Amana Insurance turns to SAR 25.4M profit in 2023; Q4 losses at SAR 3.7M

24/03/2024 Argaam Exclusive

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Amana Cooperative Insurance Co. reported a net profit of SAR 25.4 million for 2023, against a net loss of SAR 48.2 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	230.52	173.58	(24.7 %)
Insurance Revenues	237.70	184.64	(22.3 %)
Net Profit Before Zakat & Tax	(44.73)	30.72	168.7 %
Net Income	(48.18)	25.44	152.8 %
Average Shares	43.00	43.00	-
EPS (Riyals)	(1.12)	0.59	152.8 %

The positive performance is due to a reduction in insurance revenue by SAR 53.06 million, a decrease in insurance service expenses by SAR 107.16 million, and a decline in net expense from reinsurance contracts by SAR 8.96 million.

Meanwhile, the company’s investment portfolio witnessed growth leading to an increase in investment income by SAR 5.43 million and net other income and expenses improved by SAR 10.58 million.

This came despite a decline in revenue of SAR 54.1 million mainly due to lower gross written premiums (GWP), driven by the company’s strategy focusing on profitable products and running off loss making portfolio.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	46.37	56.48	21.8 %
Insurance Revenues	54.12	26.35	(51.3 %)
Net Profit Before Zakat & Tax	7.11	(0.76)	(110.6 %)
Net Income	4.33	(3.69)	(185.2 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	0.10	(0.09)	(185.2 %)

Item	Q3 2023	Q4 2023	Change‬
Insurance Revenues	44.56	26.35	(40.9 %)
Net Profit Before Zakat & Tax	9.44	(0.76)	(108.0 %)
Net Income	9.44	(3.69)	(139.1 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	0.22	(0.09)	(139.1 %)

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	230.52	173.58	(24.7 %)
Insurance Revenues	237.70	184.64	(22.3 %)
Insurance Services Income	(45.53)	17.55	138.5 %
Investment Income	1.81	7.25	300.6 %
Net Profit of Insurance Services and Investment	(41.75)	23.11	155.4 %

The company reported a net loss of SAR 3.69 million in Q4 2023, against a profit of SAR 4.33 million in Q4 2022.

Sequentially, the insurer switched to a loss versus a profit of SAR 9.44 million in Q3 2023.

Shareholders’ equity, no minority interest, grew to SAR 282.7 million as of Dec. 31, 2023, compared to SAR 251.2 million a year earlier.

