Allianz SF net profit up to SAR 37M profit in 2023, Q4 at SAR 13.4M

17/03/2024 Argaam Exclusive

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Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) reported a net profit of SAR 37 million for 2023, compared to SAR 8.6 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	848.26	960.95	13.3 %
Insurance Revenues	735.65	862.63	17.3 %
Net Profit Before Zakat & Tax	16.69	49.22	194.9 %
Net Income	8.58	36.99	331.3 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.14	0.62	331.3 %

This was fueled by a 52% year-on-year (YoY) rise in net insurance results on improved results of motor and medical segments.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	227.35	166.51	(26.8 %)
Insurance Revenues	202.98	247.29	21.8 %
Net Profit Before Zakat & Tax	9.82	15.39	56.7 %
Net Income	10.39	13.39	28.9 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.17	0.22	28.9 %

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	253.89	166.51	(34.4 %)
Insurance Revenues	223.40	247.29	10.7 %
Net Profit Before Zakat & Tax	7.16	15.39	114.8 %
Net Income	3.58	13.39	273.7 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.06	0.22	273.7 %

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	848.26	960.95	13.3 %
Insurance Revenues	735.65	862.63	17.3 %
Insurance Services Income	4.60	30.20	556.5 %
Investment Income	27.77	96.90	248.9 %
Net Profit of Insurance Services and Investment	25.86	72.99	182.3 %

Q4 2023 net profit increased by 29% YoY to SAR 13.4 million, from SAR 10.39 million.

On a quarterly basis, net profit surged by 273.7% from SAR 3.58 million.

