ACIG posts 18% profit drop in Q1 2019

12/05/2019 Argaam Exclusive

Allied Cooperative Insurance Group (ACIG) reported a net profit before zakat of SAR 1.97 million for Q1 2019, a decline of 18.19 percent year-on-year (YoY), driven by lower incurred claims, decreased underwriting income and lower investment profit.

The Saudi insurer incurred net loss of SAR 1.88 million in Q4 2018.

Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Gross Written Premium (GWP) 115.96 144.39 24.5 %
Net Profit Before Zakat & Tax 2.42 1.98 (18.2 %)
Net Income 1.94 1.00 (48.8 %)
Average Shares 29.10 29.10 -
EPS (Riyals) 0.07 0.03 (48.8 %)

Insurance Operations (M)

Item 3m 2018 3m 2019 Change‬
Gross Written Premium (GWP) 115.96 144.39 24.5 %
Net Written Premiums (NWP) 104.58 126.53 21.0 %
Net Incurred Claims (69.46) (88.96) (28.1 %)

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Share Price

Allied Cooperative Insurance Group
13.14
(0.58) (4.23 %)

Allied Cooperative Insurance Group (ACIG)

Financial Ratios
Current
Market Cap (M) 382.37
Shares Outstanding ((M)) 29.10
EPS ( Riyal) (TTM) 0.94
Book Value (BV) ( Riyal) 6.98
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.07
P/E (TTM) 14.02
Price/Book 1.88
Return on Average Assets (%) (TTM) 3.3
Return on Average Equity (%) (TTM) 14.4
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Financial results (Million)

Period Net Income Change EPS (Riyal) Net Profit Before Zakat & Tax Change
Q1 2010 (4.97) 11.3 % (0.17) (4.97) 11.3 %
Q2 2010 (4.68) 30.9 % (0.16) (4.68) 30.9 %
Q3 2010 (3.01) 41.9 % (0.10) (3.01) 41.9 %
Q4 2010 (6.97) (4.7 %) (0.24) (6.97) (4.7 %)
Q1 2011 (0.27) 94.5 % (0.01) (0.13) 97.5 %
Q2 2011 0.84 118.0 % 0.03 0.91 119.4 %
Q3 2011 0.45 114.9 % 0.02 0.70 123.3 %
Q4 2011 (11.51) (65.1 %) (0.40) (11.43) (64.0 %)
Q1 2012 (3.22) (1,078.4 %) (0.11) (2.97) (2,254.8 %)
Q2 2012 (2.90) (444.1 %) (0.10) (2.90) (420.2 %)
Q3 2012 (8.80) (2060.6 %) (0.30) (8.80) (1354.0 %)
Q4 2012 (8.54) 25.8 % (0.29) (8.54) 25.3 %
Q1 2013 2.00 162.0 % 0.07 2.40 181.0 %
Q2 2013 1.52 152.5 % 0.05 1.52 152.5 %
Q3 2013 3.55 140.3 % 0.12 3.80 143.1 %
Q4 2013 4.86 156.9 % 0.17 4.86 156.9 %
Q1 2014 1.65 (17.2 %) 0.06 2.28 (5.1 %)
Q2 2014 1.85 21.2 % 0.06 2.88 89.1 %
Q3 2014 1.94 (45.4 %) 0.07 1.94 (48.9 %)
Q4 2014 1.89 (61.1 %) 0.06 1.89 (61.1 %)
Q1 2015 3.13 89.3 % 0.11 3.85 68.7 %
Q2 2015 3.15 70.5 % 0.11 3.15 9.3 %
Q3 2015 3.98 105.2 % 0.14 3.98 105.2 %
Q4 2015 0.15 (91.9 %) 0.01 0.15 (91.9 %)
Q1 2016 3.53 12.8 % 0.12 3.78 (1.7 %)
Q2 2016 4.04 28.3 % 0.14 4.41 39.8 %
Q3 2016 3.82 (4.2 %) 0.13 4.71 18.1 %
Q4 2016 (4.70) (3171.2 %) (0.16) (4.55) (3071.9 %)
Q1 2017 4.50 27.5 % 0.15 4.90 29.7 %
Q2 2017 6.11 51.2 % 0.21 6.61 50.1 %
Q3 2017 2.96 (22.5 %) 0.10 3.93 (16.4 %)
Q4 2017 2.40 151.1 % 0.08 2.67 158.6 %
Q1 2018 1.94 (56.8 %) 0.07 2.42 (50.7 %)
Q2 2018 (0.14) (102.2 %) 0.00 2.94 (55.6 %)
Q3 2018 (2.22) (175.0 %) (0.08) (1.10) (128.0 %)
Q4 2018 (2.98) (224.3 %) (0.10) (1.88) (170.5 %)
Q1 2019 1.00 (48.8 %) 0.03 1.98 (18.2 %)

