Financial Results : Saudi Re profit soars to SAR 474.8M in 2024; Q4 loss at SAR 139,000

Saudi Re profit soars to SAR 474.8M in 2024; Q4 loss at SAR 139,000

16/03/2025 Argaam Exclusive

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Saudi Reinsurance Co. (Saudi Re) reported a net profit of SAR 474.8 million for 2024, compared to SAR 124.4 million in 2023, as revenues increased on business growth in line with the company's strategy and business plan.


Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 1,597.00 2,630.00 64.7 %
Insurance Revenues 627.19 1,129.97 80.2 %
Net Profit Before Zakat & Tax 158.56 139.77 (11.9 %)
Net Income 124.43 474.81 281.6 %
Average Shares 89.10 89.10 -
Earnings Per Share before unusual items (Riyals) 1.40 1.22 (12.5 %)
EPS (Riyal) 1.40 5.33 281.6 %

Net profit of insurance results increased by 19%. Additionally, net investment profit increased by 629% mainly due to the company's capital gains from the sale of its stake in Probitas Holding amounting to SAR 365.9 million (SAR 355.3 million after deducting the impact of the GBP forward contract).

 

The insurer incurred a net loss of SAR 139,000 in Q4 2024, versus a net profit of SAR 19.19 million in the prior-year period.

 

On a sequential basis, Saudi Re swung to losses from SAR 399.67 million profit in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) - 691.32 -
Insurance Revenues 133.23 305.81 129.5 %
Net Profit Before Zakat & Tax 37.06 2.74 (92.6 %)
Net Income 19.19 (0.14) (100.7 %)
Average Shares 89.10 89.10 -
Earnings Per Share before unusual items (Riyal) 0.22 0.00 (100.7 %)
EPS (Riyal) 0.22 0.00 (100.7 %)

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 1,597.00 2,630.00 64.7 %
Insurance Revenues 627.19 1,129.97 80.2 %
Insurance Services Income 119.76 142.53 19.0 %
Investment Income 60.39 74.23 22.9 %
Net Profit of Insurance Services and Investment 145.52 179.34 23.2 %

Total shareholders’ equity, no minority interest, stood at SAR 1.61 billion by Dec. 31, 2024, compared to SAR 1.14 billion a year earlier.

 

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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 (12.48) (169.0 %) (0.14) (9.32) (141.4 %)
Q2 2015 18.36 268.0 % 0.21 22.61 413.7 %
Q3 2015 (59.70) (3,986.4 %) (0.67) (57.24) (4846.0 %)
Q4 2015 38.54 449.0 % 0.43 44.05 762.0 %
Q1 2016 (20.74) (66.1 %) (0.23) (17.70) (90.0 %)
Q2 2016 (12.55) (168.4 %) (0.14) (8.93) (139.5 %)
Q3 2016 (0.68) 98.9 % (0.01) 2.71 104.7 %
Q4 2016 37.13 (3.7 %) 0.42 42.38 (3.8 %)
Q1 2017 3.88 118.7 % 0.04 7.48 142.3 %
Q2 2017 9.39 174.9 % 0.11 13.41 250.2 %
Q3 2017 (3.63) (436.8 %) (0.04) (0.27) (110.0 %)
Q4 2017 15.76 (57.5 %) 0.18 18.22 (57.0 %)
Q1 2018 4.61 18.8 % 0.05 7.60 1.5 %
Q2 2018 3.29 (65.0 %) 0.04 6.44 (52.0 %)
Q3 2018 6.89 289.9 % 0.08 10.03 3799.4 %
Q4 2018 (13.97) (188.6 %) (0.16) (10.34) (156.8 %)
Q1 2019 21.44 365.3 % 0.24 24.83 226.9 %
Q2 2019 14.09 328.5 % 0.16 17.74 175.7 %
Q3 2019 10.33 50.0 % 0.12 13.59 35.5 %
Q4 2019 (0.41) 97.1 % 0.00 3.16 130.6 %
Q1 2020 7.37 (65.6 %) 0.08 10.29 (58.6 %)
Q2 2020 5.50 (61.0 %) 0.06 9.03 (49.1 %)
Q3 2020 12.21 18.1 % 0.14 15.76 16.0 %
Q4 2020 20.84 5185.2 % 0.23 25.62 710.3 %
Q1 2021 16.23 120.4 % 0.18 19.58 90.3 %
Q2 2021 13.24 140.7 % 0.15 16.89 87.2 %
Q3 2021 8.09 (33.7 %) 0.09 11.42 (27.5 %)
Q4 2021 0.75 (96.4 %) 0.01 5.42 (78.9 %)
Q1 2022 25.90 59.6 % 0.29 29.53 50.8 %
Q2 2022 2.21 (83.3 %) 0.02 5.36 (68.3 %)
Q3 2022 39.85 392.6 % 0.45 43.46 280.4 %
Q4 2022 8.09 978.5 % 0.09 12.97 139.4 %
Q1 2023 11.20 (56.8 %) 0.13 15.91 (46.1 %)
Q2 2023 59.96 2607.3 % 0.67 66.02 1132.7 %
Q3 2023 34.07 (14.5 %) 0.38 39.58 (8.9 %)
Q4 2023 19.19 137.4 % 0.22 37.06 185.7 %
Q1 2024 31.79 183.9 % 0.36 37.55 136.0 %
Q2 2024 43.48 (27.5 %) 0.49 52.25 (20.8 %)
Q3 2024 399.67 1072.9 % 4.49 47.22 19.3 %
Q4 2024 (0.14) (100.7 %) 0.00 2.74 (92.6 %)
2024 474.81 281.6 % 5.33 139.77 (11.9 %)

