Wataniya Insurance turns to SAR 84.6M profit in 2023; Q4 at SAR 31.5M

14/03/2024 Argaam Exclusive

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Wataniya Insurance Co. swung to a net profit of SAR 84.6 million for 2023, from a net loss of SAR 27.7 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	1,042.42	1,627.88	56.2 %
Insurance Revenues	835.08	1,378.64	65.1 %
Net Profit Before Zakat & Tax	(21.17)	96.49	555.8 %
Net Income	(27.66)	84.58	405.8 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.69)	2.11	405.8 %

The profit was driven by an increase in insurance revenue to SAR 543.55 million, or 65.08% compared to 2022. In addition, the company’s insurance services results increased 162.14% year-on-year (YoY) to SAR 164.66 million. Investment revenue rose 426.36% YoY to SAR 36.47 million.

In Q4 2023, the insurer turned a profit of SAR 31.5 million versus a loss of SAR 12.25 million in the year-earlier period.

The fourth-quarter net profit declined from SAR 33.99 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	261.84	353.25	34.9 %
Insurance Revenues	214.98	439.95	104.6 %
Net Profit Before Zakat & Tax	(9.38)	35.01	473.2 %
Net Income	(12.25)	31.50	357.2 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.31)	0.79	357.2 %

Item	Q3 2023	Q4 2023	Change‬
Insurance Revenues	367.28	439.95	19.8 %
Net Profit Before Zakat & Tax	37.38	35.01	(6.3 %)
Net Income	33.99	31.50	(7.3 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.85	0.79	(7.3 %)

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	1,042.42	1,627.88	56.2 %
Insurance Revenues	835.08	1,378.64	65.1 %
Insurance Services Income	(13.47)	64.63	579.8 %
Investment Income	8.55	45.03	426.7 %
Net Profit of Insurance Services and Investment	(0.75)	104.45	14026.7 %

Total shareholder equity (no minority interest) at the end of 2023 amounted to SAR 488.27 million compared to SAR 400 million at the end of 2022.

