AICC H1 2025 net profit plunges 55% to SAR 9.6M; Q2 at SAR 5.1M

05/08/2025 Argaam Exclusive

Arabia Insurance Cooperative Co. (AICC) net profit declined to SAR 9.6 million by the end of H1 2025, down 55% compared to SAR 21.1 million recorded during the same period in 2024.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 335.13 477.66 42.5 %
Insurance Revenues 367.83 369.24 0.4 %
Net Profit Before Zakat & Tax 27.59 13.07 (52.6 %)
Net Income 21.06 9.57 (54.5 %)
Average Shares 53.00 53.00 -
Earnings Per Share before unusual items (Riyals) 0.40 0.18 (54.5 %)
EPS (Riyal) 0.40 0.18 (54.5 %)

AICC stated that the profit decline during the current period was mainly due to a decrease in net insurance results by approximately SAR 20 million.

 

This was despite a drop in net insurance financing expenses by around SAR 1.3 million, a reduction in other operating expenses by about SAR 5 million, and a decrease in Zakat and income tax provision by SAR 1.5 million.

 

Meanwhile, AICC reported a rise in insurance revenue during the current period on higher revenues in the motor, engineering, and other insurance segments, despite a decline in revenue from the health insurance segment.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Gross Written Premium (GWP) 102.17 172.40 68.7 %
Insurance Revenues 169.56 197.76 16.6 %
Net Profit Before Zakat & Tax 17.32 6.63 (61.7 %)
Net Income 13.22 5.13 (61.2 %)
Average Shares 53.00 53.00 -
Earnings Per Share before unusual items (Riyal) 0.25 0.10 (61.2 %)
EPS (Riyal) 0.25 0.10 (61.2 %)

Net profit for Q2 2025 dropped by 61% year-on-year (YoY) to SAR 5.13 million.

 

However, on a quarterly basis, earnings grew by 15.3%, compared to SAR 4.45 million in Q1 2025.

Insurance Operations

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 335.13 477.66 42.5 %
Insurance Revenues 367.83 369.24 0.4 %
Insurance Services Income 20.00 0.01 (100.0 %)
Investment Income 18.90 19.38 2.5 %
Net Profit of Insurance Services and Investment 35.46 17.28 (51.3 %)

Total shareholders’ equity (no minority interest) stood at SAR 617.18 million by June 30, 2025, compared to SAR 582.35 million a year earlier.

 

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Share Price

Arabia Insurance Cooperative Co.
10.74
(0.12) (1.10 %)

Arabia Insurance Cooperative Co. (AICC)

