Walaa incurs SAR 175.8M loss in 2025; SAR 48.8M in Q4

08/03/2026 Argaam Exclusive

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Walaa Cooperative Insurance Co. incurred a net loss of SAR 175.8 million in 2025, versus a net profit of SAR 64.3 million a year earlier.

Financials (M)

Item	2024	2025	Change‬
Gross Written Premium (GWP)	3,504.51	2,967.67	(15.3 %)
Insurance Revenues	3,344.58	3,104.30	(7.2 %)
Net Profit Before Zakat & Tax	62.75	(155.08)	(347.2 %)
Net Income	64.30	(175.82)	(373.4 %)
Average Shares	127.56	127.56	-
Earnings Per Share before unusual items (Riyals)	0.34	(1.38)	(499.6 %)
EPS (Riyal)	0.50	(1.38)	(373.4 %)

Insurance service loss for 2025 amounted to SAR 160.36 million compared with SAR 36.08 million a year earlier, primarily driven by motor segment where loss widened by 317.89% year-on-year (YoY) to SAR 159.17 million in 2025.

Net investment results for the year stood at SAR 47.64 million, compared to SAR 139.72 million a year earlier, due to realized gains on investments at fair value.

Other income decreased 87.85% YoY as last year's other income was mainly driven by the disposal of land, which realized a gain of SAR 20.30 million. Further, other operating expenses for 2025 increased 42.47% YoY, including SAR 8.32 million expenses from newly acquired company Aspire.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2024	Q4 2025	Change‬
Gross Written Premium (GWP)	724.55	574.58	(20.7 %)
Insurance Revenues	883.90	755.06	(14.6 %)
Net Profit Before Zakat & Tax	(10.35)	(43.39)	(319.2 %)
Net Income	(20.10)	(48.79)	(142.8 %)
Average Shares	127.56	127.56	-
Earnings Per Share before unusual items (Riyal)	(0.16)	(0.38)	(142.8 %)
EPS (Riyal)	(0.16)	(0.38)	(142.8 %)

Item	Q3 2025	Q4 2025	Change‬
Gross Written Premium (GWP)	1,427.09	574.58	(59.7 %)
Insurance Revenues	874.20	755.06	(13.6 %)
Net Profit Before Zakat & Tax	(4.57)	(43.39)	(849.4 %)
Net Income	(9.72)	(48.79)	(401.9 %)
Average Shares	127.56	127.56	-
Earnings Per Share before unusual items (Riyal)	(0.08)	(0.38)	(401.9 %)
EPS (Riyal)	(0.08)	(0.38)	(401.9 %)

Q4 2025 net loss widened to SAR 48.8 million, from SAR 20.1 million in the prior-year period.

On a sequential basis, net loss deepened from SAR 9.72 million in Q3 2025.

Insurance Operations

Item	2024	2025	Change‬
Gross Written Premium (GWP)	3,504.51	2,967.67	(15.3 %)
Insurance Revenues	3,344.58	3,104.30	(7.2 %)
Insurance Services Income	(36.08)	(160.37)	(344.5 %)
Investment Income	139.73	47.64	(65.9 %)
Net Profit of Insurance Services and Investment	95.07	(121.34)	(227.6 %)

Total shareholders’ equity (no minority interest) amounted to SAR 1.67 billion as of Dec. 31, 2025, compared to SAR 1.83 billion in the year-earlier period.

Accumulated losses reached SAR 58.02 million as of Dec. 31, 2025, accounting for 4.55% of capital.

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