View More Financial Results

Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	5.41	67712.5 %	0.14	5.81	1270.5 %
Q2 2014	(7.02)	(22.5 %)	(0.18)	(6.87)	(14.9 %)
Q3 2014	2.65	8378.1 %	0.07	3.07	771.0 %
Q4 2014	9.05	132.2 %	0.23	9.54	134.0 %
2014	10.09	129.8 %	0.25	11.55	134.7 %
Q1 2015	2.53	(53.2 %)	0.06	3.17	(45.5 %)
Q2 2015	(3.39)	51.7 %	(0.08)	(2.97)	56.8 %
Q3 2015	3.34	26.2 %	0.08	3.88	26.5 %
Q4 2015	(15.04)	(266.2 %)	(0.38)	(14.94)	(256.6 %)
2015	(12.56)	(224.4 %)	(0.31)	(10.86)	(194.0 %)
Q1 2016	5.81	129.7 %	0.15	6.32	99.6 %
Q2 2016	3.82	212.8 %	0.10	4.24	243.1 %
Q3 2016	7.43	122.3 %	0.19	8.05	107.5 %
Q4 2016	19.33	228.5 %	0.48	20.13	234.8 %
2016	36.39	389.8 %	0.91	38.75	456.7 %
Q1 2017	14.89	156.2 %	0.37	15.71	148.5 %
Q2 2017	6.87	79.8 %	0.17	7.68	81.1 %
Q3 2017	5.83	(21.6 %)	0.15	8.20	1.9 %
Q4 2017	12.42	(35.7 %)	0.31	13.12	(34.8 %)
2017	40.01	9.9 %	1.00	44.71	15.4 %
Q1 2018	15.38	3.3 %	0.38	16.65	6.0 %
Q2 2018	5.69	(17.3 %)	0.14	7.95	3.4 %
Q3 2018	2.81	(51.8 %)	0.07	4.69	(42.8 %)
Q4 2018	(9.01)	(172.6 %)	(0.23)	(8.86)	(167.5 %)
2018	13.56	(66.1 %)	0.34	20.43	(54.3 %)
Q1 2019	4.91	(68.0 %)	0.12	7.14	(57.1 %)
Q2 2019	(16.00)	(381.5 %)	(0.40)	(15.02)	(289.0 %)
Q3 2019	(5.74)	(304.7 %)	(0.14)	(5.73)	(222.1 %)
Q4 2019	34.49	482.6 %	0.86	36.61	513.4 %
2019	18.44	36.0 %	0.46	23.78	16.4 %
Q1 2020	(8.22)	(267.4 %)	(0.21)	(7.02)	(198.4 %)
Q2 2020	9.30	158.1 %	0.23	12.70	184.6 %
Q3 2020	(5.91)	(2.9 %)	(0.15)	(4.66)	18.7 %
Q4 2020	12.04	(65.1 %)	0.30	13.57	(62.9 %)
2020	7.84	(57.5 %)	0.20	15.22	(36.0 %)
Q1 2021	(19.29)	(134.6 %)	(0.48)	(18.49)	(163.3 %)
Q2 2021	(8.28)	(189.0 %)	(0.21)	(7.11)	(156.0 %)
Q3 2021	(27.21)	(360.2 %)	(0.68)	(26.08)	(459.9 %)
Q4 2021	0.30	(97.5 %)	0.01	1.20	(91.1 %)
2021	(54.48)	(795.0 %)	(1.36)	(50.47)	(431.5 %)
Q1 2022	(25.85)	(34.0 %)	(0.85)	(25.29)	(36.8 %)
Q2 2022	0.16	101.9 %	0.00	1.18	116.5 %
Q3 2022	10.28	137.8 %	0.26	12.32	147.3 %
Q4 2022	(12.25)	(4142.9 %)	(0.31)	(9.38)	(879.6 %)
2022	(27.66)	49.2 %	(0.69)	(21.17)	58.1 %
Q1 2023	14.64	156.6 %	0.37	17.39	168.8 %
Q2 2023	4.46	2755.8 %	0.11	6.72	471.5 %
Q3 2023	33.99	230.6 %	0.85	37.38	203.4 %
Q4 2023	31.50	357.2 %	0.79	35.01	473.2 %
2023	84.58	405.8 %	2.11	96.49	555.8 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	10.09	129.8 %	0.25	11.55	134.7 %
2015	(12.56)	(224.4 %)	(0.31)	(10.86)	(194.0 %)
2016	36.39	389.8 %	0.91	38.75	456.7 %
2017	40.01	9.9 %	1.00	44.71	15.4 %
2018	13.56	(66.1 %)	0.34	20.43	(54.3 %)
2019	18.44	36.0 %	0.46	23.78	16.4 %
2020	7.84	(57.5 %)	0.20	15.22	(36.0 %)
2021	(54.48)	(795.0 %)	(1.36)	(50.47)	(431.5 %)
2022	(27.66)	49.2 %	(0.69)	(21.17)	58.1 %
2023	84.58	405.8 %	2.11	96.49	555.8 %

