Financial Results : ACIG posts 16.5M loss in 2024, SAR 47.3M in Q4

ACIG posts 16.5M loss in 2024, SAR 47.3M in Q4

19/03/2025 Argaam Exclusive

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Allied Cooperative Insurance Group (ACIG) reported a net loss of SAR 16.5 million in 2024, compared with a net profit of SAR 63.4 million a year before.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 1,047.40 844.71 (19.4 %)
Insurance Revenues 974.68 883.35 (9.4 %)
Net Profit Before Zakat & Tax 72.21 (9.38) (113.0 %)
Net Income 63.41 (16.48) (126.0 %)
Average Shares 29.10 29.10 -
Earnings Per Share before unusual items (Riyals) 2.18 (0.57) (126.0 %)
EPS (Riyal) 2.18 (0.57) (126.0 %)

The insurer cited a decline in revenues due to a decrease in motor insurance and health insurance sales.

 

The company also reported a fall in insurance revenues and results of insurance services, leading to net losses from insurance operations because of increasing technical provisions and an increase in the doubtful debt provision.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 276.15 137.58 (50.2 %)
Insurance Revenues 244.10 184.37 (24.5 %)
Net Profit Before Zakat & Tax 20.04 (43.80) (318.5 %)
Net Income 17.04 (47.30) (377.5 %)
Average Shares 29.10 29.10 -
Earnings Per Share before unusual items (Riyal) 0.59 (1.63) (377.5 %)
EPS (Riyal) 0.59 (1.63) (377.5 %)

ACIG swung to a net loss of SAR 47.3 million from net earnings of SAR 17.04 million a year earlier.

 

Sequentially, the insurer also turned to a loss from earnings of SAR 2.93 million in Q3 2024.

 

Shareholders' equity, no minority interest, reached SAR 253.15 million at the end of 2024, compared with SAR 254.34 million a year earlier.

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 1,047.40 844.71 (19.4 %)
Insurance Revenues 974.68 883.35 (9.4 %)
Insurance Services Income 47.07 (26.80) (156.9 %)
Investment Income 38.25 42.68 11.6 %
Net Profit of Insurance Services and Investment 85.50 16.73 (80.4 %)

Accumulated losses reached SAR 92.38 million at the end of the current period, representing 31.75% of the company's capital.

 

View More Financial Results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 3.13 89.3 % 0.14 3.85 68.7 %
Q2 2015 3.15 70.5 % 0.14 3.15 9.3 %
Q3 2015 3.98 105.2 % 0.18 3.98 105.2 %
Q4 2015 0.15 (91.9 %) 0.01 0.15 (91.9 %)
Q1 2016 3.53 12.8 % 0.16 3.78 (1.7 %)
Q2 2016 4.04 28.3 % 0.18 4.41 39.8 %
Q3 2016 3.82 (4.2 %) 0.17 4.71 18.1 %
Q4 2016 (4.70) (3171.2 %) (0.21) (4.55) (3071.9 %)
Q1 2017 4.50 27.5 % 0.20 4.90 29.7 %
Q2 2017 6.11 51.2 % 0.27 6.61 50.1 %
Q3 2017 2.96 (22.5 %) 0.13 3.93 (16.4 %)
Q4 2017 2.40 151.1 % 0.11 2.67 158.6 %
Q1 2018 1.94 (56.8 %) 0.09 2.42 (50.7 %)
Q2 2018 (0.14) (102.2 %) (0.01) 2.94 (55.6 %)
Q3 2018 (2.22) (175.0 %) (0.10) (1.10) (128.0 %)
Q4 2018 (2.98) (224.3 %) (0.13) (1.88) (170.5 %)
Q1 2019 1.00 (48.8 %) 0.04 1.98 (18.2 %)
Q2 2019 1.28 1050.4 % 0.06 2.48 (15.4 %)
Q3 2019 (1.84) 16.9 % (0.08) (0.55) 50.0 %
Q4 2019 0.08 102.6 % 0.00 2.00 206.3 %
Q1 2020 2.23 123.8 % 0.10 2.88 45.4 %
Q2 2020 5.77 349.8 % 0.26 7.09 185.4 %
Q3 2020 (2.95) (60.1 %) (0.13) (1.45) (163.2 %)
Q4 2020 (5.96) (7746.2 %) (0.27) (4.96) (348.3 %)
Q1 2021 2.43 8.9 % 0.11 3.73 29.6 %
Q2 2021 (7.32) (226.8 %) (0.33) (5.54) (178.2 %)
Q3 2021 (28.63) (869.5 %) (1.27) (26.63) (1,732.7 %)
Q4 2021 (81.07) (1,259.2 %) (3.61) (75.57) (1,422.3 %)
Q1 2022 (30.46) (1354.3 %) (1.44) (31.96) (957.2 %)
Q2 2022 (3.16) 56.9 % (0.11) (11.09) (100.1 %)
Q3 2022 14.35 150.1 % 0.49 7.42 127.9 %
Q4 2022 9.85 112.1 % 0.34 10.85 114.4 %
Q1 2023 3.54 111.6 % 0.12 4.04 112.6 %
Q2 2023 10.52 433.3 % 0.36 13.52 221.9 %
Q3 2023 32.30 125.1 % 1.11 34.60 366.4 %
Q4 2023 17.04 73.1 % 0.59 20.04 84.8 %
Q1 2024 24.99 606.0 % 0.86 26.59 558.3 %
Q2 2024 2.89 (72.5 %) 0.10 7.89 (41.7 %)
Q3 2024 2.93 (90.9 %) 0.10 (0.07) (100.2 %)
Q4 2024 (47.30) (377.5 %) (1.63) (43.80) (318.5 %)
2024 (16.48) (126.0 %) (0.57) (9.38) (113.0 %)

