Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) reported a net profit of SAR 37 million for 2023, compared to SAR 8.6 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 848.26 | 960.95 | 13.3 % |
| Insurance Revenues | 735.65 | 862.63 | 17.3 % |
| Net Profit Before Zakat & Tax | 16.69 | 49.22 | 194.9 % |
| Net Income | 8.58 | 36.99 | 331.3 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.14 | 0.62 | 331.3 % |
This was fueled by a 52% year-on-year (YoY) rise in net insurance results on improved results of motor and medical segments.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 227.35 | - | - |
| Insurance Revenues | 202.98 | 247.29 | 21.8 % |
| Net Profit Before Zakat & Tax | 9.82 | 15.39 | 56.7 % |
| Net Income | 10.39 | 13.39 | 28.9 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.17 | 0.22 | 28.9 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 848.26 | 960.95 | 13.3 % |
| Insurance Revenues | 735.65 | 862.63 | 17.3 % |
| Insurance Services Income | 4.60 | 17.91 | 289.3 % |
| Investment Income | 27.77 | 96.90 | 248.9 % |
| Net Profit of Insurance Services and Investment | 25.86 | 60.69 | 134.7 % |
Q4 2023 net profit increased by 29% YoY to SAR 13.4 million, from SAR 10.39 million.
On a quarterly basis, net profit surged by 273.7% from SAR 3.58 million.
Total shareholders’ equity, no minority interest, stood at SAR 786.48 million by Dec. 31, 2023, compared to SAR 779.54 million a year earlier.
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