Al-Etihad Insurance profit rises to SAR 93.9M in 2023; Q4 at SAR 24M

14/03/2024 Argaam Exclusive

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Al-Etihad Cooperative Insurance Co. reported a rise in 2023 net profit to SAR 93.9 million, from SAR 12.7 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	1,176.70	1,489.05	26.5 %
Insurance Revenues	1,072.87	1,202.17	12.1 %
Net Profit Before Zakat & Tax	31.20	103.90	233.0 %
Net Income	12.70	93.90	639.2 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.25	1.88	639.2 %

Insurance revenues edged up 12% year-on-year (YoY) due to a rise in insurance premiums, especially motor insurance that grew 58% YoY.

Net insurance service results jumped 62% YoY, and net investment returns increased 184% YoY to SAR 43.4 million. In addition, other income rose to SAR 26 million, as a result of reclassifying the income earned from industry pools for 2023 to other income instead of insurance services results.

Zakat and income tax provisions decreased by SAR 8.5 million YoY. The insurer also booked an increase in the fair value of investment in Najm Insurance Service Co.

Meanwhile, net financing expenses grew by SAR 7.4 million and non-attributable expenses by SAR 2 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	261.45	446.22	70.7 %
Insurance Revenues	286.97	351.37	22.4 %
Net Profit Before Zakat & Tax	22.41	23.96	6.9 %
Net Income	15.91	23.96	50.6 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.32	0.48	50.6 %

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	491.99	446.22	(9.3 %)
Insurance Revenues	315.23	351.37	11.5 %
Net Profit Before Zakat & Tax	10.18	23.96	135.3 %
Net Income	8.18	23.96	192.8 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.16	0.48	192.8 %

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	1,176.70	1,489.05	26.5 %
Insurance Revenues	1,072.87	1,202.17	12.1 %
Insurance Services Income	20.91	33.83	61.8 %
Investment Income	23.56	66.98	184.3 %
Net Profit of Insurance Services and Investment	44.40	93.33	110.2 %

In Q4 2023, net profit soared 51% YoY to SAR 24 million.

The fourth-quarter net profit skyrocketed from SAR 8.18 million in Q3 2023.

Shareholders’ equity, no minority interest, rose to SAR 671.62 million as of Dec. 31, 2023, from SAR 536.61 million a year earlier.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	(13.97)	(566.8 %)	(0.28)	(12.72)	(399.8 %)
Q2 2014	1.28	(84.9 %)	0.03	2.53	(74.0 %)
