Gulf Insurance Group (GIG) swung to a net loss of SAR 20.2 million for Q1 2024, against a net profit of SAR 56.7 million in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Insurance Revenues | 390.65 | 362.42 | (7.2 %) |
| Net Income | 56.69 | (20.22) | (135.7 %) |
| Average Shares | 52.50 | 52.50 | - |
| EPS (Riyals) | 1.08 | (0.39) | (135.7 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Insurance Revenues | 395.95 | 362.42 | (8.5 %) |
| Net Income | 21.95 | (20.22) | (192.1 %) |
| Average Shares | 52.50 | 52.50 | - |
| EPS (Riyals) | 0.42 | (0.39) | (192.1 %) |
The annual losses were attributed to a decline of SAR 28 million in insurance revenue from the motor segment. GIG also reported a drop of SAR 62 million in reinsurance contracts on lower recoveries compared to Q1 2023, primarily related to the property and casualty (P&C) segment.
Meanwhile, insurance costs decreased by SAR 9 million, mainly due to P&C and motor segments.
The company’s investment income rose by SAR 5 million, while net finance expense declined by SAR 8 million.
In Q4 2023 the insurance services provider recorded a net income of SAR 21.95 million. The quarterly loss was ascribed to a drop of SAR 33 million insurance revenue, due to the motor and P&C segments.
Insurance service costs increased by SAR 173 million quarter-on-quarter. Net financing expenses also increased by SAR 27 million QoQ.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Insurance Revenues | 390.65 | 362.42 | (7.2 %) |
| Insurance Services Income | 81.25 | (0.16) | (100.2 %) |
| Investment Income | 22.44 | 27.61 | 23.0 % |
| Net Profit of Insurance Services and Investment | 64.19 | (3.59) | (105.6 %) |
Compared to Q4 2023, GIG’s net income tumbled 192.1% from SAR 21.95 million.
Total shareholders’ equity, no minority interest, rose to SAR 1.03 billion as of March 31, 2024, from SAR 1.02 billion a year earlier.
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