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Financial Ratios
Current
Market Cap (M Riyal) 571.87
Shares Outstanding (M) 53.00
EPS ( Riyal) (TTM) 0.35
Book Value (BV) ( Riyal) 11.64
Par Value ( Riyal) 10.00
Recurring P/E 30.64
P/E (TTM) 30.64
Price/Book 0.93
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 3.1
Return on Market Cap (%) 2.8
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2016 2.72 58.9 % 0.09 3.22 45.5 %
Q2 2016 1.61 16490.8 % 0.05 2.11 329.7 %
Q3 2016 (1.69) 91.6 % (0.06) (1.69) 91.4 %
Q4 2016 4.32 (18.4 %) 0.15 4.82 (26.3 %)
Q1 2017 3.79 39.5 % 0.13 5.16 60.2 %
Q2 2017 1.56 (2.7 %) 0.05 3.65 73.2 %
Q3 2017 2.51 248.2 % 0.09 3.87 328.4 %
Q4 2017 2.33 (46.1 %) 0.08 3.15 (34.5 %)
Q1 2018 2.51 (33.7 %) 0.09 3.83 (25.8 %)
Q2 2018 (0.27) (117.1 %) (0.01) 1.31 (64.1 %)
Q3 2018 (0.91) (136.2 %) (0.03) 1.15 (70.3 %)
Q4 2018 (3.96) (270.0 %) (0.14) (2.86) (190.9 %)
Q1 2019 (6.35) (352.7 %) (0.22) (5.20) (235.9 %)
Q2 2019 (13.51) (4,963.6 %) (0.46) (12.48) (1052.5 %)
Q3 2019 (17.27) (1,800.0 %) (0.59) (16.21) (1513.7 %)
Q4 2019 (5.19) (31.1 %) (0.18) (3.87) (35.2 %)
Q1 2020 (1.31) 79.4 % (0.04) 0.19 103.7 %
Q2 2020 3.14 123.3 % 0.11 4.64 137.2 %
Q3 2020 3.30 119.1 % 0.11 5.30 132.7 %
Q4 2020 1.12 121.6 % 0.04 2.12 154.8 %
Q1 2021 0.20 115.1 % 0.01 2.32 1118.8 %
Q2 2021 0.18 (94.4 %) 0.01 1.68 (63.9 %)
Q3 2021 0.50 (84.9 %) 0.02 1.93 (63.7 %)
Q4 2021 (6.39) (669.7 %) (0.22) (5.39) (354.1 %)
Q1 2022 (10.28) (5286.2 %) (0.35) (9.28) (500.5 %)
Q2 2022 11.03 6129.5 % 0.38 12.17 625.4 %
Q3 2022 (10.79) (2270.3 %) (0.37) (9.55) (596.0 %)
Q4 2022 16.25 354.3 % 0.56 18.42 441.8 %
Q1 2023 7.32 171.2 % 0.14 11.56 224.5 %
Q2 2023 20.70 87.7 % 0.39 25.19 107.1 %
Q3 2023 22.23 306.0 % 0.42 27.60 389.1 %
Q4 2023 10.22 (37.1 %) 0.19 11.94 (35.2 %)
Q1 2024 7.84 7.0 % 0.15 10.27 (11.2 %)
Q2 2024 13.22 (36.1 %) 0.25 17.32 (31.2 %)
Q3 2024 13.56 (39.0 %) 0.26 16.10 (41.7 %)
Q4 2024 (4.47) (143.8 %) (0.08) (2.56) (121.5 %)
Q1 2025 4.45 (43.2 %) 0.08 6.45 (37.2 %)
Q2 2025 5.13 (61.2 %) 0.10 6.63 (61.7 %)

Insurance Operations Performance (M)

