023	2024	Change‬
Gross Written Premium (GWP)	6,022.86	10,909.09	81.1 %
Insurance Revenues	4,236.47	5,391.46	27.3 %
Net Income	328.06	332.34	1.3 %
Average Shares	100.00	100.00	-
Earnings Per Share before unusual items (Riyals)	3.28	3.09	(5.7 %)
EPS (Riyals)	3.28	3.32	1.3 %

Insurance service result before re-Takaful increased by 4.54% year-on-year (YoY) to SAR 728.12 million, and total investment income stood at SAR 605.06 million, compared with SAR 268.86 million in 2023.

However, net insurance finance expenses reached SAR 384.69 million, which includes return on unitholders fund investments along with fair value movements payable to the unit holders.

Other operating expenses amounted to SAR 126.15 million, compared to SAR 103.97 million in the previous year, an increase of 21.33% YoY.

Insurance service result for the current year hit SAR 221.99 million, down 30.36% from SAR 318.75 million in 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Gross Written Premium (GWP)	1,729.52	2,974.64	72.0 %
Insurance Revenues	1,273.51	1,336.06	4.9 %
Net Income	109.03	48.96	(55.1 %)
Average Shares	100.00	100.00	-
Earnings Per Share before unusual items	1.09	0.49	(55.1 %)
EPS (Riyals)	1.09	0.49	(55.1 %)

Item	Q3 2024	Q4 2024	Change‬
Gross Written Premium (GWP)	3,404.79	2,974.64	(12.6 %)
Insurance Revenues	1,409.51	1,336.06	(5.2 %)
Net Income	82.25	48.96	(40.5 %)
Average Shares	100.00	100.00	-
Earnings Per Share before unusual items	0.82	0.49	(40.5 %)
EPS (Riyals)	0.82	0.49	(40.5 %)

Insurance Operations

Item	2023	2024	Change‬
Gross Written Premium (GWP)	6,022.86	10,909.09	81.1 %
Insurance Revenues	4,236.47	5,391.46	27.3 %
Insurance Services Income	318.75	221.99	(30.4 %)
Investment Income	268.86	605.06	125.0 %
Net Profit of Insurance Services and Investment	441.39	442.37	0.2 %

The fourth-quarter earnings fell 55% to SAR 49 million from SAR 109.3 million in Q4 2023.

Quarter-on-quarter, Q4 profit declined 40.5% from SAR 82.25 million.

Total shareholders’ equity increased to SAR 2.08 billion by the end of 2024 from SAR 1.72 billion a year earlier.

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