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 14.10 14.10 -
EPS (Riyals) 0.14 0.07 (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
42.10
(0.35) (0.82 %)

Financial Ratios
Current
Market Cap (M) 593.61
Shares Outstanding ((M)) 14.10
EPS ( Riyal) (TTM) (0.98)
Book Value (BV) ( Riyal) 10.20
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/Book 4.13
Return on Average Assets (%) (TTM) (2.19 )
Return on Average Equity (%) (TTM) (9.35 )
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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 % (0.35) (4.97) 11.3 %
Q2 2010 (4.68) 30.9 % (0.33) (4.68) 30.9 %
Q3 2010 (3.01) 41.9 % (0.21) (3.01) 41.9 %
Q4 2010 (6.97) (4.7 %) (0.49) (6.97) (4.7 %)
Q1 2011 (0.27) 94.5 % (0.02) (0.13) 97.5 %
Q2 2011 0.84 118.0 % 0.06 0.91 119.4 %
Q3 2011 0.45 114.9 % 0.03 0.70 123.3 %
Q4 2011 (11.51) (65.1 %) (0.82) (11.43) (64.0 %)
Q1 2012 (3.22) (1,078.4 %) (0.23) (2.97) (2,254.8 %)
Q2 2012 (2.90) (444.1 %) (0.21) (2.90) (420.2 %)
Q3 2012 (8.80) (2060.6 %) (0.62) (8.80) (1354.0 %)
Q4 2012 (8.54) 25.8 % (0.61) (8.54) 25.3 %
Q1 2013 2.00 162.0 % 0.14 2.40 181.0 %
Q2 2013 1.52 152.5 % 0.11 1.52 152.5 %
Q3 2013 3.55 140.3 % 0.25 3.80 143.1 %
Q4 2013 4.86 156.9 % 0.34 4.86 156.9 %
Q1 2014 1.65 (17.2 %) 0.12 2.28 (5.1 %)
Q2 2014 1.85 21.2 % 0.13 2.88 89.1 %
Q3 2014 1.94 (45.4 %) 0.14 1.94 (48.9 %)
Q4 2014 1.89 (61.1 %) 0.13 1.89 (61.1 %)
Q1 2015 3.13 89.3 % 0.22 3.85 68.7 %
Q2 2015 3.15 70.5 % 0.22 3.15 9.3 %
Q3 2015 3.98 105.2 % 0.28 3.98 105.2 %
Q4 2015 0.15 (91.9 %) 0.01 0.15 (91.9 %)
Q1 2016 3.53 12.8 % 0.25 3.78 (1.7 %)
Q2 2016 4.04 28.3 % 0.29 4.41 39.8 %
Q3 2016 3.82 (4.2 %) 0.27 4.71 18.1 %
Q4 2016 (4.70) (3171.2 %) (0.33) (4.55) (3071.9 %)
Q1 2017 4.50 27.5 % 0.32 4.90 29.7 %
Q2 2017 6.11 51.2 % 0.43 6.61 50.1 %
Q3 2017 2.96 (22.5 %) 0.21 3.93 (16.4 %)
Q4 2017 2.40 151.1 % 0.17 2.67 158.6 %
Q1 2018 1.94 (56.8 %) 0.14 2.42 (50.7 %)
Q2 2018 (0.14) (102.2 %) (0.01) 2.94 (55.6 %)
Q3 2018 (2.22) (175.0 %) (0.16) (1.10) (128.0 %)
Q4 2018 (2.98) (224.3 %) (0.21) (1.88) (170.5 %)
Q1 2019 1.00 (48.8 %) 0.07 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 14.10 (1.67) (1.67) 3.17
Q2 2010 14.10 (1.52) (1.52) 2.14
Q3 2010 14.10 (1.37) (1.37) 2.62
Q4 2010 14.10 (1.39) (1.39) 2.10
Q1 2011 14.10 (1.06) (1.06) 2.08
Q2 2011 14.10 (0.67) (0.67) 2.14
Q3 2011 14.10 (0.42) (0.42) 2.17
Q4 2011 14.10 (0.74) (0.74) 1.35
Q1 2012 14.10 (0.95) (0.95) 1.12
Q2 2012 14.10 (1.22) (1.22) 0.92
Q3 2012 14.10 (1.87) (1.87) 6.98
Q4 2012 14.10 (1.66) (1.66) 6.38
Q1 2013 14.10 (1.29) (1.29) 6.52
Q2 2013 14.10 (0.98) (0.98) 6.63
Q3 2013 14.10 (0.10) (0.10) 6.89
Q4 2013 14.10 0.85 0.85 7.25
Q1 2014 14.10 0.82 0.82 7.39
Q2 2014 14.10 0.84 0.84 7.54
Q3 2014 14.10 0.73 0.73 7.69
Q4 2014 14.10 0.52 0.52 7.84
Q1 2015 14.10 0.62 0.62 8.05
Q2 2015 14.10 0.72 0.72 8.36
Q3 2015 14.10 0.86 0.86 8.30
Q4 2015 14.10 0.74 0.74 8.29
Q1 2016 14.10 0.77 0.77 8.42
Q2 2016 14.10 0.83 0.83 8.80
Q3 2016 14.10 0.82 0.82 8.98
Q4 2016 14.10 0.47 0.47 8.88
Q1 2017 14.10 0.54 0.54 9.10
Q2 2017 14.10 0.69 0.69 9.49
Q3 2017 14.10 0.63 0.63 9.69
Q4 2017 14.10 1.13 1.13 9.78
Q1 2018 14.10 0.95 0.95 9.92
Q2 2018 14.10 0.51 0.51 10.11
Q3 2018 14.10 0.14 0.14 9.92
Q4 2018 14.10 (0.24) (0.24) 9.79
Q1 2019 14.10 (0.31) (0.31) 9.99

