AICC profit down 50% to SAR 30.1M in 2024; Q4 loss at SAR 4M

Arabia Insurance Cooperative Co.’s (AICC) net profit halved year-on-year (YoY) to SAR 30.1 million in 2024, from SAR 60.5 million.

Financials (M)

Item	2023	2024	Change‬
Insurance Revenues	838.95	694.69	(17.2 %)
Net Income	60.46	30.15	(50.1 %)
Average Shares	53.00	53.00	-
Earnings Per Share before unusual items	1.14	0.57	(50.1 %)
EPS (Riyals)	1.14	0.57	(50.1 %)

The company posted lower insurance revenues from motor and medical segments, despite the increase in insurance revenues from the engineering segment.

Net insurance results decreased by approximately SAR 39.9 million and other income fell nearly SAR 14.5 million, despite a decline in other operating expenses by SAR 11.1 million and an increase in investment income by about SAR 7.2 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Insurance Revenues	216.00	162.16	(24.9 %)
Net Income	10.22	(4.47)	(143.8 %)
Average Shares	53.00	53.00	-
Earnings Per Share before unusual items	0.19	(0.08)	(143.8 %)
EPS (Riyals)	0.19	(0.08)	(143.8 %)

Item	Q3 2024	Q4 2024	Change‬
Insurance Revenues	164.71	162.16	(1.5 %)
Net Income	13.56	(4.47)	(133.0 %)
Average Shares	53.00	53.00	-
Earnings Per Share before unusual items	0.26	(0.08)	(133.0 %)
EPS (Riyals)	0.26	(0.08)	(133.0 %)

Insurance Operations

Item	2023	2024	Change‬
Insurance Revenues	838.95	694.69	(17.2 %)
Insurance Services Income	76.52	36.66	(52.1 %)
Investment Income	30.66	37.83	23.4 %
Net Profit of Insurance Services and Investment	100.60	68.41	(32.0 %)

In Q4 2024, the insurer turned to a net loss of SAR 4 million from an income of SAR 10.22 million in Q4 2023.

Quarter-on-quarter, the insurer swung to a net loss from an income of SAR 13.56 million in Q3.

Total shareholders’ equity, no minority interest, stood at SAR 604.93 million by Dec. 31, 2024, compared to SAR 559.91 million a year earlier.

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Share Price

Arabia Insurance Cooperative Co. (AICC)

	Current
Market Cap (M)	641.30
Shares Outstanding (M)	53.00
EPS ( Riyal) (TTM)	0.57
Book Value (BV) ( Riyal)	11.41
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	21.27
P/E (TTM)	21.27
Price/Book	1.06
Return on Average Assets (%) (TTM)	1.7
Return on Average Equity (%) (TTM)	5.2
Return on Market Cap (%)	4.2

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2015	1.71	182.4 %	0.09	2.21	206.5 %
Q2 2015	(0.01)	99.9 %	0.00	0.49	105.8 %
Q3 2015	(20.25)	(1,759.6 %)	(0.69)	(19.75)	(3,253.3 %)
Q4 2015	5.29	(56.2 %)	0.18	6.54	(50.0 %)
2015	(13.16)	(3278.7 %)	(0.45)	(10.41)	(643.9 %)
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 %)
2016	6.95	152.8 %	0.24	8.45	181.1 %
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 %)
2017	10.19	46.7 %	0.35	15.82	87.3 %
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 %)
2018	(2.62)	(125.7 %)	(0.09)	3.42	(78.4 %)
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 %)
2019	(42.31)	(1,515.5 %)	(1.45)	(37.76)	(1204.5 %)
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 %
2020	6.26	114.8 %	0.21	12.26	132.5 %
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 %)
2021	(5.52)	(188.2 %)	(0.19)	0.53	(95.7 %)
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 %
2022	6.20	212.4 %	0.21	11.76	2116.0 %
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 %)
2023	60.46	875.2 %	1.14	76.29	549.0 %
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)	-	-
2024	30.15	(50.1 %)	0.57	-	-

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2015	(13.16)	(3278.7 %)	(0.45)	(10.41)	(643.9 %)
2016	6.95	152.8 %	0.24	8.45	181.1 %
2017	10.19	46.7 %	0.35	15.82	87.3 %
2018	(2.62)	(125.7 %)	(0.09)	3.42	(78.4 %)
2019	(42.31)	(1,515.5 %)	(1.45)	(37.76)	(1204.5 %)
2020	6.26	114.8 %	0.21	12.26	132.5 %
2021	(5.52)	(188.2 %)	(0.19)	0.53	(95.7 %)
2022	6.20	212.4 %	0.21	11.76	2116.0 %
2023	60.46	875.2 %	1.14	76.29	549.0 %
2024	30.15	(50.1 %)	0.57	-	-

