Salama incurs SAR 91.6M losses in 2025; Q4 at SAR 43M

04/03/2026 Argaam Exclusive

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Salama Cooperative Insurance Co. reported a net loss of SAR 91.6 million for 2025, against a net profit of SAR 30.1 million in the year-earlier period.

Financials (M)

Item	2024	2025	Change‬
Gross Written Premium (GWP)	526.57	655.09	24.4 %
Insurance Revenues	678.48	558.38	(17.7 %)
Net Profit Before Zakat & Tax	28.62	(86.22)	(401.3 %)
Net Income	30.12	(91.56)	(404.0 %)
Average Shares	24.25	30.00	23.7 %
Earnings Per Share before unusual items (Riyals)	1.02	(3.01)	(396.8 %)
EPS (Riyal)	1.24	(3.05)	(345.7 %)

Insurance revenue decreased 17.70% year-on-year (YoY) to SAR 558.38, mainly due to an increase in gross unearned premiums, specifically in motor and medical insurance segments.

Net incurred claims increased by SAR 11.96 million YoY, while net technical reserves rose by SAR 8.31 million YoY, mainly due to a higher loss component reserve, which represents the liability for remaining coverage.

Zakat provision also increased by SAR 3.22 million YoY.

In addition, the company recorded non-recurring expenses related to the merger transaction of SAR 3.82 million in 2025.

Gross written premiums for 2025 amounted to SAR 655.09 million, up 24.41% from SAR 526.57 million in the previous year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2024	Q4 2025	Change‬
Gross Written Premium (GWP)	119.28	217.59	82.4 %
Insurance Revenues	135.57	149.03	9.9 %
Net Profit Before Zakat & Tax	(1.75)	(38.93)	(2,125.7 %)
Net Income	2.75	(42.98)	(1660.8 %)
Average Shares	24.25	30.00	23.7 %
Earnings Per Share before unusual items (Riyal)	(0.11)	(1.35)	(1,093.8 %)
EPS (Riyal)	0.11	(1.43)	(1361.8 %)

Item	Q3 2025	Q4 2025	Change‬
Gross Written Premium (GWP)	174.21	217.59	24.9 %
Insurance Revenues	136.73	149.03	9.0 %
Net Profit Before Zakat & Tax	(8.45)	(38.93)	(360.8 %)
Net Income	(9.45)	(42.98)	(355.0 %)
Average Shares	30.00	30.00	-
Earnings Per Share before unusual items (Riyal)	(0.31)	(1.35)	(329.7 %)
EPS (Riyal)	(0.31)	(1.43)	(355.0 %)

In Q4 2025, the insurer turned to a net loss of SAR 43 million, against a net profit of SAR 2.7 million in Q4 2024.

On a quarterly basis, losses widened from SAR 9.45 in Q3 2025.

Total shareholders’ equity, no minority interest, rose to SAR 269.89 million as of Dec. 31, 2025, compared to SAR 254.32 million a year earlier.

Insurance Operations

Item	2024	2025	Change‬
Gross Written Premium (GWP)	526.57	655.09	24.4 %
Insurance Revenues	678.48	558.38	(17.7 %)
Insurance Services Income	36.15	(85.48)	(336.5 %)
Investment Income	26.16	27.15	3.8 %
Net Profit of Insurance Services and Investment	59.09	(61.52)	(204.1 %)

