Arabia Insurance Cooperative Co. (AICC) reported a net profit of SAR 60.5 million for 2023, compared to SAR 6.2 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 733.19 | 923.58 | 26.0 % |
| Insurance Revenues | 560.65 | 838.95 | 49.6 % |
| Net Profit Before Zakat & Tax | 11.76 | 76.29 | 549.0 % |
| Net Income | 6.20 | 60.46 | 875.2 % |
| Average Shares | 29.28 | 53.00 | 81.0 % |
| EPS (Riyals) | 0.21 | 1.14 | 438.7 % |
This was attributed to higher net insurance service results, increased revenues of medical insurance segment, and the increase in net investment and other income.
Q4 2023 net profit stood at SAR 5.1 million, a slump of 68% year-on-year (YoY) from SAR 15.87 million.
On a quarterly basis, net profit plummeted 77%, from SAR 22.23 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 163.53 | - | - |
| Insurance Revenues | 174.71 | 197.96 | 13.3 % |
| Net Profit Before Zakat & Tax | 18.42 | 11.94 | (35.2 %) |
| Net Income | 16.25 | 10.22 | (37.1 %) |
| Average Shares | 29.28 | 53.00 | 81.0 % |
| EPS (Riyals) | 0.56 | 0.19 | (65.3 %) |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 733.19 | 923.58 | 26.0 % |
| Insurance Revenues | 560.65 | 838.95 | 49.6 % |
| Insurance Services Income | 23.17 | 76.52 | 230.3 % |
| Investment Income | 6.68 | 30.53 | 357.0 % |
| Net Profit of Insurance Services and Investment | 27.19 | 100.47 | 269.5 % |
Total shareholders’ equity, no minority interest, stood at SAR 559.91 million by Dec. 31, 2023, compared to SAR 242.80 million a year earlier.
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