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	173.23	(12.5 %)	-	-	-	-
Q2 2014	73.39	(25.4 %)	-	-	-	-
Q3 2014	115.52	(6.3 %)	-	-	-	-
Q4 2014	71.78	6.5 %	-	-	-	-
2014	433.91	(10.9 %)	-	-	-	-
Q1 2015	206.37	19.1 %	-	-	-	-
Q2 2015	117.59	60.2 %	-	-	-	-
Q3 2015	129.45	12.1 %	-	-	-	-
Q4 2015	65.31	(9.0 %)	-	-	-	-
2015	518.71	19.5 %	-	-	-	-
Q1 2016	219.86	6.5 %	-	-	-	-
Q2 2016	78.07	(33.6 %)	-	-	-	-
Q3 2016	148.09	14.4 %	-	-	-	-
Q4 2016	61.68	(5.6 %)	-	-	-	-
2016	507.71	(2.1 %)	-	-	-	-
Q1 2017	266.35	21.1 %	-	-	-	-
Q2 2017	82.55	5.7 %	-	-	-	-
Q3 2017	151.60	2.4 %	-	-	-	-
Q4 2017	78.20	26.8 %	-	-	-	-
2017	578.70	14.0 %	-	-	-	-
Q1 2018	268.11	0.7 %	-	-	-	-
Q2 2018	164.47	99.2 %	-	-	-	-
Q3 2018	176.85	16.7 %	-	-	-	-
Q4 2018	102.89	31.6 %	-	-	-	-
2018	712.32	23.1 %	-	-	-	-
Q1 2019	270.90	1.0 %	-	-	-	-
Q2 2019	207.95	26.4 %	-	-	-	-
Q3 2019	130.84	(26.0 %)	-	-	-	-
Q4 2019	125.35	21.8 %	-	-	-	-
2019	735.04	3.2 %	-	-	-	-
Q1 2020	302.77	11.8 %	-	-	-	-
Q2 2020	179.69	(13.6 %)	-	-	-	-
Q3 2020	159.39	21.8 %	-	-	-	-
Q4 2020	144.03	14.9 %	-	-	-	-
2020	785.88	6.9 %	-	-	-	-
Q1 2021	308.42	1.9 %	-	-	-	-
Q2 2021	226.76	26.2 %	-	-	-	-
Q3 2021	178.01	11.7 %	-	-	-	-
Q4 2021	188.91	31.2 %	-	-	-	-
2021	902.10	14.8 %	-	-	-	-
Q1 2022	267.73	(13.2 %)	(23.57)	-	(18.20)	-
Q2 2022	194.28	(14.3 %)	5.45	-	5.29	-
Q3 2022	318.57	79.0 %	9.96	-	14.85	-
Q4 2022	261.84	38.6 %	(5.31)	-	(2.70)	-
2022	1,042.42	15.6 %	(13.47)	-	(0.75)	-
Q1 2023	510.55	90.7 %	12.41	152.7 %	16.76	192.1 %
Q2 2023	421.25	116.8 %	4.80	(11.9 %)	10.32	95.1 %
Q3 2023	-	-	22.46	125.5 %	36.65	146.7 %
Q4 2023	353.25	34.9 %	24.96	570.4 %	40.73	1609.5 %
2023	1,627.88	56.2 %	64.63	579.8 %	104.45	14026.9 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	433.91	(10.9 %)	-	-	-	-
2015	518.71	19.5 %	-	-	-	-
2016	507.71	(2.1 %)	-	-	-	-
2017	578.70	14.0 %	-	-	-	-
2018	712.32	23.1 %	-	-	-	-
2019	735.04	3.2 %	-	-	-	-
2020	785.88	6.9 %	-	-	-	-
2021	902.10	14.8 %	-	-	-	-
2022	1,042.42	15.6 %	(13.47)	-	(0.75)	-
2023	1,627.88	56.2 %	64.63	579.8 %	104.45	14026.9 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	40.00	(0.71)	(0.71)	1.59
Q2 2014	40.00	(0.74)	(0.74)	1.41
Q3 2014	40.00	(0.68)	(0.68)	1.48
Q4 2014	40.00	0.25	0.25	1.70
Q1 2015	40.00	0.18	0.18	1.77
Q2 2015	40.00	0.27	0.27	1.68
Q3 2015	40.00	0.29	0.29	1.77
Q4 2015	40.00	(0.31)	(0.31)	1.39
Q1 2016	40.00	(0.23)	(0.23)	1.53
Q2 2016	40.00	(0.05)	(0.05)	1.63
Q3 2016	40.00	0.05	0.05	4.15
Q4 2016	40.00	0.91	0.91	4.63
Q1 2017	40.00	1.14	1.14	5.01
Q2 2017	40.00	1.21	1.21	5.18
Q3 2017	40.00	1.17	1.17	5.32
Q4 2017	40.00	1.00	1.00	5.63
Q1 2018	40.00	1.01	1.01	6.02
Q2 2018	40.00	0.98	0.98	6.18
Q3 2018	40.00	0.91	0.91	6.26
Q4 2018	40.00	0.37	0.37	5.99
Q1 2019	40.00	0.11	0.11	6.13
Q2 2019	40.00	(0.43)	(0.43)	5.73
Q3 2019	40.00	(0.65)	(0.65)	5.56
Q4 2019	40.00	0.44	0.44	6.46
Q1 2020	40.00	0.11	0.11	6.25
Q2 2020	40.00	0.75	0.75	6.48
Q3 2020	40.00	0.74	0.74	6.33
Q4 2020	40.00	0.18	0.18	6.65
Q1 2021	40.00	(0.10)	(0.10)	6.16
Q2 2021	40.00	(0.54)	(0.54)	5.95
Q3 2021	40.00	(1.07)	(1.07)	5.27
Q4 2021	40.00	(1.36)	(1.36)	5.28
Q1 2022	30.23	(2.02)	(2.02)	6.98
Q2 2022	40.00	(1.31)	(1.31)	9.99
Q3 2022	40.00	(0.38)	(0.38)	10.26
Q4 2022	40.00	(0.69)	(0.69)	10.00
Q1 2023	40.00	0.32	0.32	10.37
Q2 2023	40.00	0.43	0.43	10.47
Q3 2023	40.00	1.02	1.02	11.33
Q4 2023	40.00	2.11	2.11	12.21