Q3 2014	(6.62)	(245.0 %)	(0.13)	(5.37)	(192.3 %)
Q4 2014	0.02	100.0 %	0.00	1.27	102.2 %
2014	(19.29)	54.0 %	(0.39)	(14.29)	61.3 %
Q1 2015	0.26	101.9 %	0.01	2.51	119.7 %
Q2 2015	17.40	1260.7 %	0.35	20.40	706.8 %
Q3 2015	0.42	106.3 %	0.01	3.42	163.7 %
Q4 2015	(3.59)	(18996.3 %)	(0.07)	(0.59)	(146.5 %)
2015	14.49	175.1 %	0.29	25.74	280.2 %
Q1 2016	(1.61)	(719.7 %)	(0.03)	1.40	(44.4 %)
Q2 2016	4.62	(73.5 %)	0.09	6.12	(70.0 %)
Q3 2016	25.69	6058.7 %	0.51	27.19	695.8 %
Q4 2016	8.75	343.8 %	0.18	10.25	1837.8 %
2016	37.46	158.5 %	0.75	44.96	74.7 %
Q1 2017	5.57	447.3 %	0.11	8.07	478.7 %
Q2 2017	22.64	390.0 %	0.45	25.14	310.7 %
Q3 2017	16.70	(35.0 %)	0.33	16.70	(38.6 %)
Q4 2017	9.30	6.3 %	0.19	19.30	88.3 %
2017	54.21	44.7 %	1.08	69.21	53.9 %
Q1 2018	20.17	261.8 %	0.40	25.17	211.7 %
Q2 2018	22.39	(1.1 %)	0.45	25.39	1.0 %
Q3 2018	26.22	57.0 %	0.52	31.22	87.0 %
Q4 2018	1.36	(85.4 %)	0.03	6.36	(67.1 %)
2018	70.14	29.4 %	1.40	88.14	27.4 %
Q1 2019	11.98	(40.6 %)	0.24	14.98	(40.5 %)
Q2 2019	15.14	(32.4 %)	0.30	18.14	(28.6 %)
Q3 2019	11.14	(57.5 %)	0.22	14.14	(54.7 %)
Q4 2019	12.05	786.6 %	0.24	17.05	168.1 %
2019	50.31	(28.3 %)	1.01	64.31	(27.0 %)
Q1 2020	15.00	25.2 %	0.30	17.50	16.8 %
Q2 2020	30.33	100.4 %	0.61	33.34	83.8 %
Q3 2020	26.42	137.2 %	0.53	29.92	111.6 %
Q4 2020	(44.14)	(466.2 %)	(0.88)	(40.64)	(338.3 %)
2020	27.61	(45.1 %)	0.55	40.11	(37.6 %)
Q1 2021	11.05	(26.3 %)	0.22	14.55	(16.9 %)
Q2 2021	15.75	(48.1 %)	0.32	19.25	(42.2 %)
Q3 2021	6.23	(76.4 %)	0.12	9.73	(67.5 %)
Q4 2021	0.40	100.9 %	0.01	4.90	112.1 %
2021	33.43	21.1 %	0.67	48.43	20.7 %
Q1 2022	1.86	(83.2 %)	0.04	5.61	(61.5 %)
Q2 2022	(39.04)	(347.9 %)	(0.78)	(34.79)	(280.7 %)
Q3 2022	33.98	445.4 %	0.68	37.98	290.3 %
Q4 2022	15.91	3890.5 %	0.32	22.41	357.4 %
2022	12.70	(62.0 %)	0.25	31.20	(35.6 %)
Q1 2023	12.19	555.6 %	0.24	16.19	188.6 %
Q2 2023	49.57	227.0 %	0.99	53.57	254.0 %
Q3 2023	8.18	(75.9 %)	0.16	10.18	(73.2 %)
Q4 2023	23.96	50.6 %	0.48	23.96	6.9 %
2023	93.90	639.2 %	1.88	103.90	233.0 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	(19.29)	54.0 %	(0.39)	(14.29)	61.3 %
2015	14.49	175.1 %	0.29	25.74	280.2 %
2016	37.46	158.5 %	0.75	44.96	74.7 %
2017	54.21	44.7 %	1.08	69.21	53.9 %
2018	70.14	29.4 %	1.40	88.14	27.4 %
2019	50.31	(28.3 %)	1.01	64.31	(27.0 %)
2020	27.61	(45.1 %)	0.55	40.11	(37.6 %)
2021	33.43	21.1 %	0.67	48.43	20.7 %
2022	12.70	(62.0 %)	0.25	31.20	(35.6 %)
2023	93.90	639.2 %	1.88	103.90	233.0 %