Accumulated losses totaled SAR 101.22 million as of Dec. 31, 2025, representing 33.73% of capital.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2016	1.25	(44.7 %)	0.07	2.50	(2.3 %)
Q2 2016	1.78	5.6 %	0.10	3.03	52.6 %
Q3 2016	7.49	555.0 %	0.40	8.74	505.5 %
Q4 2016	10.79	436.2 %	0.58	16.08	652.9 %
2016	21.30	1034.4 %	1.15	30.35	886.0 %
Q1 2017	12.93	935.8 %	0.70	14.18	467.5 %
Q2 2017	14.91	737.1 %	0.81	16.16	433.1 %
Q3 2017	20.78	177.5 %	1.12	22.03	152.1 %
Q4 2017	10.58	(1.9 %)	0.57	13.13	(18.4 %)
2017	59.19	177.8 %	3.20	65.49	115.8 %
Q1 2018	5.79	(55.2 %)	0.31	7.29	(48.6 %)
Q2 2018	7.53	(49.5 %)	0.41	9.03	(44.1 %)
Q3 2018	4.33	(79.2 %)	0.23	5.83	(73.5 %)
Q4 2018	(7.30)	(169.0 %)	(0.39)	(5.80)	(144.2 %)
2018	10.34	(82.5 %)	0.56	16.34	(75.0 %)
Q1 2019	(16.08)	(377.8 %)	(0.87)	(14.58)	(300.1 %)
Q2 2019	(36.88)	(589.9 %)	(1.99)	(35.38)	(491.9 %)
Q3 2019	(15.81)	(465.4 %)	(0.85)	(14.31)	(345.6 %)
Q4 2019	8.66	218.5 %	0.47	10.16	275.0 %
2019	(60.12)	(681.2 %)	(3.25)	(54.12)	(431.1 %)
Q1 2020	(26.90)	(67.3 %)	(1.45)	(25.40)	(74.2 %)
Q2 2020	31.20	184.6 %	1.69	32.70	192.4 %
Q3 2020	1.68	110.6 %	0.09	3.18	122.2 %
Q4 2020	0.95	(89.1 %)	0.05	2.45	(75.9 %)
2020	6.05	110.1 %	0.33	12.05	122.3 %
Q1 2021	(1.44)	94.7 %	(0.08)	0.06	100.3 %
Q2 2021	(1.42)	(104.6 %)	(0.08)	0.08	(99.8 %)
Q3 2021	(38.09)	(2364.8 %)	(2.06)	(38.09)	(1297.2 %)
Q4 2021	(71.46)	(7645.9 %)	(3.86)	(68.46)	(2897.7 %)
2021	(112.41)	(1958.0 %)	(6.07)	(106.41)	(983.1 %)
Q1 2022	(3.19)	(122.2 %)	(0.17)	(1.69)	(2742.2 %)
Q2 2022	(74.22)	(5,126.7 %)	(4.01)	(72.72)	(90998.8 %)
Q3 2022	(6.16)	83.8 %	(0.33)	(6.16)	83.8 %
Q4 2022	44.71	162.6 %	2.41	44.71	165.3 %
2022	(38.87)	65.4 %	(2.10)	(35.87)	66.3 %
Q1 2023	12.65	496.4 %	0.68	13.15	877.5 %
Q2 2023	17.65	123.8 %	0.95	19.15	126.3 %
Q3 2023	12.67	305.6 %	0.68	13.67	321.9 %
Q4 2023	8.33	(81.4 %)	0.34	9.33	(79.1 %)
2023	51.30	232.0 %	2.12	55.30	254.2 %
Q1 2024	10.05	(20.5 %)	0.41	11.05	(15.9 %)
Q2 2024	11.43	(35.2 %)	0.47	12.43	(35.1 %)
Q3 2024	5.89	(53.5 %)	0.24	6.89	(49.6 %)
Q4 2024	2.75	(66.9 %)	0.11	(1.75)	(118.7 %)
2024	30.12	(41.3 %)	1.24	28.62	(48.2 %)
Q1 2025	(35.42)	(452.4 %)	(1.18)	(35.64)	(422.5 %)
Q2 2025	(3.71)	(132.5 %)	(0.12)	(3.21)	(125.8 %)
Q3 2025	(9.45)	(260.5 %)	(0.31)	(8.45)	(222.6 %)
Q4 2025	(42.98)	(1660.8 %)	(1.43)	(38.93)	(2,125.7 %)
2025	(91.56)	(404.0 %)	(3.05)	(86.22)	(401.3 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2016	21.30	1034.4 %	1.15	30.35	886.0 %
2017	59.19	177.8 %	3.20	65.49	115.8 %
2018	10.34	(82.5 %)	0.56	16.34	(75.0 %)
2019	(60.12)	(681.2 %)	(3.25)	(54.12)	(431.1 %)
2020	6.05	110.1 %	0.33	12.05	122.3 %
2021	(112.41)	(1958.0 %)	(6.07)	(106.41)	(983.1 %)
2022	(38.87)	65.4 %	(2.10)	(35.87)	66.3 %
2023	51.30	232.0 %	2.12	55.30	254.2 %
2024	30.12	(41.3 %)	1.24	28.62	(48.2 %)
2025	(91.56)	(404.0 %)	(3.05)	(86.22)	(401.3 %)

