ACIG Q1 2024 earnings rise to SAR 25M

13/05/2024 Argaam Exclusive

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Allied Cooperative Insurance Group's (ACIG) profits soared to SAR 25 million in the first quarter of 2024, up from SAR 3.5 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	286.86	194.36	(32.2 %)
Insurance Revenues	226.62	231.42	2.1 %
Net Profit Before Zakat & Tax	4.04	26.59	558.3 %
Net Income	3.54	24.99	606.0 %
Average Shares	29.10	29.10	-
EPS (Riyals)	0.12	0.86	606.0 %

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	276.15	194.36	(29.6 %)
Insurance Revenues	244.10	231.42	(5.2 %)
Net Profit Before Zakat & Tax	20.04	26.59	32.7 %
Net Income	17.04	24.99	46.6 %
Average Shares	29.10	29.10	-
EPS (Riyals)	0.59	0.86	46.6 %

The positive performance was spurred by an increase in net profit from insurance services and net investment income, as well as higher sales of general and medical insurance policies.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	286.86	194.36	(32.2 %)
Insurance Revenues	226.62	231.42	2.1 %
Insurance Services Income	2.66	22.25	736.5 %
Investment Income	8.10	10.53	30.0 %
Net Profit of Insurance Services and Investment	11.31	35.04	209.8 %

Sequentially, the Q1 bottom line grew 46.6% from SAR 17.04 million in Q4 2023.

Shareholders' equity, no minority interest, reached SAR 279.33 million at the end of Q1 2024, compared with SAR 192.45 million a year earlier.

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