Total shareholders’ equity, no minority interest, stood at SAR 786.48 million by Dec. 31, 2023, compared to SAR 779.54 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	(5.88)	(337.7 %)	(0.10)	(5.26)	(249.9 %)
Q2 2014	1.68	(43.1 %)	0.03	2.27	(38.0 %)
Q3 2014	6.10	119.0 %	0.10	7.48	85.0 %
Q4 2014	9.62	1623.8 %	0.16	11.40	612.8 %
2014	11.52	31.5 %	0.19	15.89	23.9 %
Q1 2015	4.28	172.8 %	0.07	5.54	205.2 %
Q2 2015	4.57	172.0 %	0.08	5.71	151.3 %
Q3 2015	4.18	(31.4 %)	0.07	5.49	(26.6 %)
Q4 2015	5.55	(42.3 %)	0.09	7.10	(37.7 %)
2015	18.58	61.2 %	0.31	23.84	50.0 %
Q1 2016	5.28	23.5 %	0.09	6.76	22.1 %
Q2 2016	5.15	12.8 %	0.09	6.29	10.2 %
Q3 2016	4.91	17.2 %	0.08	6.31	14.9 %
Q4 2016	3.73	(32.9 %)	0.06	5.07	(28.6 %)
2016	19.07	2.6 %	0.32	24.43	2.5 %
Q1 2017	7.15	35.4 %	0.12	8.82	30.4 %
Q2 2017	6.02	16.9 %	0.10	7.79	24.0 %
Q3 2017	6.39	30.2 %	0.11	7.98	26.4 %
Q4 2017	7.77	108.6 %	0.13	10.33	103.8 %
2017	27.33	43.4 %	0.46	34.92	42.9 %
Q1 2018	8.08	13.0 %	0.13	9.67	9.7 %
Q2 2018	9.89	64.2 %	0.16	9.55	22.5 %
Q3 2018	7.85	22.9 %	0.13	9.23	15.7 %
Q4 2018	5.72	(26.4 %)	0.10	8.60	(16.8 %)
2018	31.54	15.4 %	0.53	37.05	6.1 %
Q1 2019	8.87	9.8 %	0.15	11.22	16.0 %
Q2 2019	4.90	(50.4 %)	0.08	6.78	(29.0 %)
Q3 2019	6.13	(21.9 %)	0.10	8.32	(9.9 %)
Q4 2019	11.84	107.0 %	0.20	15.30	77.9 %
2019	31.75	0.7 %	0.53	41.61	12.3 %
Q1 2020	(15.65)	(276.4 %)	(0.26)	(14.97)	(233.4 %)
Q2 2020	9.40	91.7 %	0.16	10.39	53.3 %
Q3 2020	(12.35)	(301.4 %)	(0.21)	(10.30)	(223.9 %)
Q4 2020	(8.75)	(173.9 %)	(0.15)	(2.75)	(118.0 %)
2020	(27.35)	(186.1 %)	(0.46)	(17.63)	(142.4 %)
Q1 2021	2.31	114.8 %	0.04	4.75	131.7 %
Q2 2021	1.28	(86.4 %)	0.02	3.78	(63.6 %)
Q3 2021	(3.32)	73.1 %	(0.06)	(1.06)	89.7 %
Q4 2021	5.35	161.1 %	0.09	9.02	427.7 %
2021	5.62	120.5 %	0.09	16.49	193.5 %
Q1 2022	(3.85)	(266.8 %)	(0.06)	(1.46)	(130.7 %)
Q2 2022	(8.12)	(734.6 %)	(0.14)	(4.82)	(227.5 %)
Q3 2022	10.16	406.0 %	0.17	13.16	1339.2 %
Q4 2022	10.39	94.2 %	0.17	9.82	8.9 %
2022	8.58	52.6 %	0.14	16.69	1.3 %
Q1 2023	9.60	349.2 %	0.16	13.51	1026.0 %
Q2 2023	10.41	228.1 %	0.17	13.17	373.0 %
Q3 2023	3.58	(64.7 %)	0.06	7.16	(45.6 %)
Q4 2023	13.39	28.9 %	0.22	15.39	56.7 %
2023	36.99	331.3 %	0.62	49.22	194.9 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	11.52	31.5 %	0.19	15.89	23.9 %
2015	18.58	61.2 %	0.31	23.84	50.0 %
2016	19.07	2.6 %	0.32	24.43	2.5 %
2017	27.33	43.4 %	0.46	34.92	42.9 %
2018	31.54	15.4 %	0.53	37.05	6.1 %
2019	31.75	0.7 %	0.53	41.61	12.3 %
2020	(27.35)	(186.1 %)	(0.46)	(17.63)	(142.4 %)
2021	5.62	120.5 %	0.09	16.49	193.5 %
2022	8.58	52.6 %	0.14	16.69	1.3 %
2023	36.99	331.3 %	0.62	49.22	194.9 %