Accumulated losses stood at SAR 186.6 million by the end of 2023, which represents 43.39% of capital.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	(8.71)	(187.0 %)	(0.56)	(7.82)	(308.0 %)
Q2 2014	(20.05)	(65.9 %)	(1.29)	(19.30)	(92.0 %)
Q3 2014	(59.94)	(513.7 %)	(3.87)	(60.01)	(514.5 %)
Q4 2014	12.68	(23.9 %)	0.82	13.44	(24.2 %)
2014	(76.02)	(823.6 %)	(4.90)	(73.69)	(1,739.5 %)
Q1 2015	(26.30)	(201.8 %)	(1.70)	(25.86)	(230.9 %)
Q2 2015	1.27	106.3 %	0.08	1.83	109.5 %
Q3 2015	1.18	102.0 %	0.08	1.56	102.6 %
Q4 2015	8.76	(30.9 %)	0.56	9.71	(27.8 %)
2015	(15.09)	80.2 %	(0.97)	(12.77)	82.7 %
Q1 2016	5.56	121.2 %	0.36	8.21	131.8 %
Q2 2016	(8.01)	(731.4 %)	(0.52)	(8.57)	(568.5 %)
Q3 2016	7.62	543.2 %	0.49	7.91	408.5 %
Q4 2016	4.12	(53.0 %)	0.27	4.17	(57.0 %)
2016	9.29	161.6 %	0.60	11.72	191.8 %
Q1 2017	(4.60)	(182.6 %)	(0.30)	(4.45)	(154.2 %)
Q2 2017	(2.30)	71.3 %	(0.15)	(1.80)	79.1 %
Q3 2017	14.54	90.9 %	0.94	14.65	85.3 %
Q4 2017	(10.28)	(349.8 %)	(0.66)	(7.13)	(271.0 %)
2017	(2.48)	(126.7 %)	(0.16)	0.75	(93.6 %)
Q1 2018	(6.24)	(35.7 %)	(0.40)	(6.91)	(55.3 %)
Q2 2018	(1.18)	48.7 %	(0.08)	(0.29)	83.8 %
Q3 2018	(5.62)	(138.6 %)	(0.36)	(4.98)	(134.0 %)
Q4 2018	(8.77)	14.7 %	(0.57)	(8.03)	(12.7 %)
2018	(21.80)	(779.5 %)	(1.41)	(20.22)	(2784.9 %)
Q1 2019	(20.88)	(234.7 %)	(0.97)	(20.78)	(200.7 %)
Q2 2019	(4.63)	(292.6 %)	(0.22)	(4.32)	(1,389.7 %)
Q3 2019	(7.28)	(29.6 %)	(0.34)	1.99	139.9 %
Q4 2019	(4.47)	49.1 %	(0.21)	(4.59)	42.8 %
2019	(37.25)	(70.8 %)	(1.73)	(27.71)	(37.0 %)
Q1 2020	2.21	110.6 %	0.10	2.59	112.4 %
Q2 2020	3.65	179.0 %	0.17	4.60	206.6 %
Q3 2020	(30.98)	(325.5 %)	(1.44)	(30.69)	(1642.9 %)
Q4 2020	(37.19)	(732.8 %)	(1.73)	(33.77)	(635.1 %)
2020	(61.84)	(66.0 %)	(2.88)	(57.27)	(106.7 %)
Q1 2021	(20.97)	(1047.1 %)	(0.98)	(23.30)	(1001.1 %)
Q2 2021	(39.44)	(1179.5 %)	(1.84)	(39.59)	(960.0 %)
Q3 2021	(25.05)	19.2 %	(1.17)	(25.12)	18.2 %
Q4 2021	(33.68)	9.4 %	(1.57)	(33.39)	1.1 %
2021	(119.14)	(92.7 %)	(5.55)	(121.41)	(112.0 %)
Q1 2022	(29.47)	(40.6 %)	(1.04)	(28.63)	(22.8 %)
Q2 2022	7.51	119.0 %	0.27	7.26	118.3 %
Q3 2022	(30.47)	(21.7 %)	(1.08)	(30.47)	(21.3 %)
Q4 2022	4.33	112.9 %	0.10	7.11	121.3 %
2022	(48.18)	59.6 %	(1.12)	(44.73)	63.2 %
Q1 2023	9.70	132.9 %	0.23	9.70	133.9 %
Q2 2023	9.99	32.9 %	0.23	12.34	69.9 %
Q3 2023	9.44	131.0 %	0.22	9.44	131.0 %
Q4 2023	(3.69)	(185.2 %)	(0.09)	(0.76)	(110.6 %)
2023	25.44	152.8 %	0.59	30.72	168.7 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	(76.02)	(823.6 %)	(4.90)	(73.69)	(1,739.5 %)
2015	(15.09)	80.2 %	(0.97)	(12.77)	82.7 %
2016	9.29	161.6 %	0.60	11.72	191.8 %
2017	(2.48)	(126.7 %)	(0.16)	0.75	(93.6 %)
2018	(21.80)	(779.5 %)	(1.41)	(20.22)	(2784.9 %)
2019	(37.25)	(70.8 %)	(1.73)	(27.71)	(37.0 %)
2020	(61.84)	(66.0 %)	(2.88)	(57.27)	(106.7 %)
2021	(119.14)	(92.7 %)	(5.55)	(121.41)	(112.0 %)
2022	(48.18)	59.6 %	(1.12)	(44.73)	63.2 %
2023	25.44	152.8 %	0.59	30.72	168.7 %

