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AXA Insurance profit jumps 58% to SAR 126 mln in 9M 2020
AXA Cooperative Insurance Co. reported a net profit before Zakat of SAR 126 million for the first nine months of 2020, a 58% increase compared to a net profit of SAR 79.9 million in the year-earlier period.
The higher net profit was attributed mainly to better insurance results, which were backed by an improvement in the loss ratio in the motor and healthcare business. AXA Insurance also reported an increase of SAR 3.7 million in investment returns for policyholders and shareholders.
Financials (M)
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,173.47 | 1,201.43 | 2.4 % |
| Net Profit Before Zakat & Tax | 79.85 | 125.96 | 57.7 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 1.60 | 2.52 | 57.7 % |
The company reported a net profit before Zakat of SAR 55.7 million in Q3 2020, compared to a net profit of SAR 22.5 million a year earlier, on better insurance results, and an improvement in the loss ratio in the motor and healthcare business.
On a quarterly basis, AXA’s net profit surged 60%, due to higher insurance operations surplus mainly from the motor and healthcare segments.
Current Quarter Comparison (M)
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 378.55 | 389.65 | 2.9 % |
| Net Profit Before Zakat & Tax | 22.55 | 55.65 | 146.8 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.45 | 1.11 | 146.8 % |
Total shareholders’ equity, excluding minority interest, increased by 21.18% YoY to SAR 827.7 million by the end of Sept. 30, 2020. Retained earnings stood at SAR 223.1 million in the same period.
Insurance Operations (M)
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,173.47 | 1,201.43 | 2.4 % |
| Net Written Premiums (NWP) | 1,096.28 | 1,087.24 | (0.8 %) |
| Net Incurred Claims | (704.00) | (660.34) | 6.2 % |
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Share Price
| Current | |
| Market Cap (M) | 1,767.50 |
| Shares Outstanding ((M)) | 50.00 |
| EPS ( Riyal) (TTM) | 2.56 |
| Book Value (BV) ( Riyal) | 16.16 |
| P/E (TTM) | 13.81 |
| Price/Book | 2.19 |
| Return on Average Assets (%) (TTM) | 4.6 |
| Return on Average Equity (%) (TTM) | 17.3 |
| Adjusted P/E (Last12) | 13.81 |
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