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	40.00	0.25	0.25	1.70
2015	40.00	(0.31)	(0.31)	1.39
2016	40.00	0.91	0.91	4.63
2017	40.00	1.00	1.00	5.63
2018	40.00	0.34	0.34	5.99
2019	40.00	0.46	0.46	6.46
2020	40.00	0.20	0.20	6.65
2021	40.00	(1.36)	(1.36)	5.28
2022	40.00	(0.69)	(0.69)	10.00
2023	40.00	2.11	2.11	12.21

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	More than 100	More than 100
Q1 2015	More than 100	More than 100
Q2 2015	More than 100	More than 100
Q3 2015	More than 100	More than 100
Q4 2015	NEG	NEG
Q1 2016	NEG	NEG
Q2 2016	NEG	NEG
Q3 2016	More than 100	More than 100
Q4 2016	19.05	19.05
Q1 2017	16.47	16.47
Q2 2017	14.17	14.17
Q3 2017	17.99	17.99
Q4 2017	18.28	18.28
Q1 2018	18.48	18.48
Q2 2018	17.54	17.54
Q3 2018	18.22	18.22
Q4 2018	42.19	42.19
Q1 2019	More than 100	More than 100
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	27.44	27.44
Q1 2020	More than 100	More than 100
Q2 2020	22.03	22.03
Q3 2020	More than 100	More than 100
Q4 2020	More than 100	More than 100
Q1 2021	NEG	NEG
Q2 2021	NEG	NEG
Q3 2021	NEG	NEG
Q4 2021	NEG	NEG
Q1 2022	NEG	NEG
Q2 2022	NEG	NEG
Q3 2022	NEG	NEG
Q4 2022	NEG	NEG
Q1 2023	More than 100	More than 100
Q2 2023	42.99	42.99
Q3 2023	17.11	17.11
Q4 2023	8.64	8.64

Period	P/E	Adjusted P/E
2014	More than 100	More than 100
2015	NEG	NEG
2016	19.05	19.05
2017	18.28	18.28
2018	46.21	46.21
2019	26.27	26.27
2020	More than 100	More than 100
2021	NEG	NEG
2022	NEG	NEG
2023	8.64	8.64

