United Cooperative Assurance Co. (UCA) turned to a net profit of SAR 5 million in Q1 2024, from a net loss of SAR 10 million a year earlier
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 409.08 | 391.80 | (4.2 %) |
| Insurance Revenues | 196.65 | 249.61 | 26.9 % |
| Net Profit Before Zakat & Tax | (9.88) | 5.51 | 155.8 % |
| Net Income | (9.96) | 5.01 | 150.3 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.25) | 0.13 | 150.3 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 189.10 | 391.80 | 107.2 % |
| Insurance Revenues | 304.27 | 249.61 | (18.0 %) |
| Net Profit Before Zakat & Tax | 16.64 | 5.51 | (66.9 %) |
| Net Income | 14.73 | 5.01 | (66.0 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.37 | 0.13 | (66.0 %) |
The higher profit was driven by business growth and prosperity, in addition to an improvement of 71%, or SAR 27.77 million, year-on-year in insurance services results.
Net profit from insurance services reached SAR 13.24 million, against a net loss of SAR 13.76 million, supported by business growth and improvement in gross loss ratios.
Net investment return rose 33% to SAR 3.62 million in Q1 2024, compared to SAR 2.729 million in Q1 2023.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 409.08 | 391.80 | (4.2 %) |
| Insurance Revenues | 196.65 | 249.61 | 26.9 % |
| Insurance Services Income | (7.74) | 14.49 | 287.2 % |
| Investment Income | 2.73 | 3.62 | 32.6 % |
| Net Profit of Insurance Services and Investment | (3.99) | 18.14 | 554.6 % |
Total shareholders’ equity, no minority interest, stood at SAR 270.16 million as of March 31, 2024, compared to SAR 246.19 million in the prior-year period.
Accumulated losses reached SAR 175.55 million at the end of the current period, representing 43.89% of the company's capital.
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