AlJazira Takaful Taawuni Co. (AlJazira Takaful) reported a net profit of SAR 44.3 million for 2023, an increase of 15% from SAR 38.5 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 415.62 | 437.42 | 5.2 % |
| Insurance Revenues | 220.58 | 301.95 | 36.9 % |
| Net Profit Before Zakat & Tax | 40.45 | 67.91 | 67.9 % |
| Net Income | 38.52 | 44.25 | 14.9 % |
| Average Shares | 66.00 | 66.00 | - |
| EPS (Riyals) | 0.58 | 0.67 | 14.9 % |
This was backed by 36.89% higher insurance revenue, driven by business growth. The insurer also cited higher insurance service results, increase in net investment result after deducting the finance expenses/income, and a rise in total comprehensive income for the current year.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 145.82 | 150.64 | 3.3 % |
| Insurance Revenues | 70.16 | 73.28 | 4.4 % |
| Net Profit Before Zakat & Tax | 11.20 | 23.73 | 111.9 % |
| Net Income | 11.06 | 2.85 | (74.2 %) |
| Average Shares | 66.00 | 66.00 | - |
| EPS (Riyals) | 0.17 | 0.04 | (74.2 %) |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 415.62 | 437.42 | 5.2 % |
| Insurance Revenues | 220.58 | 301.95 | 36.9 % |
| Insurance Services Income | 20.03 | 57.16 | 185.4 % |
| Investment Income | (179.07) | 348.52 | 294.6 % |
| Net Profit of Insurance Services and Investment | 38.60 | 87.53 | 126.8 % |
Q4 2023 net profit stood at SAR 2.9 million, a slump of 74% year-on-year (YoY) from SAR 11.06 million.
On a quarterly basis, net profit plummeted 83.1% from SAR 16.91 million.
Total shareholders’ equity, after minority interest, stood at SAR 940.36 million by Dec. 31, 2023, compared to SAR 892.33 million a year earlier.
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