ACIG turns to SAR 63.4M profit in 2023, Q4 at SAR 17M

21/03/2024 Argaam Exclusive

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Allied Cooperative Insurance Group (ACIG) reported a profit of SAR 63.4 million in 2023, against a loss of SAR 17.3 million a year before.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	830.70	1,047.40	26.1 %
Insurance Revenues	672.81	974.68	44.9 %
Net Profit Before Zakat & Tax	(24.78)	72.21	391.4 %
Net Income	(17.34)	63.41	465.6 %
Average Shares	29.10	29.10	-
EPS (Riyals)	(0.60)	2.18	465.6 %

The improved results were due to higher revenues on the increase in motor policies sales and net profits from investments.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	257.03	276.15	7.4 %
Insurance Revenues	187.26	244.10	30.4 %
Net Profit Before Zakat & Tax	10.85	20.04	84.8 %
Net Income	9.85	17.04	73.1 %
Average Shares	29.10	29.10	-
EPS (Riyals)	0.34	0.59	73.1 %

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	261.34	276.15	5.7 %
Insurance Revenues	256.18	244.10	(4.7 %)
Net Profit Before Zakat & Tax	34.60	20.04	(42.1 %)
Net Income	32.30	17.04	(47.2 %)
Average Shares	29.10	29.10	-
EPS (Riyals)	1.11	0.59	(47.2 %)

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	830.70	1,047.40	26.1 %
Insurance Revenues	672.81	974.68	44.9 %
Insurance Services Income	(32.92)	47.07	243.0 %
Investment Income	10.82	38.25	253.5 %
Net Profit of Insurance Services and Investment	(18.49)	85.50	562.4 %

The insurer's Q4 2023 earnings soared 73% to SAR 17 million from SAR 9.85 million in Q4 2022.

Sequentially, the Q4 earnings dropped 47.2% from SAR 32.30 million in Q3 2023.

Shareholders' equity, no minority interest, reached SAR 254.34 million at the end of 2023, compared with SAR 188.94 million a year earlier.

Accumulated losses reached SAR 73.99 million at the end of the current period, representing 25.43% of the company's capital.

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