ACIG turns to SAR 33.5 mln net loss in 9M 2021

08/11/2021 Argaam Exclusive

Allied Cooperative Insurance Group (ACIG) turned to a net loss of of SAR 33.5 million for the first nine months of 2021, from a net profit of SAR 5.1 million in the year-ago period.

Financials (M)

Item 9m 2020 9m 2021 Change‬
Gross Written Premium (GWP) 376.46 446.18 18.5 %
Net Profit Before Zakat & Tax 8.51 (28.44) (434.2 %)
Net Income 5.05 (33.52) (764.1 %)
Average Shares 29.10 29.10 -
EPS (Riyals) 0.17 (1.15) (764.1 %)

The company attributed the net losses to higher net claims incurred, lower profit on policyholders’ investments, lower other underwriting income, higher policy acquisition costs and higher provision for doubtful debts.

Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Gross Written Premium (GWP) 108.25 161.34 49.1 %
Net Profit Before Zakat & Tax (1.45) (26.63) (1,732.7 %)
Net Income (2.95) (28.63) (869.5 %)
Average Shares 29.10 29.10 -
EPS (Riyals) (0.10) (0.98) (869.5 %)

The insurer widened its net loss to SAR 28.63 million for Q3 2021, compared to SAR 2.9 million in the same quarter last year.

 

On sequential basis, the company also widened its losses in Q3 2021.

 

Accumulated losses stood at SAR 34.95 million as of Sept. 30, 2021, representing 24.79% of the company’s capital.

 

Total shareholders’ equity reached SAR 113.702 billion at the end of September 2021, compared to SAR 152.645 million in the same period last year.

Insurance Operations (M)

Item 9m 2020 9m 2021 Change‬
Gross Written Premium (GWP) 376.46 446.18 18.5 %
Net Written Premiums (NWP) 323.02 386.59 19.7 %
Net Incurred Claims (246.69) (283.57) (14.9 %)

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Share Price

Allied Cooperative Insurance Group
16.40
(0.30) (1.80 %)

Allied Cooperative Insurance Group (ACIG)

Financial Ratios
Current
Market Cap (M) 477.24
Shares Outstanding ((M)) 29.10
EPS ( Riyal) (TTM) (0.46)
Book Value (BV) ( Riyal) 5.66
Par Value 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/Book 2.90
Return on Average Assets (%) (TTM) (1.74 )
Return on Average Equity (%) (TTM) (13.40 )
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