Compared With The
Period Gross Written Premium (GWP) Change Insurance Services Income Change Net Profit of Insurance Services and Investment Change
Q1 2016 132.29 (32.8 %) - - - -
Q2 2016 85.78 (5.9 %) - - - -
Q3 2016 109.77 (59.0 %) - - - -
Q4 2016 91.26 (6.9 %) - - - -
Q1 2017 112.37 (15.1 %) - - - -
Q2 2017 68.74 (19.9 %) - - - -
Q3 2017 58.77 (46.5 %) - - - -
Q4 2017 74.51 (18.3 %) - - - -
Q1 2018 116.86 4.0 % - - - -
Q2 2018 77.26 12.4 % - - - -
Q3 2018 96.21 63.7 % - - - -
Q4 2018 60.45 (18.9 %) - - - -
Q1 2019 91.73 (21.5 %) - - - -
Q2 2019 73.70 (4.6 %) - - - -
Q3 2019 111.01 15.4 % - - - -
Q4 2019 55.98 (7.4 %) - - - -
Q1 2020 120.92 31.8 % - - - -
Q2 2020 91.27 23.8 % - - - -
Q3 2020 70.90 (36.1 %) - - - -
Q4 2020 67.71 21.0 % - - - -
Q1 2021 175.59 45.2 % - - - -
Q2 2021 65.01 (28.8 %) - - - -
Q3 2021 91.56 29.1 % - - - -
Q4 2021 90.16 33.2 % - - - -
Q1 2022 216.72 23.4 % (5.69) - (4.85) -
Q2 2022 156.48 140.7 % 15.78 - 16.57 -
Q3 2022 196.47 114.6 % (6.47) - (5.41) -
Q4 2022 163.53 81.4 % 19.55 - 20.88 -
Q1 2023 309.75 42.9 % 16.22 385.2 % 21.13 535.4 %
Q2 2023 296.85 89.7 % 14.66 (7.1 %) 20.20 21.9 %
Q3 2023 186.38 (5.1 %) 26.39 508.2 % 32.80 706.3 %
Q4 2023 130.59 (20.1 %) 19.25 (1.5 %) 26.34 26.2 %
Q1 2024 232.96 (24.8 %) 5.98 (63.1 %) 13.51 (36.1 %)
Q2 2024 102.17 (65.6 %) 14.02 (4.4 %) 21.95 8.7 %
Q3 2024 175.19 (6.0 %) 20.85 (21.0 %) 28.57 (12.9 %)
Q4 2024 106.96 (18.1 %) (4.19) (121.7 %) 4.63 (82.4 %)
Q1 2025 305.26 31.0 % (1.95) (132.6 %) 6.18 (54.2 %)
Q2 2025 172.40 68.7 % 1.96 (86.0 %) 11.10 (49.5 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 29.28 (0.42) (0.42) 8.19
Q2 2016 29.28 (0.36) (0.36) 8.28
Q3 2016 29.28 0.27 0.27 8.13
Q4 2016 29.28 0.24 0.24 8.34
Q1 2017 29.28 0.27 0.27 8.49
Q2 2017 29.28 0.27 0.27 8.56
Q3 2017 29.28 0.42 0.42 8.67
Q4 2017 29.28 0.35 0.35 8.71
Q1 2018 29.28 0.30 0.30 8.77
Q2 2018 29.28 0.24 0.24 8.75
Q3 2018 29.28 0.13 0.13 8.64
Q4 2018 29.28 (0.09) (0.09) 8.57
Q1 2019 29.28 (0.39) (0.39) 8.45
Q2 2019 29.28 (0.84) (0.84) 8.12
Q3 2019 29.28 (1.40) (1.40) 7.60
Q4 2019 29.28 (1.45) (1.45) 7.37
Q1 2020 29.28 (1.27) (1.27) 7.30
Q2 2020 29.28 (0.70) (0.70) 7.43
Q3 2020 29.28 0.00 0.00 7.56
Q4 2020 29.28 0.21 0.21 7.58
Q1 2021 29.28 0.27 0.27 7.59
Q2 2021 29.28 0.16 0.16 7.57
Q3 2021 29.28 0.07 0.07 7.61
Q4 2021 29.28 (0.19) (0.19) 7.37
Q1 2022 29.28 (0.55) (0.55) 7.71
Q2 2022 29.28 (0.18) (0.18) 8.04
Q3 2022 29.28 (0.56) (0.56) 7.68
Q4 2022 29.28 0.21 0.21 8.29
Q1 2023 53.00 0.45 0.45 9.44
Q2 2023 53.00 0.63 0.63 9.86
Q3 2023 53.00 1.25 1.25 10.30
Q4 2023 53.00 1.14 1.14 10.56
Q1 2024 53.00 1.15 1.15 10.74
Q2 2024 53.00 1.01 1.01 10.99
Q3 2024 53.00 0.85 0.85 11.26
Q4 2024 53.00 0.57 0.57 11.41
Q1 2025 53.00 0.50 0.50 11.55
Q2 2025 53.00 0.35 0.35 11.64