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	122.55	219.1 %	-	-	-	-
Q2 2014	129.24	1403.8 %	-	-	-	-
Q3 2014	91.80	940.3 %	-	-	-	-
Q4 2014	48.22	74.6 %	-	-	-	-
2014	391.80	369.6 %	-	-	-	-
Q1 2015	77.93	(36.4 %)	-	-	-	-
Q2 2015	150.72	16.6 %	-	-	-	-
Q3 2015	91.09	(0.8 %)	-	-	-	-
Q4 2015	94.27	95.5 %	-	-	-	-
2015	414.02	5.7 %	-	-	-	-
Q1 2016	71.26	(8.6 %)	-	-	-	-
Q2 2016	55.09	(63.4 %)	-	-	-	-
Q3 2016	10.95	(88.0 %)	-	-	-	-
Q4 2016	32.57	(65.5 %)	-	-	-	-
2016	169.87	(59.0 %)	-	-	-	-
Q1 2017	23.08	(67.6 %)	-	-	-	-
Q2 2017	16.13	(70.7 %)	-	-	-	-
Q3 2017	8.94	(18.4 %)	-	-	-	-
Q4 2017	23.82	(26.9 %)	-	-	-	-
2017	71.97	(57.6 %)	-	-	-	-
Q1 2018	36.04	56.1 %	-	-	-	-
Q2 2018	34.75	115.4 %	-	-	-	-
Q3 2018	33.39	273.6 %	-	-	-	-
Q4 2018	33.27	39.7 %	-	-	-	-
2018	137.45	91.0 %	-	-	-	-
Q1 2019	96.75	168.5 %	-	-	-	-
Q2 2019	50.15	44.3 %	-	-	-	-
Q3 2019	40.85	22.3 %	-	-	-	-
Q4 2019	60.30	81.3 %	-	-	-	-
2019	248.05	80.5 %	-	-	-	-
Q1 2020	103.40	6.9 %	-	-	-	-
Q2 2020	65.49	30.6 %	-	-	-	-
Q3 2020	103.72	153.9 %	-	-	-	-
Q4 2020	56.91	(5.6 %)	-	-	-	-
2020	329.52	32.8 %	-	-	-	-
Q1 2021	77.98	(24.6 %)	-	-	-	-
Q2 2021	88.93	35.8 %	-	-	-	-
Q3 2021	64.85	(37.5 %)	-	-	-	-
Q4 2021	43.73	(23.2 %)	-	-	-	-
2021	275.49	(16.4 %)	-	-	-	-
Q1 2022	76.94	(1.3 %)	(23.54)	-	(22.90)	-
Q2 2022	58.28	(34.5 %)	8.59	-	11.59	-
Q3 2022	48.93	(24.6 %)	(25.15)	-	(24.86)	-
Q4 2022	46.37	6.0 %	(5.43)	-	(5.58)	-
2022	230.52	(16.3 %)	(45.53)	-	(41.75)	-
Q1 2023	34.36	(55.3 %)	8.47	136.0 %	6.28	127.4 %
Q2 2023	30.82	(47.1 %)	20.02	133.0 %	24.06	107.6 %
Q3 2023	-	-	9.30	137.0 %	13.77	155.4 %
Q4 2023	56.48	21.8 %	(20.25)	(272.7 %)	(21.09)	(277.8 %)
2023	173.58	(24.7 %)	17.55	138.5 %	23.11	155.3 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	391.80	369.6 %	-	-	-	-
2015	414.02	5.7 %	-	-	-	-
2016	169.87	(59.0 %)	-	-	-	-
2017	71.97	(57.6 %)	-	-	-	-
2018	137.45	91.0 %	-	-	-	-
2019	248.05	80.5 %	-	-	-	-
2020	329.52	32.8 %	-	-	-	-
2021	275.49	(16.4 %)	-	-	-	-
2022	230.52	(16.3 %)	(45.53)	-	(41.75)	-
2023	173.58	(24.7 %)	17.55	138.5 %	23.11	155.3 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	15.50	(0.90)	(0.90)	12.49
Q2 2014	15.50	(1.41)	(1.41)	11.23
Q3 2014	15.50	(4.65)	(4.65)	7.33
Q4 2014	15.50	(4.90)	(4.90)	8.14
Q1 2015	15.50	(6.04)	(6.04)	6.44
Q2 2015	15.50	(4.66)	(4.66)	6.66
Q3 2015	15.50	(0.72)	(0.72)	6.67
Q4 2015	15.50	(0.97)	(0.97)	7.18
Q1 2016	15.50	1.08	1.08	7.57
Q2 2016	15.50	0.48	0.48	7.07
Q3 2016	15.50	0.90	0.90	7.57
Q4 2016	15.50	0.60	0.60	7.84
Q1 2017	15.50	(0.06)	(0.06)	7.56
Q2 2017	15.50	0.31	0.31	7.41
Q3 2017	15.50	0.76	0.76	8.25
Q4 2017	15.50	(0.17)	(0.17)	7.56
Q1 2018	15.50	(0.28)	(0.28)	7.16
Q2 2018	15.50	(0.20)	(0.20)	7.08
Q3 2018	15.50	(1.50)	(1.50)	6.72
Q4 2018	15.50	(1.41)	(1.41)	6.16
Q1 2019	21.47	(1.70)	(1.70)	8.14
Q2 2019	21.47	(1.86)	(1.86)	7.96
Q3 2019	21.47	(1.94)	(1.94)	7.64
Q4 2019	21.47	(1.73)	(1.73)	7.33
Q1 2020	21.47	(0.66)	(0.66)	7.33
Q2 2020	21.47	(0.27)	(0.27)	7.53
Q3 2020	21.47	(1.38)	(1.38)	6.25
Q4 2020	21.47	(2.90)	(2.90)	4.38
Q1 2021	21.47	(3.98)	(3.98)	3.40
Q2 2021	21.47	(5.99)	(5.99)	1.64
Q3 2021	21.47	(5.71)	(5.71)	0.48
Q4 2021	21.47	(5.55)	(5.55)	(1.15)
Q1 2022	28.33	(4.51)	(4.51)	(1.02)
Q2 2022	28.33	(2.85)	(2.85)	9.70
Q3 2022	28.33	(3.04)	(3.04)	8.63
Q4 2022	43.00	(1.12)	(1.12)	5.84
Q1 2023	43.00	(0.21)	(0.21)	6.06
Q2 2023	43.00	(0.15)	(0.15)	6.31
Q3 2023	43.00	0.78	0.78	6.48
Q4 2023	43.00	0.59	0.59	6.57

