Walaa turns to SAR 68M loss in Q1 2025

Walaa Cooperative Insurance Co. reported a net loss of SAR 68 million for Q1 2025, against a SAR 39.9 million profit a year earlier.

Insurance revenues decreased across several segments, including medical, motor, engineering, and protection and savings, which dropped by 29%, 14%, 14%, and 23% year-on-year (YoY), respectively.

In addition, other operating expenses rose 51.37% YoY, or by SAR 9.1 million.

The company also reported net investment losses of SAR 2.59 million in Q1 2025, compared to net investment gains of SAR 44.36 million in the same quarter of the previous year. The losses were primarily driven by realized and unrealized losses on equity investments, in contrast to the realized and unrealized gains recorded in the same quarter last year.

Other revenues amounted to SAR 685,000, compared to SAR 21.01 million Q1 2024, reflecting a decline of 96.74%. Last year's other income was mainly driven by the disposal of land, which realized a gain of SAR 20.3 million.

Insurance revenues in the property, energy, and other general insurance segments rose by 87%, 5%, and 42% YoY, respectively.

On a quarterly basis, losses widened from SAR 20.1 million in Q4 2024 on a decline in insurance revenues in medical, property, engineering, protection and savings and other general insurance segments. Other operating expenses rose 16.67% and insurance services losses more than doubled to SAR 48.4 million.

Total shareholders’ equity, no minority interest, amounted to SAR 1.76 billion as of March 31, 2025, compared to SAR 1.31 billion in the same period a year ago.

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