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	141.72	24.7 %	-	-	-	-
Q2 2016	141.49	25.1 %	-	-	-	-
Q3 2016	132.05	55.7 %	-	-	-	-
Q4 2016	156.10	94.7 %	-	-	-	-
2016	571.35	45.9 %	-	-	-	-
Q1 2017	227.88	60.8 %	-	-	-	-
Q2 2017	201.97	42.7 %	-	-	-	-
Q3 2017	158.98	20.4 %	-	-	-	-
Q4 2017	161.86	3.7 %	-	-	-	-
2017	750.69	31.4 %	-	-	-	-
Q1 2018	246.23	8.1 %	-	-	-	-
Q2 2018	224.27	11.0 %	-	-	-	-
Q3 2018	153.00	(3.8 %)	-	-	-	-
Q4 2018	111.48	(31.1 %)	-	-	-	-
2018	734.98	(2.1 %)	-	-	-	-
Q1 2019	150.96	(38.7 %)	-	-	-	-
Q2 2019	137.44	(38.7 %)	-	-	-	-
Q3 2019	95.16	(37.8 %)	-	-	-	-
Q4 2019	119.94	7.6 %	-	-	-	-
2019	503.50	(31.5 %)	-	-	-	-
Q1 2020	85.80	(43.2 %)	-	-	-	-
Q2 2020	96.62	(29.7 %)	-	-	-	-
Q3 2020	157.52	65.5 %	-	-	-	-
Q4 2020	87.68	(26.9 %)	-	-	-	-
2020	427.62	(15.1 %)	-	-	-	-
Q1 2021	118.24	37.8 %	-	-	-	-
Q2 2021	117.06	21.2 %	-	-	-	-
Q3 2021	125.32	(20.4 %)	-	-	-	-
Q4 2021	106.91	21.9 %	-	-	-	-
2021	467.53	9.3 %	-	-	-	-
Q1 2022	147.05	24.4 %	(1.80)	-	6.81	-
Q2 2022	192.78	64.7 %	(71.20)	-	(67.52)	-
Q3 2022	242.37	93.4 %	(8.02)	-	(5.54)	-
Q4 2022	209.91	96.3 %	57.24	-	62.09	-
2022	792.11	69.4 %	(23.78)	-	(4.17)	-
Q1 2023	165.85	12.8 %	17.58	1075.0 %	21.65	218.1 %
Q2 2023	153.64	(20.3 %)	15.70	122.0 %	20.43	130.3 %
Q3 2023	268.09	10.6 %	14.28	278.1 %	20.75	474.7 %
Q4 2023	201.39	(4.1 %)	3.65	(93.6 %)	13.89	(77.6 %)
2023	788.97	(0.4 %)	51.20	315.3 %	76.72	1941.6 %
Q1 2024	133.96	(19.2 %)	11.90	(32.3 %)	17.73	(18.1 %)
Q2 2024	103.39	(32.7 %)	12.50	(20.3 %)	19.27	(5.7 %)
Q3 2024	169.94	(36.6 %)	8.65	(39.4 %)	12.89	(37.9 %)
Q4 2024	119.28	(40.8 %)	3.10	(15.0 %)	9.21	(33.7 %)
2024	526.57	(33.3 %)	36.15	(29.4 %)	59.09	(23.0 %)
Q1 2025	164.97	23.2 %	(34.66)	(391.3 %)	(29.01)	(263.6 %)
Q2 2025	98.32	(4.9 %)	(1.16)	(109.3 %)	5.12	(73.4 %)
Q3 2025	174.21	2.5 %	(7.39)	(185.5 %)	(2.17)	(116.8 %)
Q4 2025	217.59	82.4 %	(42.26)	(1464.1 %)	(35.46)	(485.2 %)
2025	655.09	24.4 %	(85.48)	(336.4 %)	(61.52)	(204.1 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2016	571.35	45.9 %	-	-	-	-
2017	750.69	31.4 %	-	-	-	-
2018	734.98	(2.1 %)	-	-	-	-
2019	503.50	(31.5 %)	-	-	-	-
2020	427.62	(15.1 %)	-	-	-	-
2021	467.53	9.3 %	-	-	-	-
2022	792.11	69.4 %	(23.78)	-	(4.17)	-
2023	788.97	(0.4 %)	51.20	315.3 %	76.72	1941.6 %
2024	526.57	(33.3 %)	36.15	(29.4 %)	59.09	(23.0 %)
2025	655.09	24.4 %	(85.48)	(336.4 %)	(61.52)	(204.1 %)