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	180.96	6.9 %	-	-	-	-
Q2 2014	221.72	8.9 %	-	-	-	-
Q3 2014	115.65	(17.8 %)	-	-	-	-
Q4 2014	206.78	(10.9 %)	-	-	-	-
2014	725.11	(2.8 %)	-	-	-	-
Q1 2015	180.45	(0.3 %)	-	-	-	-
Q2 2015	249.31	12.4 %	-	-	-	-
Q3 2015	175.72	51.9 %	-	-	-	-
Q4 2015	197.73	(4.4 %)	-	-	-	-
2015	803.21	10.8 %	-	-	-	-
Q1 2016	158.60	(12.1 %)	-	-	-	-
Q2 2016	271.79	9.0 %	-	-	-	-
Q3 2016	179.52	2.2 %	-	-	-	-
Q4 2016	226.37	14.5 %	-	-	-	-
2016	836.27	4.1 %	-	-	-	-
Q1 2017	299.54	88.9 %	-	-	-	-
Q2 2017	227.03	(16.5 %)	-	-	-	-
Q3 2017	147.14	(18.0 %)	-	-	-	-
Q4 2017	251.83	11.2 %	-	-	-	-
2017	925.54	10.7 %	-	-	-	-
Q1 2018	298.48	(0.4 %)	-	-	-	-
Q2 2018	224.83	(1.0 %)	-	-	-	-
Q3 2018	140.58	(4.5 %)	-	-	-	-
Q4 2018	206.83	(17.9 %)	-	-	-	-
2018	870.72	(5.9 %)	-	-	-	-
Q1 2019	358.92	20.2 %	-	-	-	-
Q2 2019	288.39	28.3 %	-	-	-	-
Q3 2019	166.41	18.4 %	-	-	-	-
Q4 2019	197.95	(4.3 %)	-	-	-	-
2019	1,011.67	16.2 %	-	-	-	-
Q1 2020	205.63	(42.7 %)	-	-	-	-
Q2 2020	212.41	(26.3 %)	-	-	-	-
Q3 2020	113.80	(31.6 %)	-	-	-	-
Q4 2020	142.89	(27.8 %)	-	-	-	-
2020	674.73	(33.3 %)	-	-	-	-
Q1 2021	228.67	11.2 %	-	-	-	-
Q2 2021	246.42	16.0 %	-	-	-	-
Q3 2021	112.34	(1.3 %)	-	-	-	-
Q4 2021	175.69	23.0 %	-	-	-	-
2021	763.12	13.1 %	-	-	-	-
Q1 2022	209.87	(8.2 %)	(4.57)	-	0.63	-
Q2 2022	262.02	6.3 %	(13.13)	-	(5.42)	-
Q3 2022	149.02	32.7 %	1.58	-	13.65	-
Q4 2022	227.35	29.4 %	20.72	-	16.99	-
2022	848.26	11.2 %	4.60	-	25.86	-
Q1 2023	263.97	25.8 %	13.16	388.1 %	19.07	2913.3 %
Q2 2023	276.57	5.6 %	10.26	178.2 %	26.57	590.2 %
Q3 2023	253.89	70.4 %	1.07	(32.0 %)	14.29	4.7 %
Q4 2023	166.51	(26.8 %)	42.72	106.1 %	40.39	137.7 %
2023	960.95	13.3 %	30.20	556.8 %	72.99	182.3 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	725.11	(2.8 %)	-	-	-	-
2015	803.21	10.8 %	-	-	-	-
2016	836.27	4.1 %	-	-	-	-
2017	925.54	10.7 %	-	-	-	-
2018	870.72	(5.9 %)	-	-	-	-
2019	1,011.67	16.2 %	-	-	-	-
2020	674.73	(33.3 %)	-	-	-	-
2021	763.12	13.1 %	-	-	-	-
2022	848.26	11.2 %	4.60	-	25.86	-
2023	960.95	13.3 %	30.20	556.8 %	72.99	182.3 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	60.00	0.01	0.01	2.80
Q2 2014	60.00	(0.01)	(0.01)	2.83
Q3 2014	60.00	0.04	0.04	2.92
Q4 2014	60.00	0.19	0.19	3.08
Q1 2015	60.00	0.36	0.36	3.17
Q2 2015	60.00	0.41	0.41	3.22
Q3 2015	60.00	0.38	0.38	3.28
Q4 2015	60.00	0.31	0.31	3.35
Q1 2016	60.00	0.33	0.33	3.45
Q2 2016	60.00	0.34	0.34	3.56
Q3 2016	60.00	0.35	0.35	3.66
Q4 2016	60.00	0.32	0.32	3.69
Q1 2017	60.00	0.35	0.35	3.83
Q2 2017	60.00	0.36	0.36	3.94
Q3 2017	60.00	0.39	0.39	4.05
Q4 2017	60.00	0.46	0.46	4.19
Q1 2018	60.00	0.47	0.47	4.27
Q2 2018	60.00	0.54	0.54	4.38
Q3 2018	60.00	0.56	0.56	4.46
Q4 2018	60.00	0.53	0.53	4.69
Q1 2019	60.00	0.54	0.54	4.78
Q2 2019	60.00	0.46	0.46	5.10
Q3 2019	60.00	0.43	0.43	5.23
Q4 2019	60.00	0.53	0.53	5.45
Q1 2020	60.00	0.12	0.12	5.10
Q2 2020	60.00	0.20	0.20	5.47
Q3 2020	60.00	(0.11)	(0.11)	11.87
Q4 2020	60.00	(0.46)	(0.46)	11.69
Q1 2021	60.00	(0.16)	(0.16)	11.65
Q2 2021	60.00	(0.29)	(0.29)	11.70
Q3 2021	60.00	(0.14)	(0.14)	11.65
Q4 2021	60.00	0.09	0.09	11.70
Q1 2022	60.00	(0.01)	(0.01)	12.36
Q2 2022	60.00	(0.17)	(0.17)	12.02
Q3 2022	60.00	0.06	0.06	12.03
Q4 2022	60.00	0.14	0.14	12.43
Q1 2023	60.00	0.37	0.37	12.82
Q2 2023	60.00	0.68	0.68	12.88
Q3 2023	60.00	0.57	0.57	12.76
Q4 2023	60.00	0.62	0.62	13.34

