LIVA Insurance Co. swung to a net profit of SAR 11.2 million in 2023, from a net loss of SAR 42.9 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 455.53 | 522.11 | 14.6 % |
| Insurance Revenues | 337.95 | 513.63 | 52.0 % |
| Net Profit Before Zakat & Tax | (37.24) | 17.43 | 146.8 % |
| Net Income | (42.95) | 11.26 | 126.2 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (1.07) | 0.28 | 126.2 % |
Insurance revenues grew by 51.99% (SAR 175.68 million) year-on-year (YoY). The insurance services results also improved 87.73% to SAR 42.11 million compared with a year earlier.
Investment revenues leapt 105.79% YoY to SAR 24.94 million, and other income was up 7.96% to SAR 19.39 million.
However, net expenses from reinsurance contracts held during the current year amounted to SAR 86.68 million, up 7.60% YoY.
Net insurance finance expenses reached SAR 3.56 million, compared to SAR 321,000 a year earlier.
Operating expenses were up 8.11% YoY to SAR 17.45 million.
Q4 2023 earnings reached SAR 6.7 million, falling 47% from SAR 12.56 million in Q4 2022.
Compared with the previous quarter, the Q4 earnings soared from SAR 2.63 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 138.47 | - | - |
| Insurance Revenues | 108.00 | 130.73 | 21.0 % |
| Net Profit Before Zakat & Tax | 14.31 | 7.47 | (47.8 %) |
| Net Income | 12.56 | 6.65 | (47.0 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.31 | 0.17 | (47.0 %) |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 455.53 | 522.11 | 14.6 % |
| Insurance Revenues | 337.95 | 513.63 | 52.0 % |
| Insurance Services Income | (48.01) | (5.89) | 87.7 % |
| Investment Income | 12.12 | 24.94 | 105.8 % |
| Net Profit of Insurance Services and Investment | (36.21) | 15.49 | 142.8 % |
Shareholders’ equity, no minority interest, reached SAR 389.9 million as of Dec. 31, 2023, compared to SAR 333.4 million in the year-earlier period.
Accumulated losses reached SAR 55.14 million by the end of the 12-month period, representing 14% of the company’s capital.
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