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 2015 243.75 (18.6 %) - - - -
Q2 2015 102.83 13.1 % - - - -
Q3 2015 397.05 200.9 % - - - -
Q4 2015 61.19 80.1 % - - - -
Q1 2016 446.67 83.2 % - - - -
Q2 2016 448.89 336.5 % - - - -
Q3 2016 82.46 (79.2 %) - - - -
Q4 2016 7.50 (87.7 %) - - - -
Q1 2017 456.35 2.2 % - - - -
Q2 2017 120.91 (73.1 %) - - - -
Q3 2017 302.58 267.0 % - - - -
Q4 2017 62.16 729.0 % - - - -
Q1 2018 528.38 15.8 % - - - -
Q2 2018 62.19 (48.6 %) - - - -
Q3 2018 83.27 (72.5 %) - - - -
Q4 2018 47.76 (23.2 %) - - - -
Q1 2019 424.32 (19.7 %) - - - -
Q2 2019 82.21 32.2 % - - - -
Q3 2019 169.97 104.1 % - - - -
Q4 2019 116.35 143.6 % - - - -
Q1 2020 527.72 24.4 % - - - -
Q2 2020 131.34 59.8 % - - - -
Q3 2020 198.92 17.0 % - - - -
Q4 2020 77.14 (33.7 %) - - - -
Q1 2021 834.28 58.1 % - - - -
Q2 2021 120.81 (8.0 %) - - - -
Q3 2021 159.20 (20.0 %) - - - -
Q4 2021 1.59 (97.9 %) - - - -
Q1 2022 598.62 (28.2 %) 1.77 - 17.50 -
Q2 2022 321.48 166.1 % 12.84 - 5.16 -
Q3 2022 277.76 74.5 % 39.77 - 42.62 -
Q4 2022 205.14 12817.9 % 29.22 - 28.17 -
Q1 2023 1,070.78 78.9 % 10.45 491.0 % 12.98 (25.8 %)
Q2 2023 146.31 (54.5 %) 62.14 384.1 % 57.43 1012.5 %
Q3 2023 336.27 21.1 % 28.58 (28.1 %) 35.53 (16.6 %)
Q4 2023 - - 18.59 (36.4 %) 39.59 40.5 %
Q1 2024 1,191.00 11.2 % 31.09 197.4 % 42.57 227.9 %
Q2 2024 254.42 73.9 % 55.99 (9.9 %) 60.70 5.7 %
Q3 2024 492.77 46.5 % 53.67 87.8 % 57.54 62.0 %
Q4 2024 691.32 - 1.78 (90.4 %) 18.52 (53.2 %)
2024 2,630.00 64.7 % 142.53 19.0 % 179.34 23.2 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 89.10 (0.40) (0.40) 9.03
Q2 2015 89.10 (0.07) (0.07) 9.24
Q3 2015 89.10 (0.73) (0.73) 8.57
Q4 2015 89.10 (0.17) (0.17) 9.00
Q1 2016 89.10 (0.26) (0.26) 8.77
Q2 2016 89.10 (0.61) (0.61) 8.63
Q3 2016 89.10 0.05 0.05 8.62
Q4 2016 89.10 0.04 0.04 9.04