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	60.00	0.19	0.19	3.08
2015	60.00	0.31	0.31	3.35
2016	60.00	0.32	0.32	3.69
2017	60.00	0.46	0.46	4.19
2018	60.00	0.53	0.53	4.69
2019	60.00	0.53	0.53	5.45
2020	60.00	(0.46)	(0.46)	11.69
2021	60.00	0.09	0.09	11.70
2022	60.00	0.14	0.14	12.43
2023	60.00	0.62	0.62	13.34

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	More than 100	More than 100
Q2 2014	NEG	NEG
Q3 2014	More than 100	More than 100
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	More than 100	More than 100
Q1 2016	More than 100	More than 100
Q2 2016	More than 100	More than 100
Q3 2016	32.72	32.72
Q4 2016	More than 100	More than 100
Q1 2017	More than 100	More than 100
Q2 2017	More than 100	More than 100
Q3 2017	More than 100	More than 100
Q4 2017	43.26	43.26
Q1 2018	42.03	42.03
Q2 2018	30.22	30.22
Q3 2018	24.74	24.74
Q4 2018	32.69	32.69
Q1 2019	31.84	31.84
Q2 2019	30.04	30.04
Q3 2019	39.50	39.50
Q4 2019	30.15	30.15
Q1 2020	More than 100	More than 100
Q2 2020	More than 100	More than 100
Q3 2020	NEG	NEG
Q4 2020	NEG	NEG
Q1 2021	NEG	NEG
Q2 2021	NEG	NEG
Q3 2021	NEG	NEG
Q4 2021	More than 100	More than 100
Q1 2022	NEG	NEG
Q2 2022	NEG	NEG
Q3 2022	More than 100	More than 100
Q4 2022	More than 100	More than 100
Q1 2023	39.21	39.21
Q2 2023	25.35	25.35
Q3 2023	30.86	30.86
Q4 2023	28.06	28.06

Period	P/E	Adjusted P/E
2014	More than 100	More than 100
2015	More than 100	More than 100
2016	More than 100	More than 100
2017	43.26	43.26
2018	32.69	32.69
2019	30.15	30.15
2020	NEG	NEG
2021	More than 100	More than 100
2022	More than 100	More than 100
2023	28.06	28.06