Insurance Operations Performance (M)

Compared With The

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
Q1 2014	253.06	21.7 %	-	-	-	-
Q2 2014	158.98	10.8 %	-	-	-	-
Q3 2014	196.35	(12.2 %)	-	-	-	-
Q4 2014	200.09	(33.8 %)	-	-	-	-
2014	808.48	(7.8 %)	-	-	-	-
Q1 2015	212.21	(16.1 %)	-	-	-	-
Q2 2015	198.75	25.0 %	-	-	-	-
Q3 2015	276.01	40.6 %	-	-	-	-
Q4 2015	159.01	(20.5 %)	-	-	-	-
2015	845.98	4.6 %	-	-	-	-
Q1 2016	302.87	42.7 %	-	-	-	-
Q2 2016	220.94	11.2 %	-	-	-	-
Q3 2016	274.14	(0.7 %)	-	-	-	-
Q4 2016	156.54	(1.6 %)	-	-	-	-
2016	954.48	12.8 %	-	-	-	-
Q1 2017	229.21	(24.3 %)	-	-	-	-
Q2 2017	288.70	30.7 %	-	-	-	-
Q3 2017	102.69	(62.5 %)	-	-	-	-
Q4 2017	210.66	34.6 %	-	-	-	-
2017	831.25	(12.9 %)	-	-	-	-
Q1 2018	232.11	1.3 %	-	-	-	-
Q2 2018	220.80	(23.5 %)	-	-	-	-
Q3 2018	218.23	112.5 %	-	-	-	-
Q4 2018	258.63	22.8 %	-	-	-	-
2018	929.78	11.9 %	-	-	-	-
Q1 2019	204.22	(12.0 %)	-	-	-	-
Q2 2019	187.99	(14.9 %)	-	-	-	-
Q3 2019	235.88	8.1 %	-	-	-	-
Q4 2019	233.85	(9.6 %)	-	-	-	-
2019	861.94	(7.3 %)	-	-	-	-
Q1 2020	153.11	(25.0 %)	-	-	-	-
Q2 2020	155.02	(17.5 %)	-	-	-	-
Q3 2020	202.31	(14.2 %)	-	-	-	-
Q4 2020	231.23	(1.1 %)	-	-	-	-
2020	741.67	(14.0 %)	-	-	-	-
Q1 2021	185.63	21.2 %	-	-	-	-
Q2 2021	157.43	1.6 %	-	-	-	-
Q3 2021	251.25	24.2 %	-	-	-	-
Q4 2021	271.17	17.3 %	-	-	-	-
2021	865.48	16.7 %	-	-	-	-
Q1 2022	301.41	62.4 %	(12.90)	-	8.00	-
Q2 2022	282.93	79.7 %	(20.97)	-	(32.06)	-
Q3 2022	330.91	31.7 %	23.85	-	40.87	-
Q4 2022	261.45	(3.6 %)	30.92	-	27.59	-
2022	1,176.70	36.0 %	20.91	-	44.40	-
Q1 2023	238.04	(21.0 %)	9.86	176.4 %	19.08	138.3 %
Q2 2023	312.80	10.6 %	58.06	376.9 %	67.41	310.3 %
Q3 2023	491.99	48.7 %	8.55	(64.2 %)	12.00	(70.6 %)
Q4 2023	446.22	70.7 %	(5.47)	(117.7 %)	19.96	(27.6 %)
2023	1,489.05	26.5 %	33.83	61.8 %	93.33	110.2 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	808.48	(7.8 %)	-	-	-	-
2015	845.98	4.6 %	-	-	-	-
2016	954.48	12.8 %	-	-	-	-
2017	831.25	(12.9 %)	-	-	-	-
2018	929.78	11.9 %	-	-	-	-
2019	861.94	(7.3 %)	-	-	-	-
2020	741.67	(14.0 %)	-	-	-	-
2021	865.48	16.7 %	-	-	-	-
2022	1,176.70	36.0 %	20.91	-	44.40	-
2023	1,489.05	26.5 %	33.83	61.8 %	93.33	110.2 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	50.00	(1.18)	(1.18)	5.15
Q2 2014	50.00	(1.32)	(1.32)	5.18
Q3 2014	50.00	(1.54)	(1.54)	5.10
Q4 2014	50.00	(0.39)	(0.39)	4.78
Q1 2015	50.00	(0.10)	(0.10)	4.88
Q2 2015	50.00	0.22	0.22	5.31
Q3 2015	50.00	0.36	0.36	5.14
Q4 2015	50.00	0.29	0.29	5.05
Q1 2016	50.00	0.25	0.25	5.03
Q2 2016	50.00	0.00	0.00	5.18
Q3 2016	50.00	0.50	0.50	5.64
Q4 2016	50.00	0.75	0.75	5.95
Q1 2017	50.00	0.89	0.89	6.17
Q2 2017	50.00	1.25	1.25	6.64
Q3 2017	50.00	1.07	1.07	6.97
Q4 2017	50.00	1.08	1.08	7.13
Q1 2018	50.00	1.38	1.38	7.67
Q2 2018	50.00	1.37	1.37	8.14
Q3 2018	50.00	1.56	1.56	8.64
Q4 2018	50.00	1.40	1.40	8.65
Q1 2019	50.00	1.24	1.24	8.96
Q2 2019	50.00	1.09	1.09	9.21
Q3 2019	50.00	0.79	0.79	9.35
Q4 2019	50.00	1.01	1.01	9.61
Q1 2020	50.00	1.07	1.07	9.66
Q2 2020	50.00	1.37	1.37	10.37
Q3 2020	50.00	1.68	1.68	11.03
Q4 2020	50.00	0.55	1.92	10.25
Q1 2021	50.00	0.47	1.84	10.60
Q2 2021	50.00	0.18	1.55	11.02
Q3 2021	50.00	(0.22)	1.14	11.28
Q4 2021	50.00	0.67	0.67	11.09
Q1 2022	50.00	0.48	0.48	10.49
Q2 2022	50.00	(0.61)	(0.61)	9.72
Q3 2022	50.00	(0.06)	(0.06)	10.40
Q4 2022	50.00	0.25	0.25	10.73
Q1 2023	50.00	0.46	0.46	11.73
Q2 2023	50.00	2.23	2.23	12.72
Q3 2023	50.00	1.72	1.72	12.89
Q4 2023	50.00	1.88	1.88	13.43

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	50.00	(0.39)	(0.39)	4.78
2015	50.00	0.29	0.29	5.05
2016	50.00	0.75	0.75	5.95
2017	50.00	1.08	1.08	7.13
2018	50.00	1.40	1.40	8.65
2019	50.00	1.01	1.01	9.61
2020	50.00	0.55	1.92	10.25
2021	50.00	0.67	0.67	11.09
2022	50.00	0.25	0.25	10.73
2023	50.00	1.88	1.88	13.43