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 187.02 107.1 % - - - -
Q2 2015 143.87 243.8 % - - - -
Q3 2015 113.13 124.5 % - - - -
Q4 2015 105.41 (8.2 %) - - - -
Q1 2016 147.27 (21.3 %) - - - -
Q2 2016 146.77 2.0 % - - - -
Q3 2016 136.48 20.6 % - - - -
Q4 2016 80.09 (24.0 %) - - - -
Q1 2017 81.77 (44.5 %) - - - -
Q2 2017 102.30 (30.3 %) - - - -
Q3 2017 112.80 (17.4 %) - - - -
Q4 2017 133.11 66.2 % - - - -
Q1 2018 115.96 41.8 % - - - -
Q2 2018 114.12 11.6 % - - - -
Q3 2018 164.54 45.9 % - - - -
Q4 2018 105.39 (20.8 %) - - - -
Q1 2019 144.39 24.5 % - - - -
Q2 2019 130.55 14.4 % - - - -
Q3 2019 129.38 (21.4 %) - - - -
Q4 2019 125.03 18.6 % - - - -
Q1 2020 134.00 (7.2 %) - - - -
Q2 2020 134.21 2.8 % - - - -
Q3 2020 108.25 (16.3 %) - - - -
Q4 2020 138.66 10.9 % - - - -
Q1 2021 152.15 13.5 % - - - -
Q2 2021 132.69 (1.1 %) - - - -
Q3 2021 161.34 49.1 % - - - -
Q4 2021 146.41 5.6 % - - - -
Q1 2022 177.84 16.9 % (28.61) - (27.25) -
Q2 2022 169.09 27.4 % (6.80) - (5.06) -
Q3 2022 226.74 40.5 % 9.72 - 14.53 -
Q4 2022 257.03 75.6 % (7.23) - (0.71) -
Q1 2023 286.86 61.3 % 2.66 109.3 % 11.31 141.5 %
Q2 2023 223.06 31.9 % 10.96 261.3 % 20.08 497.2 %
Q3 2023 261.34 15.3 % 29.60 204.5 % 40.58 179.3 %
Q4 2023 276.15 7.4 % 3.86 153.4 % 13.53 2005.6 %
Q1 2024 194.36 (32.2 %) 22.90 761.8 % 35.68 215.4 %
Q2 2024 254.73 14.2 % 4.51 (58.8 %) 14.18 (29.4 %)
Q3 2024 258.04 (1.3 %) (7.53) (125.4 %) 3.60 (91.1 %)
Q4 2024 137.58 (50.2 %) (45.16) (1270.2 %) (35.22) (360.3 %)
2024 844.71 (19.4 %) (26.80) (156.9 %) 16.73 (80.4 %)


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 22.48 0.39 0.39 5.05
Q2 2015 22.48 0.45 0.45 5.25
Q3 2015 22.48 0.54 0.54 5.20
Q4 2015 22.48 0.46 0.46 5.20
Q1 2016 22.48 0.48 0.48 5.28
Q2 2016 22.48 0.52 0.52 5.52
Q3 2016 22.48 0.51 0.51 5.63
Q4 2016 22.48 0.30 0.30 5.57
Q1 2017 22.48 0.34 0.34 5.71
Q2 2017 22.48 0.43 0.43 5.95
Q3 2017 22.48 0.39 0.39 6.08
Q4 2017 22.48 0.71 0.71 6.14
Q1 2018 22.48 0.60 0.60 6.22
Q2 2018 22.48 0.32 0.32 6.34
Q3 2018 22.48 0.09 0.09 6.22
Q4 2018 22.48 (0.15) (0.15) 6.14
Q1 2019 22.48 (0.19) (0.19) 6.27
Q2 2019 22.48 (0.13) (0.13) 6.36
Q3 2019 22.48 (0.11) (0.11) 6.32
Q4 2019 22.48 0.02 0.02 6.43
Q1 2020 22.48 0.08 0.08 6.39
Q2 2020 22.48 0.28 0.28 6.74
Q3 2020 22.48 0.23 0.23 6.79
Q4 2020 22.48 (0.04) (0.04) 6.53
Q1 2021 22.48 (0.03) (0.03) 6.71
Q2 2021 22.48 (0.61) (0.61) 6.40
Q3 2021 22.48 (1.76) (1.76) 5.06
Q4 2021 22.48 (5.10) (5.10) 1.49
Q1 2022 21.15 (6.97) (6.97) 8.49
Q2 2022 29.10 (4.92) (4.92) 6.06
Q3 2022 29.10 (3.45) (3.45) 6.35
Q4 2022 29.10 (0.32) (0.32) 6.49
Q1 2023 29.10 0.84 0.84 6.61
Q2 2023 29.10 1.31 1.31 6.98
Q3 2023 29.10 1.93 1.93 8.09
Q4 2023 29.10 2.18 2.18 8.74
Q1 2024 29.10 2.92 2.92 9.60
Q2 2024 29.10 2.65 2.65 9.70
Q3 2024 29.10 1.64 1.64 9.80
Q4 2024 29.10 (0.57) (0.57) 8.70

