LIVA 9M 2024 earnings rise to SAR 22M; Q3 at SAR 10.7M

05/11/2024 Argaam Exclusive

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LIVA Insurance Co. recorded a net profit of SAR 22 million in 9M 2024, up from SAR 4.6 million a year before.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	382.90	328.33	(14.3 %)
Net Profit Before Zakat & Tax	9.96	27.12	172.4 %
Net Income	4.61	21.97	376.8 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.12	0.55	376.8 %

The total insurance service result reached SAR 23.47 million during the current period, soaring 167% from SAR 8.79 million a year before.

Total investment income leapt 33% year-on-year (YoY) to SAR 23.21 million.

The insurance service expenses fell 21% YoY to SAR 268.27 million.

Meanwhile, the insurance revenue decreased by 14% (SAR 54.56 million), mainly due to a decline in the motor business.

Other operating expenses rose 21% YoY to SAR 16.63 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Insurance Revenues	113.65	114.99	1.2 %
Net Profit Before Zakat & Tax	4.63	12.03	159.6 %
Net Income	2.63	10.72	306.9 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.07	0.27	306.9 %

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	46.04	194.11	321.6 %
Insurance Revenues	102.80	114.99	11.9 %
Net Profit Before Zakat & Tax	8.11	12.03	48.3 %
Net Income	6.60	10.72	62.3 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.17	0.27	62.3 %

Q3 2024 earnings reached SAR 10.7 million, soaring from SAR 2.63 million in Q3 2023, driven by a 1% (SAR 1.34 million) rise YoY in the insurance revenue.

The third-quarter net earnings also leapt 62.3% from SAR 6.60 million in Q2 2024.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	382.90	328.33	(14.3 %)
Insurance Services Income	8.79	23.37	165.9 %
Investment Income	17.42	23.21	33.2 %
Net Profit of Insurance Services and Investment	23.70	43.66	84.2 %

Shareholders’ equity, no minority interest, reached SAR 411.95 million as of Sept. 30, 2024, up from SAR 379.76 million in the year-earlier period.

Accumulated losses reached SAR 33.18 million by the end of the nine-month period, representing 8.3% of the company’s capital.

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