Q1 2017 89.10 0.31 0.31 9.08
Q2 2017 89.10 0.56 0.56 9.19
Q3 2017 89.10 0.52 0.52 9.15
Q4 2017 89.10 0.29 0.29 9.30
Q1 2018 89.10 0.29 0.29 9.37
Q2 2018 89.10 0.22 0.22 9.37
Q3 2018 89.10 0.34 0.34 9.49
Q4 2018 89.10 0.01 0.01 9.35
Q1 2019 89.10 0.20 0.20 9.59
Q2 2019 89.10 0.32 0.32 9.73
Q3 2019 89.10 0.36 0.36 9.85
Q4 2019 89.10 0.51 0.51 9.84
Q1 2020 89.10 0.35 0.35 9.92
Q2 2020 89.10 0.26 0.26 9.98
Q3 2020 89.10 0.28 0.28 10.13
Q4 2020 89.10 0.52 0.52 10.39
Q1 2021 89.10 0.61 0.61 10.57
Q2 2021 89.10 0.70 0.70 10.73
Q3 2021 89.10 0.66 0.66 10.80
Q4 2021 89.10 0.43 0.43 10.86
Q1 2022 89.10 0.54 0.54 10.91
Q2 2022 89.10 0.41 0.41 10.84
Q3 2022 89.10 0.77 0.77 11.18
Q4 2022 89.10 0.85 0.85 11.42
Q1 2023 89.10 0.69 0.69 11.54
Q2 2023 89.10 1.34 1.34 12.28
Q3 2023 89.10 1.27 1.27 12.63
Q4 2023 89.10 1.40 1.40 12.87
Q1 2024 89.10 1.63 1.63 12.87
Q2 2024 89.10 1.44 1.44 13.65
Q3 2024 89.10 5.55 1.44 18.13
Q4 2024 89.10 5.33 1.22 18.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E
Q1 2015 NEG NEG
Q2 2015 NEG NEG
Q3 2015 NEG NEG
Q4 2015 NEG NEG
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 38.17 38.17
Q2 2017 16.99 16.99
Q3 2017 19.30 19.30
Q4 2017 39.21 39.21
Q1 2018 36.59 36.59
Q2 2018 46.69 46.69
Q3 2018 25.16 25.16
Q4 2018 More than 100 More than 100
Q1 2019 45.95 45.95
Q2 2019 29.24 29.24
Q3 2019 30.25 30.25
Q4 2019 21.55 21.55
Q1 2020 26.35 26.35
Q2 2020 37.34 37.34
Q3 2020 More than 100 More than 100
Q4 2020 34.67 34.67
Q1 2021 28.41 28.41
Q2 2021 34.22 34.22
Q3 2021 36.89 36.89
Q4 2021 More than 100 More than 100
Q1 2022 41.48 41.48
Q2 2022 48.39 48.39
Q3 2022 27.24 27.24
Q4 2022 20.87 20.87
Q1 2023 27.83 27.83
Q2 2023 17.53 17.53
Q3 2023 19.07 19.07
Q4 2023 17.31 17.31
Q1 2024 19.73 19.73
Q2 2024 25.09 25.09
Q3 2024 8.45 32.57
Q4 2024 13.15 More than 100