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Comprehensive Motor Insurance	Medical Insurance	Property & casualty	GROUP LIFE	Term Life	Protection..
Q1 2014	46.91	21.74	24.72	-	-	-
Q2 2014	60.98	19.07	37.57	-	-	-
Q3 2014	26.11	9.05	29.17	-	-	-
Q4 2014	21.17	5.44	23.43	-	-	-
Q1 2015	39.78	16.08	38.44	-	-	-
Q2 2015	57.09	37.61	57.55	-	-	-
Q3 2015	40.36	33.18	17.01	-	-	-
Q4 2015	61.75	16.27	30.00	-	-	-
Q1 2016	63.52	16.87	26.93	-	-	-
Q2 2016	84.75	38.01	55.05	-	-	-
Q3 2016	58.25	27.63	16.93	-	-	-
Q4 2016	92.46	41.32	26.28	-	-	-
Q1 2017	199.70	14.75	24.38	-	-	-
Q2 2017	73.68	18.50	49.93	-	-	-
Q3 2017	52.63	29.50	20.99	-	-	-
Q4 2017	102.13	41.59	35.12	-	-	-
Q1 2018	180.02	28.73	63.02	-	-	-
Q2 2018	48.76	30.11	103.26	-	-	-
Q3 2018	51.81	27.86	36.24	-	-	-
Q4 2018	116.39	24.16	41.81	-	-	-
Q1 2019	232.08	44.91	55.61	-	-	-
Q2 2019	79.36	64.19	97.14	-	-	-
Q3 2019	51.52	54.88	37.80	-	-	-
Q4 2019	106.10	26.18	43.14	-	-	-
Q1 2020	57.91	56.95	63.17	-	-	-
Q2 2020	44.72	50.35	59.92	-	-	-
Q3 2020	26.93	33.77	32.85	-	-	-
Q4 2020	52.29	35.22	34.76	-	-	-
Q1 2021	48.17	48.98	101.96	-	-	-
Q2 2021	36.26	64.19	72.05	-	-	-
Q3 2021	37.57	24.29	29.15	-	-	-
Q4 2021	67.34	61.66	27.16	-	-	-
Q1 2022	64.98	45.02	69.50	11.37	19.00	-
Q2 2022	46.35	66.78	62.20	68.18	18.51	-
Q3 2022	44.90	51.64	33.51	1.16	17.82	-
Q4 2022	84.44	46.09	74.34	4.91	17.58	-
Q1 2023	113.53	73.23	56.99	2.38	17.85	-
Q2 2023	54.54	85.17	54.29	65.43	7.60	9.52
Q3 2023	57.40	122.01	55.55	1.12	17.82	-
Q4 2023	42.91	62.66	39.55	2.95	18.45	-

Period	Comprehensive Motor Insurance	Medical Insurance	Property & casualty	GROUP LIFE	Term Life	Protection..
2014	155.18	55.29	114.89	-	-	-
2015	198.98	103.14	143.00	-	-	-
2016	298.98	123.83	125.19	-	-	-
2017	428.15	104.34	130.42	-	-	-
2018	396.98	110.86	244.34	-	-	-
2019	469.07	190.16	233.70	-	-	-
2020	181.86	176.29	190.70	-	-	-
2021	189.34	199.12	230.32	-	-	-
2022	240.66	209.54	239.55	85.61	72.90	-
2023	268.38	343.07	206.37	71.88	71.24	-

Financial Ratios

	Current
Market Cap (M)	907.20
Shares Outstanding (M)	60.00
EPS ( Riyal) (TTM)	0.48
Book Value (BV) ( Riyal)	13.47
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	31.83
P/E (TTM)	31.83
Price/Book	1.12
Return on Average Assets (%) (TTM)	1.3
Return on Average Equity (%) (TTM)	3.6
Return on Market Cap (%)	3.0

Allianz Saudi Fransi Cooperative Insurance Co. (ALLIANZ SF)

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Allianz SF net profit up to SAR 37M profit in 2023, Q4 at SAR 13.4M

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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

Allianz Saudi Fransi Cooperative Insurance Co. (ALLIANZ SF)

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Allianz SF net profit up to SAR 37M profit in 2023, Q4 at SAR 13.4M

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

Allianz Saudi Fransi Cooperative Insurance Co. (ALLIANZ SF)

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Business Segments - Gross Premium Written (Million)