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	18.51	0.05	0.05	9.35
Q2 2016	18.51	0.05	0.05	9.45
Q3 2016	18.51	0.39	0.39	9.85
Q4 2016	18.51	1.15	1.15	10.43
Q1 2017	18.51	1.78	1.78	11.13
Q2 2017	18.51	2.49	2.49	11.94
Q3 2017	18.51	3.21	3.21	13.06
Q4 2017	18.51	3.20	3.20	13.63
Q1 2018	18.51	2.81	2.81	13.94
Q2 2018	18.51	2.41	2.41	14.35
Q3 2018	18.51	1.52	1.52	14.59
Q4 2018	18.51	0.56	0.56	14.19
Q1 2019	18.51	(0.62)	(0.62)	13.32
Q2 2019	18.51	(3.02)	(3.02)	11.33
Q3 2019	18.51	(4.11)	(4.11)	10.48
Q4 2019	18.51	(3.25)	(3.25)	10.94
Q1 2020	18.51	(3.83)	(3.83)	9.49
Q2 2020	18.51	(0.15)	(0.15)	11.13
Q3 2020	18.51	0.79	0.79	11.22
Q4 2020	18.51	0.37	0.37	11.27
Q1 2021	18.51	1.75	1.75	11.21
Q2 2021	18.51	(0.01)	(0.01)	11.13
Q3 2021	18.51	(2.16)	(2.16)	9.07
Q4 2021	18.51	(6.07)	(6.07)	5.20
Q1 2022	18.51	(6.17)	(6.17)	6.11
Q2 2022	18.51	(10.10)	(10.10)	1.08
Q3 2022	18.51	(8.37)	(8.37)	0.75
Q4 2022	18.51	(2.10)	(2.10)	3.29
Q1 2023	18.51	(1.24)	(1.24)	3.97
Q2 2023	18.51	3.72	3.72	4.92
Q3 2023	18.51	4.74	4.74	5.61
Q4 2023	24.25	2.12	2.12	8.45
Q1 2024	24.25	2.01	2.01	8.87
Q2 2024	24.25	1.75	1.75	9.34
Q3 2024	24.25	1.47	1.47	9.58
Q4 2024	24.25	1.24	1.02	10.49
Q1 2025	30.00	(0.51)	(0.74)	10.58
Q2 2025	30.00	(1.02)	(1.24)	10.45
Q3 2025	30.00	(1.53)	(1.75)	10.14
Q4 2025	30.00	(3.05)	(3.01)	9.00

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2016	18.51	1.15	1.15	10.43
2017	18.51	3.20	3.20	13.63
2018	18.51	0.56	0.56	14.19
2019	18.51	(3.25)	(3.25)	10.94
2020	18.51	0.33	0.33	11.27
2021	18.51	(6.07)	(6.07)	5.20
2022	18.51	(2.10)	(2.10)	3.29
2023	24.25	2.12	2.12	8.45
2024	24.25	1.24	1.02	10.49
2025	30.00	(3.05)	(3.01)	9.00

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Recurring P/E
Q1 2016	More than 100	More than 100
Q2 2016	More than 100	More than 100
Q3 2016	More than 100	More than 100
Q4 2016	23.44	23.44
Q1 2017	16.99	16.99
Q2 2017	14.53	14.53
Q3 2017	14.60	14.60
Q4 2017	17.00	17.00
Q1 2018	20.31	20.31
Q2 2018	19.31	19.31
Q3 2018	23.62	23.62
Q4 2018	More than 100	More than 100
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	More than 100	More than 100
Q4 2020	More than 100	More than 100
Q1 2021	32.19	32.19
Q2 2021	NEG	NEG
Q3 2021	NEG	NEG
Q4 2021	NEG	NEG
Q1 2022	NEG	NEG
Q2 2022	NEG	NEG
Q3 2022	NEG	NEG
Q4 2022	NEG	NEG
Q1 2023	NEG	NEG
Q2 2023	6.00	6.00
Q3 2023	5.57	5.57
Q4 2023	9.35	9.35
Q1 2024	15.24	15.24
Q2 2024	15.72	15.72
Q3 2024	19.51	19.51
Q4 2024	18.17	22.23
Q1 2025	NEG	NEG
Q2 2025	NEG	NEG
Q3 2025	NEG	NEG
Q4 2025	NEG	NEG