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Marine Insurance	Property & casualty	Insurance - Engineering	Accidents and responsibility	Term Life	Motor
Q1 2014	19.59	44.37	20.41	10.62	-	-
Q2 2014	2.75	10.12	4.07	2.17	-	-
Q3 2014	8.83	9.27	2.10	6.68	-	-
Q4 2014	9.49	5.35	4.91	2.63	-	-
Q1 2015	15.29	46.75	25.55	11.26	-	-
Q2 2015	7.64	20.90	6.33	8.94	-	-
Q3 2015	10.68	10.03	4.23	6.03	-	-
Q4 2015	7.92	6.24	6.68	2.81	-	-
Q1 2016	12.72	45.36	30.65	14.30	-	-
Q2 2016	6.75	16.19	2.92	3.68	-	-
Q3 2016	8.68	19.16	4.92	8.38	-	-
Q4 2016	7.04	3.89	5.07	1.46	-	-
Q1 2017	14.08	58.20	19.73	13.71	-	-
Q2 2017	6.40	12.03	4.21	3.41	-	-
Q3 2017	10.03	24.25	5.35	4.57	-	-
Q4 2017	8.24	8.25	4.65	10.03	-	-
Q1 2018	13.67	52.46	21.89	16.30	-	-
Q2 2018	6.29	15.97	5.31	5.21	-	-
Q3 2018	8.96	20.82	8.53	4.18	-	-
Q4 2018	8.26	13.89	5.83	7.25	-	-
Q1 2019	14.53	58.11	21.71	15.75	-	-
Q2 2019	8.96	15.75	4.53	6.04	-	-
Q3 2019	21.69	21.23	12.37	4.03	-	-
Q4 2019	11.23	11.78	15.73	6.30	-	-
Q1 2020	17.55	65.30	35.28	18.52	-	-
Q2 2020	7.09	14.95	0.36	11.54	-	-
Q3 2020	10.14	30.49	18.53	9.71	-	-
Q4 2020	8.45	12.55	4.85	9.04	-	-
Q1 2021	13.25	73.52	32.24	21.84	-	-
Q2 2021	9.39	39.20	12.12	19.72	-	-
Q3 2021	10.48	36.21	10.68	18.21	-	-
Q4 2021	14.28	18.93	41.65	9.53	-	-
Q1 2022	-	132.72	-	-	15.17	119.84
Q2 2022	-	80.11	-	-	18.56	95.60
Q3 2022	-	199.25	-	-	5.81	113.51
Q4 2022	-	80.85	-	-	7.54	173.45
Q1 2023	-	200.20	-	-	22.04	288.31
Q2 2023	-	116.30	-	-	90.55	214.41
Q3 2023	-	106.62	-	-	10.60	225.62
Q4 2023	-	111.57	-	-	13.98	227.70

Period	Marine Insurance	Property & casualty	Insurance - Engineering	Accidents and responsibility	Term Life	Motor
2014	40.66	69.11	31.49	22.10	-	-
2015	41.52	83.91	42.78	29.06	-	-
2016	35.19	84.61	43.57	27.81	-	-
2017	38.74	102.74	33.94	31.72	-	-
2018	37.17	103.14	41.55	32.94	-	-
2019	56.41	106.87	54.33	32.12	-	-
2020	43.22	123.28	59.01	48.81	-	-
2021	47.40	167.86	96.69	69.30	-	-
2022	-	492.94	-	-	47.08	502.40
2023	-	534.68	-	-	137.17	956.03

Financial Ratios

	Current
Market Cap (M)	924.80
Shares Outstanding (M)	40.00
EPS ( Riyal) (TTM)	2.55
Book Value (BV) ( Riyal)	13.98
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	9.06
P/E (TTM)	9.06
Price/Book	1.65
Return on Average Assets (%) (TTM)	5.3
Return on Average Equity (%) (TTM)	20.2
Return on Market Cap (%)	8.8

Wataniya Insurance Co. (WATANIYA)

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Wataniya Insurance turns to SAR 84.6M profit in 2023; Q4 at SAR 31.5M

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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

Wataniya Insurance Co. (WATANIYA)

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Wataniya Insurance turns to SAR 84.6M profit in 2023; Q4 at SAR 31.5M

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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) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Wataniya Insurance Co. (WATANIYA)

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Business Segments - Gross Premium Written (Million)