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 45.43 45.43
Q1 2014 46.26 46.26
Q2 2014 40.03 40.03
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 28.10 28.10
Q4 2015 32.88 32.88
Q1 2016 26.52 26.52
Q2 2016 24.65 24.65
Q3 2016 22.53 22.53
Q4 2016 45.23 45.23
Q1 2017 40.86 40.86
Q2 2017 25.35 25.35
Q3 2017 36.91 36.91
Q4 2017 24.32 24.32
Q1 2018 25.61 25.61
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 General Accidents 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
Q1 2013 54.71 40.45 2.95 8.82
Q2 2013 48.18 33.43 2.46 5.42
Q3 2013 35.75 17.73 3.66 7.39
Q4 2013 58.02 18.72 5.47 3.86
Q1 2014 60.32 17.45 3.65 8.90
Q2 2014 13.34 16.77 3.90 7.84
Q3 2014 17.46 24.99 3.03 4.92
Q4 2014 30.01 71.05 4.71 9.06
Q1 2015 65.36 109.76 5.88 6.02
Q2 2015 50.38 81.67 4.80 7.02
Q3 2015 36.33 56.79 4.14 15.86
Q4 2015 24.95 72.24 5.01 3.21
Q1 2016 44.05 93.72 5.48 4.02
Q2 2016 54.11 76.42 7.00 9.25
Q3 2016 56.28 68.27 4.42 7.51
Q4 2016 32.32 40.46 5.27 2.04
Q1 2017 24.40 46.43 7.04 3.91
Q2 2017 31.56 62.15 3.76 4.82
Q3 2017 35.74 70.23 3.63 3.20
Q4 2017 23.46 92.50 6.69 10.47
Q1 2018 41.55 69.37 3.39 1.65
Q2 2018 38.39 71.16 1.55 3.01
Q3 2018 45.31 111.71 1.29 6.23
Q4 2018 27.50 71.43 3.14 3.33
Q1 2019 34.74 97.59 3.39 8.69

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