Business Segments - Gross Premium Written (Million)

Compared With The
Period Insurance - Engineering Fire insurance Marine Insurance Comprehensive Motor Insurance property and others Life Insurance Medical Insurance Specialized Other classes inherent defects insurance
Q1 2014 41.87 111.59 35.61 12.92 21.76 59.77 - - 15.92 -
Q2 2014 14.25 34.28 3.29 3.33 (21.76) 16.24 - - 41.29 -
Q3 2014 27.87 53.07 17.37 7.29 - 15.91 35.88 - (25.43) -
Q4 2014 3.42 13.37 (1.04) 1.44 - 5.10 1.56 - 10.13 -
Q1 2015 34.21 68.38 32.53 10.23 25.58 8.86 - 44.88 19.10 -
Q2 2015 13.24 28.43 4.55 10.36 5.22 20.75 - - 20.27 -
Q3 2015 27.70 41.18 15.49 278.02 (0.74) 7.08 - - 28.32 -
Q4 2015 8.23 21.62 1.62 32.29 8.87 6.00 - - (17.45) -
Q1 2016 51.84 85.75 27.76 140.31 31.56 13.45 - 58.56 37.43 -
Q2 2016 7.86 18.57 (1.38) 379.25 6.17 20.37 - - 18.05 -
Q3 2016 19.51 38.71 8.72 10.67 3.37 10.24 - (11.79) 3.03 -
Q4 2016 2.14 (0.24) (2.24) 0.71 0.96 4.40 - (2.18) 3.94 -
Q1 2017 45.07 119.89 30.02 103.76 45.86 20.64 - 57.26 33.85 -
Q2 2017 9.00 27.57 11.38 (3.69) 22.70 20.07 - 3.93 29.94 -
Q3 2017 18.87 43.38 5.64 10.21 7.98 3.52 - 9.22 203.75 -
Q4 2017 4.60 10.36 0.22 3.31 (0.57) 11.91 - (2.30) 34.63 -
Q1 2018 36.25 128.91 34.85 101.33 59.68 20.17 25.33 91.96 29.89 -
Q2 2018 7.84 28.24 (10.31) 7.85 8.52 9.51 5.77 (17.49) 22.26 -
Q3 2018 20.88 36.36 19.97 (18.76) (1.21) 6.26 1.01 (1.37) 20.15 -
Q4 2018 10.89 13.91 2.17 3.86 2.54 9.63 1.23 (5.86) 9.40 -
Q1 2019 40.82 108.58 36.57 47.23 44.24 11.66 25.25 61.18 48.80 -
Q2 2019 9.91 28.46 3.41 5.31 5.44 20.78 (5.85) (8.66) 23.40 -
Q3 2019 19.10 49.33 39.39 6.60 3.87 9.82 0.15 19.31 22.40 -
Q4 2019 9.29 17.90 10.49 0.71 2.63 7.62 3.22 24.92 39.58 -
Q1 2020 120.38 82.56 39.94 54.23 27.96 10.35 14.09 114.85 63.36 -
Q2 2020 9.88 37.25 30.61 3.72 5.23 15.44 7.01 (2.06) 24.27 -
Q3 2020 30.11 67.14 22.70 5.08 7.31 11.19 4.04 35.85 15.52 -
Q4 2020 6.91 5.90 0.89 4.34 3.46 13.78 2.09 12.45 27.32 -
Q1 2021 41.14 119.56 44.20 95.90 40.53 37.58 182.22 192.92 80.24 -
Q2 2021 10.59 58.37 38.89 4.30 (0.60) 4.78 0.62 (19.10) 22.96 -
Q3 2021 30.66 63.60 27.69 (0.17) 1.37 3.73 0.01 5.87 26.44 -
Q4 2021 6.13 6.42 0.95 (3.28) (1.06) 3.49 (50.19) 1.42 37.70 -
Q1 2022 37.14 128.23 33.02 57.22 21.09 5.09 38.87 207.45 70.50 -
Q2 2022 22.65 82.97 4.49 3.83 13.05 3.98 4.93 (72.85) 35.47 222.97
Q3 2022 21.14 59.55 13.50 32.21 8.56 9.78 (2.93) (9.97) 25.74 120.19
Q4 2022 6.16 24.35 12.40 6.44 4.72 3.61 (5.09) 34.07 67.38 51.37

Current
Market Cap (M Riyal) 5,122.00
Shares Outstanding (M) 115.83
EPS ( Riyal) (TTM) 4.21
Book Value (BV) ( Riyal) 18.31
Par Value ( Riyal) 10.00
Recurring P/E 42.13
P/E (TTM) 10.51
Price/Book 2.42
Return on Average Assets (%) (TTM) 14.8
Return on Average Equity (%) (TTM) 29.2
Return on Market Cap (%) 8.3

Share Price

44.22
(0.78) (1.73 %)

Saudi Reinsurance Co. (SAUDI RE)


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