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	15.50	(4.90)	(4.90)	8.14
2015	15.50	(0.97)	(0.97)	7.18
2016	15.50	0.60	0.60	7.84
2017	15.50	(0.16)	(0.16)	7.56
2018	15.50	(1.41)	(1.41)	6.16
2019	21.47	(1.73)	(1.73)	7.33
2020	21.47	(2.88)	(2.88)	4.38
2021	21.47	(5.55)	(5.55)	(1.15)
2022	43.00	(1.12)	(1.12)	5.84
2023	43.00	0.59	0.59	6.57

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	NEG	NEG
Q3 2015	NEG	NEG
Q4 2015	NEG	NEG
Q1 2016	43.85	43.85
Q2 2016	More than 100	More than 100
Q3 2016	39.55	39.55
Q4 2016	More than 100	More than 100
Q1 2017	NEG	NEG
Q2 2017	More than 100	More than 100
Q3 2017	More than 100	More than 100
Q4 2017	NEG	NEG
Q1 2018	NEG	NEG
Q2 2018	NEG	NEG
Q3 2018	NEG	NEG
Q4 2018	NEG	NEG
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	NEG	NEG
Q1 2020	NEG	NEG
Q2 2020	NEG	NEG
Q3 2020	NEG	NEG
Q4 2020	NEG	NEG
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	NEG	NEG
Q2 2023	NEG	NEG
Q3 2023	15.78	15.78
Q4 2023	22.11	22.27

Period	P/E	Adjusted P/E
2014	NEG	NEG
2015	NEG	NEG
2016	More than 100	More than 100
2017	NEG	NEG
2018	NEG	NEG
2019	NEG	NEG
2020	NEG	NEG
2021	NEG	NEG
2022	NEG	NEG
2023	22.11	22.27

