LIVA turns to SAR 11.2M profit in 2023; Q4 at SAR 6.7M

LIVA Insurance Co. swung to a net profit of SAR 11.2 million in 2023, from a net loss of SAR 42.9 million in 2022.

Insurance revenues grew by 51.99% (SAR 175.68 million) year-on-year (YoY). The insurance services results also improved 87.73% to SAR 42.11 million compared with a year earlier.

Investment revenues leapt 105.79% YoY to SAR 24.94 million, and other income was up 7.96% to SAR 19.39 million.

However, net expenses from reinsurance contracts held during the current year amounted to SAR 86.68 million, up 7.60% YoY.

Net insurance finance expenses reached SAR 3.56 million, compared to SAR 321,000 a year earlier.

Operating expenses were up 8.11% YoY to SAR 17.45 million.

Q4 2023 earnings reached SAR 6.7 million, falling 47% from SAR 12.56 million in Q4 2022.

Compared with the previous quarter, the Q4 earnings soared from SAR 2.63 million.

Shareholders’ equity, no minority interest, reached SAR 389.9 million as of Dec. 31, 2023, compared to SAR 333.4 million in the year-earlier period.

Accumulated losses reached SAR 55.14 million by the end of the 12-month period, representing 14% of the company’s capital.

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