Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) reported a net profit of SAR 10 million for Q1 2024, an increase of 4% from SAR 9.6 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 263.97 | 242.22 | (8.2 %) |
| Insurance Revenues | 184.81 | 231.98 | 25.5 % |
| Net Profit Before Zakat & Tax | 13.51 | 14.01 | 3.7 % |
| Net Income | 9.60 | 9.99 | 4.0 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.16 | 0.17 | 4.0 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 166.51 | 242.22 | 45.5 % |
| Insurance Revenues | 247.29 | 231.98 | (6.2 %) |
| Net Profit Before Zakat & Tax | 15.39 | 14.01 | (9.0 %) |
| Net Income | 13.39 | 9.99 | (25.4 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.22 | 0.17 | (25.4 %) |
The profit increase is driven by an 86% rise in net investment income, and higher revenue due to the increase in business mainly from medical insurance and life insurance, by 16% and 33%, respectively.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 263.97 | 242.22 | (8.2 %) |
| Insurance Revenues | 184.81 | 231.98 | 25.5 % |
| Insurance Services Income | 13.16 | 2.28 | (82.7 %) |
| Investment Income | 17.07 | 31.83 | 86.5 % |
| Net Profit of Insurance Services and Investment | 19.07 | 18.37 | (3.7 %) |
On a quarterly basis, net profit fell by 25.4% from SAR 13.39 million in Q4 2023.
Total shareholders’ equity, no minority interest, stood at SAR 797.62 million by March 31, 2024, compared to SAR 771.31 million a year earlier.
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