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E
Q1 2015 More than 100 More than 100
Q2 2015 More than 100 More than 100
Q3 2015 36.37 36.37
Q4 2015 42.56 42.56
Q1 2016 34.32 34.32
Q2 2016 31.91 31.91
Q3 2016 29.16 29.16
Q4 2016 More than 100 More than 100
Q1 2017 More than 100 More than 100
Q2 2017 32.81 32.81
Q3 2017 47.78 47.78
Q4 2017 31.48 31.48
Q1 2018 33.15 33.15
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 More than 100 More than 100
Q1 2020 More than 100 More than 100
Q2 2020 More than 100 More than 100
Q3 2020 More than 100 More than 100
Q4 2020 NEG NEG
Q1 2021 NEG NEG
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 13.16 13.16
Q2 2023 11.88 11.88
Q3 2023 6.96 6.96
Q4 2023 6.31 6.31
Q1 2024 6.34 6.34
Q2 2024 7.22 7.22
Q3 2024 9.10 9.10
Q4 2024 NEG NEG

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance property and others Other classes
Q1 2015 65.36 109.76 5.88 6.02
Q2 2015 50.38 81.67 4.80 7.02
Q3 2015 36.33 56.79 4.14 15.86
Q4 2015 24.95 72.24 5.01 3.21
Q1 2016 44.05 93.72 5.48 4.02
Q2 2016 54.11 76.42 7.00 9.25
Q3 2016 56.28 68.27 4.42 7.51
Q4 2016 32.32 40.46 5.27 2.04
Q1 2017 24.40 46.43 7.04 3.91
Q2 2017 31.56 62.15 3.76 4.82
Q3 2017 35.74 70.23 3.63 3.20
Q4 2017 23.46 92.50 6.69 10.47
Q1 2018 41.55 69.37 3.39 1.65
Q2 2018 38.39 71.16 1.55 3.01
Q3 2018 45.31 111.71 1.29 6.23
Q4 2018 27.50 71.43 3.14 3.33
Q1 2019 34.74 97.59 3.39 8.69
Q2 2019 37.30 88.41 1.55 3.29
Q3 2019 42.71 74.72 7.24 4.71
Q4 2019 24.29 93.98 3.72 3.04
Q1 2020 31.39 85.93 4.56 12.11
Q2 2020 22.86 95.92 6.62 8.81
Q3 2020 34.24 64.45 3.54 6.02
Q4 2020 38.22 92.93 4.60 2.92
Q1 2021 46.31 93.09 5.00 7.75
Q2 2021 34.48 90.85 2.62 4.74
Q3 2021 45.11 100.02 3.80 12.42
Q4 2021 33.59 99.54 9.18 4.11
Q1 2022 58.84 106.95 6.85 5.20
Q2 2022 62.26 92.90 5.96 7.97
Q3 2022 57.21 155.83 - 26.50
Q4 2022 36.89 211.29 - -
Q1 2023 47.46 228.48 10.91 -
Q2 2023 35.52 167.83 19.72 -
Q3 2023 47.30 194.06 19.98 -
Q4 2023 48.81 200.03 27.30 -
Q1 2024 42.68 84.93 66.76 -
Q2 2024 36.62 165.21 52.91 -
Q3 2024 64.65 147.68 45.71 -
Q4 2024 12.16 78.32 47.10 -


Financial Ratios
Current
Market Cap (M Riyal) 287.80
Shares Outstanding (M) 29.10
EPS ( Riyal) (TTM) (1.00)
Book Value (BV) ( Riyal) 9.30
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/Book 1.06
Return on Average Assets (%) (TTM) (3.07 )
Return on Average Equity (%) (TTM) (10.52 )
Return on Market Cap (%) (7.78 )
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Share Price

Allied Cooperative Insurance Group
9.90
0.00 0.00 %

Allied Cooperative Insurance Group (ACIG)

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