Financial Results : Al-Etihad Insurance flips to losses of SAR 11.9M in Q1 2025

Al-Etihad Insurance flips to losses of SAR 11.9M in Q1 2025

06/05/2025 Argaam Exclusive

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Al-Etihad Cooperative Insurance Co. reported a net loss of SAR 11.9 million in Q1 2025, against a net profit of SAR 2.7 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Gross Written Premium (GWP) 301.69 318.36 5.5 %
Insurance Revenues 371.36 288.32 (22.4 %)
Net Income 2.66 (11.92) (548.0 %)
Average Shares 50.00 50.00 -
Earnings Per Share before unusual items 0.05 (0.24) (548.0 %)
EPS (Riyals) 0.05 (0.24) (548.0 %)

The losses are attributed to a decrease in insurance revenues by 22% year-on-year (YoY), mainly due to the decline in gross earned premiums of motor and medical insurance segments, which witnessed drops of SAR 43 million and SAR 34 million, respectively.

 

Additionally, net insurance service losses expanded by SAR 5.6 million, while net investment return fell by SAR 11.5 million. These effects were offset by the decrease of net insurance finance expenses by SAR 3 million.

Insurance Operations

Item 3m 2024 3m 2025 Change‬
Gross Written Premium (GWP) 301.69 318.36 5.5 %
Insurance Revenues 371.36 288.32 (22.4 %)
Insurance Services Income (17.76) (23.40) (31.8 %)
Investment Income 28.23 16.67 (40.9 %)
Net Profit of Insurance Services and Investment 6.48 (7.65) (218.1 %)

The first-quarter net losses widened from SAR 6.78 million in Q4 2024.

 

Shareholders’ equity, no minority interest, rose to SAR 702.24 million, from SAR 674.28 million a year earlier.

 

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