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 More than 100 More than 100
Q4 2016 More than 100 More than 100
Q1 2017 More than 100 More than 100
Q2 2017 More than 100 More than 100
Q3 2017 More than 100 More than 100
Q4 2017 More than 100 More than 100
Q1 2018 More than 100 More than 100
Q2 2018 More than 100 More than 100
Q3 2018 More than 100 More than 100
Q4 2018 NEG NEG
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 NEG NEG
Q1 2020 NEG NEG
Q2 2020 NEG NEG
Q3 2020 NEG NEG
Q4 2020 More than 100 More than 100
Q1 2021 More than 100 More than 100
Q2 2021 More than 100 More than 100
Q3 2021 More than 100 More than 100
Q4 2021 NEG NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 More than 100 More than 100
Q1 2023 24.71 24.71
Q2 2023 20.20 20.20
Q3 2023 10.86 10.86
Q4 2023 13.29 13.29
Q1 2024 14.17 14.17
Q2 2024 14.50 14.50
Q3 2024 16.38 16.38
Q4 2024 23.56 23.56
Q1 2025 25.51 25.51
Q2 2025 35.75 35.75

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Fire insurance Insurance - Engineering Marine Insurance Other classes Property & Accidents Insurance Protection & Savings Insurance
Q1 2016 48.95 50.96 6.36 14.51 6.35 5.16 - -
Q2 2016 39.32 27.61 4.96 5.98 3.87 4.04 - -
Q3 2016 30.69 72.83 4.79 (4.28) 3.71 2.02 - -
Q4 2016 37.76 28.63 10.55 4.85 5.30 4.17 - -
Q1 2017 49.86 40.55 5.06 8.80 4.20 3.90 - -
Q2 2017 33.47 25.35 2.50 2.31 1.98 3.13 - -
Q3 2017 28.03 19.53 3.43 2.79 2.86 2.13 - -
Q4 2017 25.58 28.57 6.43 5.29 4.73 3.91 - -
Q1 2018 37.90 61.82 3.45 6.91 3.84 2.94 - -
Q2 2018 25.24 39.63 4.17 3.89 1.90 2.43 - -
Q3 2018 62.94 17.34 9.01 2.26 2.29 2.37 - -
Q4 2018 24.81 16.84 7.52 2.84 4.64 3.80 - -
Q1 2019 16.31 57.74 3.21 6.44 2.76 5.27 - -
Q2 2019 35.48 22.69 6.01 2.17 3.12 4.22 - -
Q3 2019 87.40 9.56 5.34 3.82 2.44 2.44 - -
Q4 2019 22.26 16.55 8.08 3.53 2.92 2.64 - -
Q1 2020 27.39 76.77 2.61 8.35 1.68 4.11 - -
Q2 2020 31.91 16.51 20.02 11.56 3.97 7.31 - -
Q3 2020 48.10 8.96 6.80 1.56 1.52 (0.40) - -
Q4 2020 21.89 28.69 6.07 3.68 2.73 4.66 - -
Q1 2021 45.79 76.94 26.01 8.16 7.35 11.34 - -
Q2 2021 17.78 20.18 20.13 2.71 0.67 3.79 - -
Q3 2021 65.89 14.28 3.50 1.11 2.45 4.09 - -
Q4 2021 36.62 33.83 5.18 7.11 2.45 4.97 - -
Q1 2022 74.14 87.70 - - - - 54.35 0.53
Q2 2022 83.56 33.33 - - - - 39.40 0.19
Q3 2022 153.48 26.14 - - - - 16.83 0.01
Q4 2022 130.03 16.64 - - - - 16.85 0.02
Q1 2023 125.89 85.13 - - - - 98.53 0.20
Q2 2023 103.30 38.96 - - - - 153.96 0.64
Q3 2023 153.63 15.53 - - - - 17.19 0.04
Q4 2023 95.82 21.77 - - - - 13.00 -
Q1 2024 91.52 36.39 - - - - 104.67 0.39
Q2 2024 58.47 21.61 - - - - 21.72 0.37
Q3 2024 117.06 17.78 - - - - 40.22 0.13
Q4 2024 72.17 24.82 - - - - 9.94 0.04
Q1 2025 87.01 124.64 - - - - 93.01 0.59
Q2 2025 67.38 84.82 - - - - 19.82 0.38

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