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	NEG	NEG
Q2 2014	NEG	NEG
Q3 2014	NEG	NEG
Q4 2014	NEG	NEG
Q1 2015	NEG	NEG
Q2 2015	More than 100	More than 100
Q3 2015	29.63	29.63
Q4 2015	40.88	40.88
Q1 2016	30.98	30.98
Q2 2016	NEG	NEG
Q3 2016	10.48	10.48
Q4 2016	12.50	12.50
Q1 2017	11.07	11.07
Q2 2017	7.42	7.42
Q3 2017	10.79	10.79
Q4 2017	9.92	9.92
Q1 2018	8.65	8.65
Q2 2018	9.35	9.35
Q3 2018	7.97	7.97
Q4 2018	9.84	9.84
Q1 2019	10.98	10.98
Q2 2019	10.98	10.98
Q3 2019	13.91	13.91
Q4 2019	11.69	11.69
Q1 2020	9.30	9.30
Q2 2020	8.19	8.19
Q3 2020	11.04	11.04
Q4 2020	35.60	10.25
Q1 2021	40.70	10.48
Q2 2021	More than 100	12.68
Q3 2021	NEG	16.12
Q4 2021	23.76	23.76
Q1 2022	34.15	34.15
Q2 2022	NEG	NEG
Q3 2022	NEG	NEG
Q4 2022	More than 100	More than 100
Q1 2023	30.48	30.48
Q2 2023	7.09	7.09
Q3 2023	10.94	10.94
Q4 2023	8.82	8.82

Period	P/E	Adjusted P/E
2014	NEG	NEG
2015	40.88	40.88
2016	12.50	12.50
2017	9.92	9.92
2018	9.84	9.84
2019	11.69	11.69
2020	35.60	10.25
2021	23.76	23.76
2022	More than 100	More than 100
2023	8.82	8.82

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty
Q1 2014	66.68	123.43	-
Q2 2014	31.66	89.09	-
Q3 2014	74.47	87.40	-
Q4 2014	73.07	75.74	-
Q1 2015	8.33	137.96	-
Q2 2015	14.14	150.87	-
Q3 2015	20.39	222.89	-
Q4 2015	23.37	108.58	-
Q1 2016	59.90	186.33	-
Q2 2016	85.45	110.85	-
Q3 2016	77.94	177.40	-
Q4 2016	50.02	91.75	-
Q1 2017	40.28	158.18	-
Q2 2017	74.92	194.43	-
Q3 2017	48.50	38.84	-
Q4 2017	72.47	126.51	-
Q1 2018	31.98	181.29	-
Q2 2018	48.90	156.57	-
Q3 2018	34.74	171.39	-
Q4 2018	58.24	190.02	-
Q1 2019	30.16	155.55	-
Q2 2019	41.56	136.09	-
Q3 2019	73.29	148.46	-
Q4 2019	64.52	157.42	-
Q1 2020	33.71	103.59	-
Q2 2020	32.09	116.29	-
Q3 2020	70.50	117.15	-
Q4 2020	83.45	135.35	-
Q1 2021	79.93	82.74	-
Q2 2021	64.07	82.33	-
Q3 2021	153.75	86.35	-
Q4 2021	124.65	132.10	-
Q1 2022	118.48	166.30	16.63
Q2 2022	116.70	155.78	10.45
Q3 2022	179.17	137.29	14.45
Q4 2022	104.52	135.48	21.45
Q1 2023	84.59	126.45	26.99
Q2 2023	95.35	194.50	22.95
Q3 2023	165.72	287.66	38.62
Q4 2023	94.60	328.59	23.03

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty
2014	245.88	375.65	-
2015	66.23	620.30	-
2016	273.31	566.33	-
2017	236.17	517.97	-
2018	173.85	699.28	-
2019	209.53	597.51	-
2020	219.76	472.38	-
2021	422.41	383.51	-
2022	518.87	594.85	62.98
2023	440.26	937.20	111.59

Financial Ratios

	Current
Market Cap (M)	890.00
Shares Outstanding (M)	50.00
EPS ( Riyal) (TTM)	1.60
Book Value (BV) ( Riyal)	14.01
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	11.14
P/E (TTM)	11.14
Price/Book	1.27
Return on Average Assets (%) (TTM)	4.8
Return on Average Equity (%) (TTM)	11.9
Return on Market Cap (%)	8.7

Al-Etihad Cooperative Insurance Co. (ALETIHAD)

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Al-Etihad Insurance profit rises to SAR 93.9M in 2023; Q4 at SAR 24M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Al-Etihad Cooperative Insurance Co. (ALETIHAD)

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Al-Etihad Insurance profit rises to SAR 93.9M in 2023; Q4 at SAR 24M

View other reports

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Al-Etihad Cooperative Insurance Co. (ALETIHAD)

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Business Segments - Gross Premium Written (Million)