Insurance Operations Performance (M)

Compared With The
Period Gross Written Premium (GWP) Change Net Written Premiums (NWP) Change Net Incurred Claims Change
Q1 2010 5.94 - 1.96 - (0.20) -
Q2 2010 11.26 - 6.95 - (0.36) -
Q3 2010 30.78 4887.8 % 27.47 10111.9 % (1.43) -
Q4 2010 50.42 814.5 % 34.39 1396.0 % (9.80) (2,660.6 %)
Q1 2011 47.66 703.1 % 38.17 1852.2 % (10.04) (4,920.5 %)
Q2 2011 41.39 267.6 % 36.16 420.5 % (16.97) (4,626.7 %)
Q3 2011 41.61 35.2 % 31.39 14.3 % (19.20) (1,242.9 %)
Q4 2011 37.73 (25.2 %) 32.48 (5.6 %) (28.93) (195.2 %)
Q1 2012 67.77 42.2 % 59.27 55.3 % (23.45) (133.5 %)
Q2 2012 11.41 (72.4 %) 4.06 (88.8 %) (22.99) (35.5 %)
Q3 2012 30.08 (27.7 %) 19.17 (38.9 %) (24.80) (29.1 %)
Q4 2012 77.57 105.6 % 63.19 94.6 % (29.99) (3.7 %)
Q1 2013 106.94 57.8 % 73.56 24.1 % (23.25) 0.8 %
Q2 2013 89.48 684.6 % 60.47 1389.7 % (29.69) (29.1 %)
Q3 2013 64.52 114.5 % 38.83 102.6 % (37.68) (52.0 %)
Q4 2013 86.07 11.0 % 61.65 (2.4 %) (45.39) (51.3 %)
Q1 2014 90.32 (15.5 %) 64.81 (11.9 %) (41.70) (79.4 %)
Q2 2014 41.84 (53.2 %) 27.26 (54.9 %) (38.06) (28.2 %)
Q3 2014 50.39 (21.9 %) 39.92 2.8 % (33.31) 11.6 %
Q4 2014 114.82 33.4 % 97.33 57.9 % (36.28) 20.1 %
Q1 2015 187.02 107.1 % 161.05 148.5 % (49.48) (18.7 %)
Q2 2015 143.87 243.8 % 119.75 339.3 % (72.46) (90.4 %)
Q3 2015 113.13 124.5 % 84.12 110.7 % (82.31) (147.1 %)
Q4 2015 105.41 (8.2 %) 93.63 (3.8 %) (86.75) (139.1 %)
Q1 2016 147.27 (21.3 %) 130.37 (19.0 %) (84.31) (70.4 %)
Q2 2016 146.77 2.0 % 119.63 (0.1 %) (81.23) (12.1 %)
Q3 2016 136.48 20.6 % 114.51 36.1 % (79.28) 3.7 %
Q4 2016 80.09 (24.0 %) 67.28 (28.1 %) (99.23) (14.4 %)
Q1 2017 81.77 (44.5 %) 67.13 (48.5 %) (71.88) 14.7 %
Q2 2017 102.30 (30.3 %) 87.72 (26.7 %) (59.22) 27.1 %
Q3 2017 112.80 (17.4 %) 98.23 (14.2 %) (57.11) 28.0 %
Q4 2017 133.11 66.2 % 112.84 67.7 % (58.68) 40.9 %
Q1 2018 115.96 41.8 % 104.58 55.8 % (69.46) 3.4 %
Q2 2018 114.12 11.6 % 102.95 17.4 % (70.00) (18.2 %)
Q3 2018 164.54 45.9 % 151.11 53.8 % (87.02) (52.4 %)
Q4 2018 105.39 (20.8 %) 97.37 (13.7 %) (98.40) (67.7 %)
Q1 2019 144.39 24.5 % 126.53 21.0 % (88.96) (28.1 %)

Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS Adjusted EPS Book Value (BV)
Q1 2010 29.10 (0.81) (0.81) 1.54
Q2 2010 29.10 (0.74) (0.74) 1.04
Q3 2010 29.10 (0.66) (0.66) 1.27
Q4 2010 29.10 (0.67) (0.67) 1.02
Q1 2011 29.10 (0.51) (0.51) 1.01
Q2 2011 29.10 (0.32) (0.32) 1.04
Q3 2011 29.10 (0.20) (0.20) 1.05
Q4 2011 29.10 (0.36) (0.36) 0.66
Q1 2012 29.10 (0.46) (0.46) 0.54
Q2 2012 29.10 (0.59) (0.59) 0.45
Q3 2012 29.10 (0.91) (0.91) 3.38
Q4 2012 29.10 (0.81) (0.81) 3.09
Q1 2013 29.10 (0.63) (0.63) 3.16
Q2 2013 29.10 (0.48) (0.48) 3.21
Q3 2013 29.10 (0.05) (0.05) 3.34
Q4 2013 29.10 0.41 0.41 3.51
Q1 2014 29.10 0.40 0.40 3.58
Q2 2014 29.10 0.41 0.41 3.66
Q3 2014 29.10 0.35 0.35 3.73
Q4 2014 29.10 0.25 0.25 3.80
Q1 2015 29.10 0.30 0.30 3.90
Q2 2015 29.10 0.35 0.35 4.05
Q3 2015 29.10 0.42 0.42 4.02
Q4 2015 29.10 0.36 0.36 4.02
Q1 2016 29.10 0.37 0.37 4.08
Q2 2016 29.10 0.40 0.40 4.27
Q3 2016 29.10 0.40 0.40 4.35
Q4 2016 29.10 0.23 0.23 4.30
Q1 2017 29.10 0.26 0.26 4.41
Q2 2017 29.10 0.33 0.33 4.60
Q3 2017 29.10 0.30 0.30 4.70
Q4 2017 29.10 0.55 0.55 4.74
Q1 2018 29.10 0.46 0.46 4.81
Q2 2018 29.10 0.25 0.25 4.90
Q3 2018 29.10 0.07 0.07 4.81
Q4 2018 29.10 (0.12) (0.12) 4.74
Q1 2019 29.10 (0.15) (0.15) 4.84

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2010 NEG NEG
Q2 2010 NEG NEG
Q3 2010 NEG NEG
Q4 2010 NEG NEG
Q1 2011 NEG NEG
Q2 2011 NEG NEG
Q3 2011 NEG NEG
Q4 2011 NEG NEG
Q1 2012 NEG NEG
Q2 2012 NEG NEG
Q3 2012 NEG NEG
Q4 2012 NEG NEG
Q1 2013 NEG NEG
Q2 2013 NEG NEG
Q3 2013 NEG NEG
Q4 2013 More than 50 More than 50
Q1 2014 More than 50 More than 50
Q2 2014 More than 50 More than 50
Q3 2014 More than 50 More than 50
Q4 2014 More than 50 More than 50
Q1 2015 More than 50 More than 50
Q2 2015 More than 50 More than 50
Q3 2015 36.37 36.37
Q4 2015 42.56 42.56
Q1 2016 34.32 34.32
Q2 2016 31.91 31.91
Q3 2016 29.16 29.16
Q4 2016 More than 50 More than 50
Q1 2017 More than 50 More than 50
Q2 2017 32.81 32.81
Q3 2017 47.78 47.78
Q4 2017 31.48 31.48
Q1 2018 33.15 33.15
Q2 2018 More than 50 More than 50
Q3 2018 More than 50 More than 50
Q4 2018 NEG NEG
Q1 2019 NEG NEG

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Motor Insurance property and others Other classes
Q1 2012 0.62 58.33 6.10 2.73
Q2 2012 1.44 3.67 1.34 4.96
Q3 2012 13.58 10.98 3.28 2.25
Q4 2012 24.93 47.42 4.00 1.22