Allied Cooperative Insurance Group's (ACIG) profits soared to SAR 25 million in the first quarter of 2024, up from SAR 3.5 million in Q1 2023.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 286.86 | 194.36 | (32.2 %) |
| Insurance Revenues | 226.62 | 231.42 | 2.1 % |
| Net Profit Before Zakat & Tax | 4.04 | 26.59 | 558.3 % |
| Net Income | 3.54 | 24.99 | 606.0 % |
| Average Shares | 29.10 | 29.10 | - |
| EPS (Riyals) | 0.12 | 0.86 | 606.0 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 276.15 | 194.36 | (29.6 %) |
| Insurance Revenues | 244.10 | 231.42 | (5.2 %) |
| Net Profit Before Zakat & Tax | 20.04 | 26.59 | 32.7 % |
| Net Income | 17.04 | 24.99 | 46.6 % |
| Average Shares | 29.10 | 29.10 | - |
| EPS (Riyals) | 0.59 | 0.86 | 46.6 % |
The positive performance was spurred by an increase in net profit from insurance services and net investment income, as well as higher sales of general and medical insurance policies.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 286.86 | 194.36 | (32.2 %) |
| Insurance Revenues | 226.62 | 231.42 | 2.1 % |
| Insurance Services Income | 2.66 | 22.25 | 736.5 % |
| Investment Income | 8.10 | 10.53 | 30.0 % |
| Net Profit of Insurance Services and Investment | 11.31 | 35.04 | 209.8 % |
Sequentially, the Q1 bottom line grew 46.6% from SAR 17.04 million in Q4 2023.
Shareholders' equity, no minority interest, reached SAR 279.33 million at the end of Q1 2024, compared with SAR 192.45 million a year earlier.
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