Period	P/E	Recurring P/E
2016	23.44	23.44
2017	17.00	17.00
2018	More than 100	More than 100
2019	NEG	NEG
2020	More than 100	More than 100
2021	NEG	NEG
2022	NEG	NEG
2023	9.35	9.35
2024	18.17	22.23
2025	NEG	NEG

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Other classes
Q1 2016	10.78	123.59	7.35
Q2 2016	8.24	130.03	3.21
Q3 2016	4.08	123.46	4.52
Q4 2016	6.92	146.21	2.97
Q1 2017	26.25	193.06	8.57
Q2 2017	23.07	173.17	5.73
Q3 2017	12.71	138.97	7.31
Q4 2017	16.75	140.11	5.01
Q1 2018	19.22	217.89	9.12
Q2 2018	20.35	199.21	4.71
Q3 2018	50.62	98.48	3.90
Q4 2018	28.89	76.91	5.69
Q1 2019	23.47	122.14	5.36
Q2 2019	55.66	77.40	4.38
Q3 2019	21.12	69.11	4.75
Q4 2019	23.01	91.70	5.41
Q1 2020	21.09	58.55	6.16
Q2 2020	14.19	78.75	3.68
Q3 2020	28.63	122.32	6.58
Q4 2020	25.46	54.27	7.96
Q1 2021	19.78	89.20	9.26
Q2 2021	16.78	95.52	4.76
Q3 2021	25.37	92.14	7.81
Q4 2021	24.43	74.62	7.87
Q1 2022	29.94	108.46	8.65
Q2 2022	31.76	157.97	3.05
Q3 2022	40.23	195.49	6.65
Q4 2022	40.64	162.15	7.11
Q1 2023	37.14	119.15	9.57
Q2 2023	32.21	112.99	8.44
Q3 2023	34.39	214.26	19.44
Q4 2023	36.91	154.63	9.85
Q1 2024	32.26	84.35	17.35
Q2 2024	18.48	65.71	19.20
Q3 2024	25.19	120.55	24.20
Q4 2024	18.66	86.31	14.31
Q1 2025	51.34	95.06	18.57
Q2 2025	29.85	50.49	17.98
Q3 2025	43.14	112.62	18.45
Q4 2025	45.52	161.01	11.07

Period	Medical Insurance	Comprehensive Motor Insurance	Other classes
2016	30.02	523.29	18.05
2017	78.77	645.31	26.61
2018	119.08	592.48	23.43
2019	123.26	360.35	19.90
2020	89.36	313.90	24.37
2021	86.35	351.48	29.70
2022	142.58	624.07	25.46
2023	140.65	601.02	47.29
2024	94.58	356.92	75.07
2025	169.85	419.18	66.06

Financial Ratios

	Current
Market Cap (M Riyal)	247.50
Shares Outstanding (M)	30.00
EPS ( Riyal) (TTM)	(3.05)
Book Value (BV) ( Riyal)	9.00
Par Value ( Riyal)	10.00
Recurring P/E	Neg
P/E (TTM)	NEG
Price/Book	0.92
Return on Average Assets (%) (TTM)	(11.78 )
Return on Average Equity (%) (TTM)	(34.93 )
Return on Market Cap (%)	(32.82 )

Salama Cooperative Insurance Co. (SALAMA)

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Salama incurs SAR 91.6M losses in 2025; Q4 at SAR 43M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2025 Q4

Financial Ratios

Share Price

Salama Cooperative Insurance Co. (SALAMA)

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Salama incurs SAR 91.6M losses in 2025; Q4 at SAR 43M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q4 2025

Revenue by Business Segment (Latest) 2025 Q4

Financial Ratios

Share Price

Salama Cooperative Insurance Co. (SALAMA)

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Business Segments - Gross Premium Written (Million)