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty	Insurance - Engineering	Marine Insurance	General Accidents & Others
Q1 2014	48.58	70.79	1.31	1.10	0.39	0.37
Q2 2014	37.90	89.31	0.57	1.15	0.20	0.11
Q3 2014	34.00	52.61	1.51	2.48	0.08	1.12
Q4 2014	16.76	26.60	1.39	2.32	0.06	1.10
Q1 2015	51.58	24.15	0.86	0.76	0.24	0.35
Q2 2015	138.50	7.42	2.29	2.08	0.25	0.18
Q3 2015	81.15	6.42	2.38	0.57	0.22	0.36
Q4 2015	83.29	8.60	0.63	0.91	0.40	0.44
Q1 2016	37.26	25.96	3.14	0.38	3.16	1.36
Q2 2016	42.79	6.99	3.55	1.88	(0.27)	0.15
Q3 2016	(0.43)	9.87	(0.17)	0.43	1.00	0.25
Q4 2016	(0.21)	28.37	1.08	1.79	1.00	0.56
Q1 2017	-	21.00	0.79	0.23	0.37	0.69
Q2 2017	0.49	13.50	0.83	0.25	0.77	0.30
Q3 2017	6.04	1.91	0.31	0.50	0.09	0.09
Q4 2017	18.76	1.14	0.68	2.50	0.18	0.57
Q1 2018	23.45	5.95	6.64	-	-	-
Q2 2018	29.17	3.44	2.13	-	-	-
Q3 2018	30.32	1.12	1.95	-	-	-
Q4 2018	28.43	2.21	2.62	-	-	-
Q1 2019	89.08	5.31	2.36	-	-	-
Q2 2019	42.45	1.77	5.93	-	-	-
Q3 2019	36.66	1.16	3.03	-	-	-
Q4 2019	56.24	2.19	1.87	-	-	-
Q1 2020	90.50	6.88	6.02	-	-	-
Q2 2020	58.83	5.74	0.93	-	-	-
Q3 2020	98.01	4.64	1.07	-	-	-
Q4 2020	43.86	12.44	0.60	-	-	-
Q1 2021	41.29	34.47	2.22	-	-	-
Q2 2021	40.98	47.10	0.85	-	-	-
Q3 2021	38.20	25.17	1.49	-	-	-
Q4 2021	29.74	12.49	1.50	-	-	-
Q1 2022	40.77	34.26	1.92	-	-	-
Q2 2022	35.80	22.28	0.21	-	-	-
Q3 2022	33.11	13.60	2.21	-	-	-
Q4 2022	34.73	11.51	0.13	-	-	-
Q1 2023	27.99	5.84	0.53	-	-	-
Q2 2023	24.76	5.05	1.00	-	-	-
Q3 2023	47.57	4.18	0.17	-	-	-
Q4 2023	49.21	7.24	0.04	-	-	-

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty	Insurance - Engineering	Marine Insurance	General Accidents & Others
2014	137.23	239.31	4.78	7.05	0.72	2.70
2015	354.52	46.60	6.16	4.32	1.10	1.32
2016	79.41	71.19	7.59	4.48	4.89	2.31
2017	25.28	37.54	2.61	3.47	1.42	1.65
2018	111.38	12.72	13.35	-	-	-
2019	224.44	10.44	13.18	-	-	-
2020	291.20	29.70	8.62	-	-	-
2021	150.20	119.23	6.06	-	-	-
2022	144.41	81.64	4.47	-	-	-
2023	149.53	22.30	1.75	-	-	-

Financial Ratios

	Current
Market Cap (M)	467.84
Shares Outstanding (M)	43.00
EPS ( Riyal) (TTM)	0.19
Book Value (BV) ( Riyal)	6.84
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/Book	1.59
Return on Average Assets (%) (TTM)	1.8
Return on Average Equity (%) (TTM)	2.8
Return on Market Cap (%)	1.5

Amana Cooperative Insurance Co. (AMANA INSURANCE)

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Amana Insurance turns to SAR 25.4M profit in 2023; Q4 losses at SAR 3.7M

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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

Amana Cooperative Insurance Co. (AMANA INSURANCE)

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Amana Insurance turns to SAR 25.4M profit in 2023; Q4 losses at SAR 3.7M

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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

Amana Cooperative Insurance Co. (AMANA INSURANCE)

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Business Segments - Gross Premium Written (Million)