Financial Results : UCA incurs SAR 104.9M loss in H1 2025; Q2 at SAR 81.5M

UCA incurs SAR 104.9M loss in H1 2025; Q2 at SAR 81.5M

05/08/2025 Argaam Exclusive

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United Cooperative Assurance Co. (UCA) reported a net loss of SAR 104.9 million in the first half of 2025, against a profit of SAR 5.3 million in the same period of 2024.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 626.20 494.33 (21.1 %)
Insurance Revenues 466.40 430.43 (7.7 %)
Net Profit Before Zakat & Tax 6.31 (108.84) (1826.2 %)
Net Income 5.31 (104.86) (2076.6 %)
Average Shares 40.00 40.00 -
Earnings Per Share before unusual items (Riyals) 0.13 (2.72) (2151.6 %)
EPS (Riyal) 0.13 (2.62) (2076.6 %)

The losses are attributed to a 17% year-on-year (YoY) increase in insurance service expenses and a 28% YoY rise in net expenses from reinsurance contracts.

 

Gross written premiums (GWPs) declined by 21% YoY to SAR 494.32 million in H1 2025 from SAR 626.20 million.

 

Meanwhile, insurance revenues for the current period amounted to SAR 430.43 million, compared to SAR 466.4 million for the same period of the previous year. This represents a decrease of 8%, which was principally driven by the decline in the premium earned.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Gross Written Premium (GWP) 234.41 263.55 12.4 %
Insurance Revenues 216.79 211.28 (2.5 %)
Net Profit Before Zakat & Tax 0.80 (81.54) (10343.8 %)
Net Income 0.30 (81.54) (27647.6 %)
Average Shares 40.00 40.00 -
Earnings Per Share before unusual items (Riyal) 0.01 (2.04) (27647.6 %)
EPS (Riyal) 0.01 (2.04) (27647.6 %)

In Q2 2025, UCA incurred losses of SAR 81.5 million against a profit of SAR 300,000 in the same quarter last year, due to lower insurance revenues.

 

Sequentially, the insurer widened losses by 249.7% from SAR 23.32 million in Q1 2025, due to lower insurance revenue and higher insurance service expenses.

Insurance Operations

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 626.20 494.33 (21.1 %)
Insurance Revenues 466.40 430.43 (7.7 %)
Insurance Services Income 21.44 (100.22) (567.4 %)
Investment Income 7.23 6.71 (7.2 %)
Net Profit of Insurance Services and Investment 26.61 (95.10) (457.4 %)

Shareholders' equity (no minority interests) hit SAR 165.96 million at the end of H1 2025, compared to SAR 270.46 million last year.

 

Accumulated losses at the end of the current period amounted to SAR 300.48 million, representing 75% of the capital.

 

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