LIVA turns to SAR 4.7M net profit in Q1 2024

09/05/2024 Argaam Exclusive

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LIVA Insurance Co. reported a net profit of SAR 4.7 million in Q1 2024, versus a net loss of SAR 867,000 in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	161.90	94.14	(41.9 %)
Insurance Revenues	130.43	110.54	(15.2 %)
Net Profit Before Zakat & Tax	0.93	6.99	648.7 %
Net Income	(0.87)	4.65	635.8 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.02)	0.12	635.8 %

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	114.74	94.14	(18.0 %)
Insurance Revenues	130.73	110.54	(15.4 %)
Net Profit Before Zakat & Tax	7.47	6.99	(6.5 %)
Net Income	6.65	4.65	(30.2 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.17	0.12	(30.2 %)

The profit rose on improved insurance service results driven by decreased insurance expenses.

Q1 2024 net expense from reinsurance contracts amounted to SAR 11.48 million, compared to SAR 16.44 million a year earlier. Investment income reached SAR 7.7 million, rising 36.55%, compared to SAR 5.64 million in the same quarter last year.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	161.90	94.14	(41.9 %)
Insurance Revenues	130.43	110.54	(15.2 %)
Insurance Services Income	(4.29)	4.14	196.5 %
Investment Income	5.64	7.70	36.5 %
Net Profit of Insurance Services and Investment	0.35	10.69	2954.3 %

On a quarterly basis, net earnings dropped 30.2% from SAR 6.65 million in Q4 2023.

Shareholders’ equity, after minority interest, reached SAR 394.63 million as of March 31, 2024, compared to SAR 374.29 million a year earlier.

Accumulated losses reached SAR 50.50 million, accounting for 12.63% of capital, as of March 31, 2024.

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