Al-Etihad Insurance flips to SAR 109.2M losses in 9M 2025; SAR 33.5M in Q3

05/11/2025 Argaam Exclusive

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Al-Etihad Cooperative Insurance Co. turned to a net loss of SAR 109.2 million for the first nine months of 2025, against a profit of SAR 55.9 million in the corresponding period of 2024.

Financials (M)

Item	9m 2024	9m 2025	Change‬
Gross Written Premium (GWP)	1,012.73	904.36	(10.7 %)
Insurance Revenues	1,164.10	931.20	(20.0 %)
Net Income	55.92	(109.16)	(295.2 %)
Average Shares	50.00	50.00	-
Earnings Per Share before unusual items (Riyals)	1.81	(2.18)	(220.6 %)
EPS (Riyal)	1.12	(2.18)	(295.2 %)

The company ascribed the losses to a 20% decrease in insurance revenue, primarily attributable to a decline in earned premiums.

Meanwhile, the insurer reported losses in insurance service results in 9M 2025, compared to profits in the comparative period, in addition to the increase in net reinsurance expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2024	Q3 2025	Change‬
Gross Written Premium (GWP)	487.28	296.43	(39.2 %)
Insurance Revenues	426.32	325.66	(23.6 %)
Net Income	3.87	(33.55)	(967.5 %)
Average Shares	50.00	50.00	-
Earnings Per Share before unusual items (Riyal)	0.77	(0.67)	(187.1 %)
EPS (Riyal)	0.08	(0.67)	(967.5 %)

Item	Q2 2025	Q3 2025	Change‬
Gross Written Premium (GWP)	289.57	296.43	2.4 %
Insurance Revenues	317.23	325.66	2.7 %
Net Income	(63.69)	(33.55)	47.3 %
Average Shares	50.00	50.00	-
Earnings Per Share before unusual items (Riyal)	(1.27)	(0.67)	47.3 %
EPS (Riyal)	(1.27)	(0.67)	47.3 %

During the third quarter, the company swung to a loss of SAR 33.5 million, from a profit of SAR 3.87 million in Q3 2024.

Sequentially, the insurer cut its losses from SAR 63.69 million in the previous quarter.

Insurance Operations

Item	9m 2024	9m 2025	Change‬
Gross Written Premium (GWP)	1,012.73	904.36	(10.7 %)
Insurance Revenues	1,164.10	931.20	(20.0 %)
Insurance Services Income	56.19	(131.43)	(333.9 %)
Investment Income	23.77	34.20	43.9 %
Net Profit of Insurance Services and Investment	73.15	(98.17)	(234.2 %)

Total shareholders’ equity, no minority interest, decreased to SAR 575 million as of Sept. 30, 2025, from SAR 700.54 million a year earlier.

Accumulated losses reached SAR 26.8 million as of Sept. 30, 2025, representing 5% of the company’s capital.

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