Walaa earns SAR 43.2M in H1 2026, SAR 27M in Q2

Walaa Cooperative Insurance Co. reported a net profit of SAR 43.2 million for the first half of 2026, compared with a net loss of SAR 117.3 million in H1 2025.

The insurer attributed the turnaround to an insurance service profit of SAR 14.4 million, compared with an insurance service loss of SAR 100.5 million in H1 2025, driven by lower losses in the medical and motor insurance segments and improved performance in the property and general accident segments. This was partly offset by weaker results in the energy and engineering insurance segments.

Net investment income surged 291.6% to SAR 63 million, mainly due to higher realized gains on equity investments and lower unrealized losses. Other operating income more than doubled to SAR 8.2 million, supported by the company's subsidiary.

The gains were partly offset by an 11.3% decline in insurance revenue to SAR 1.31 billion, due to lower revenue from the motor, property, non-investment-linked protection and savings, and general accident insurance segments. The decline was partly mitigated by higher revenue from the energy and engineering insurance segments.

Other operating expenses rose 24.6% to SAR 26.2 million, due to the recognition of SAR 2.2 million in amortization expense related to the customer relationship intangible asset recognized following the acquisition of the company's subsidiary.

The insurance services provider posted a net profit of nearly SAR 27 million in Q2 2026, compared with a net loss of SAR 49.35 million in Q2 2025.

On a quarterly basis, net profit rose 66.8% from SAR 16.18 million in Q1 2026.

Accumulated losses stood at SAR 14.86 million as of June 30, 2026, representing 1.16% of the company's capital. 

Total shareholders’ equity, with no minority interest, rose to SAR 1.713 billion as of June 30, 2026, from SAR 1.711 billion a year earlier.

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