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	196.88	5.7 %	-	-	-	-
Q2 2015	91.17	2.6 %	-	-	-	-
Q3 2015	267.88	6.1 %	-	-	-	-
Q4 2015	98.02	(15.9 %)	-	-	-	-
2015	653.95	1.5 %	-	-	-	-
Q1 2016	132.29	(32.8 %)	-	-	-	-
Q2 2016	85.78	(5.9 %)	-	-	-	-
Q3 2016	109.77	(59.0 %)	-	-	-	-
Q4 2016	91.26	(6.9 %)	-	-	-	-
2016	419.10	(35.9 %)	-	-	-	-
Q1 2017	112.37	(15.1 %)	-	-	-	-
Q2 2017	68.74	(19.9 %)	-	-	-	-
Q3 2017	58.77	(46.5 %)	-	-	-	-
Q4 2017	74.51	(18.3 %)	-	-	-	-
2017	314.39	(25.0 %)	-	-	-	-
Q1 2018	116.86	4.0 %	-	-	-	-
Q2 2018	77.26	12.4 %	-	-	-	-
Q3 2018	96.21	63.7 %	-	-	-	-
Q4 2018	60.45	(18.9 %)	-	-	-	-
2018	350.79	11.6 %	-	-	-	-
Q1 2019	91.73	(21.5 %)	-	-	-	-
Q2 2019	73.70	(4.6 %)	-	-	-	-
Q3 2019	111.01	15.4 %	-	-	-	-
Q4 2019	55.98	(7.4 %)	-	-	-	-
2019	332.42	(5.2 %)	-	-	-	-
Q1 2020	120.92	31.8 %	-	-	-	-
Q2 2020	91.27	23.8 %	-	-	-	-
Q3 2020	70.90	(36.1 %)	-	-	-	-
Q4 2020	67.71	21.0 %	-	-	-	-
2020	346.43	4.2 %	-	-	-	-
Q1 2021	175.59	45.2 %	-	-	-	-
Q2 2021	65.01	(28.8 %)	-	-	-	-
Q3 2021	91.56	29.1 %	-	-	-	-
Q4 2021	90.16	33.2 %	-	-	-	-
2021	422.32	21.9 %	-	-	-	-
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	-
2022	733.19	73.6 %	23.17	-	27.19	-
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	-	-	19.25	(1.5 %)	26.39	26.4 %
2023	-	-	76.52	230.2 %	100.60	270.0 %
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	-	-	20.85	(21.0 %)	28.57	(12.9 %)
Q4 2024	-	-	(4.19)	(121.7 %)	4.58	(82.6 %)
2024	-	-	36.66	(52.1 %)	68.41	(32.0 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2015	653.95	1.5 %	-	-	-	-
2016	419.10	(35.9 %)	-	-	-	-
2017	314.39	(25.0 %)	-	-	-	-
2018	350.79	11.6 %	-	-	-	-
2019	332.42	(5.2 %)	-	-	-	-
2020	346.43	4.2 %	-	-	-	-
2021	422.32	21.9 %	-	-	-	-
2022	733.19	73.6 %	23.17	-	27.19	-
2023	-	-	76.52	230.2 %	100.60	270.0 %
2024	-	-	36.66	(52.1 %)	68.41	(32.0 %)

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	18.67	0.23	0.23	3.52
Q2 2015	29.28	0.43	0.43	8.86
Q3 2015	29.28	(0.22)	(0.22)	8.03
Q4 2015	29.28	(0.45)	(0.45)	8.12
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

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	29.28	(0.45)	(0.45)	8.12
2016	29.28	0.24	0.24	8.34
2017	29.28	0.35	0.35	8.71
2018	29.28	(0.09)	(0.09)	8.57
2019	29.28	(1.45)	(1.45)	7.37
2020	29.28	0.21	0.21	7.58
2021	29.28	(0.19)	(0.19)	7.37
2022	29.28	0.21	0.21	8.29
2023	53.00	1.14	1.14	10.56
2024	53.00	0.57	0.57	11.41

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2015	More than 100	More than 100
Q2 2015	More than 100	More than 100
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	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

Period	P/E	Adjusted P/E
2015	NEG	NEG
2016	More than 100	More than 100
2017	More than 100	More than 100
2018	NEG	NEG
2019	NEG	NEG
2020	More than 100	More than 100
2021	NEG	NEG
2022	More than 100	More than 100
2023	13.29	13.29
2024	23.56	23.56

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 2015	32.97	113.39	14.83	21.21	10.22	4.27	-	-
Q2 2015	43.81	12.14	19.97	2.75	8.08	4.41	-	-
Q3 2015	140.61	104.84	9.25	1.71	7.15	4.32	-	-
Q4 2015	24.99	40.27	10.31	6.07	10.70	5.68	-	-
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

Period	Medical Insurance	Comprehensive Motor Insurance	Fire insurance	Insurance - Engineering	Marine Insurance	Other classes	Property & Accidents Insurance	Protection & Savings Insurance
2014	173.14	341.50	35.20	39.08	38.77	16.54	-	-
2015	242.38	270.64	54.37	31.73	36.15	18.68	-	-
2016	156.72	180.03	26.66	21.06	19.23	15.40	-	-
2017	136.94	114.00	17.43	19.19	13.78	13.06	-	-
2018	150.90	135.63	24.14	15.90	12.68	11.53	-	-
2019	161.45	106.54	22.65	15.96	11.25	14.57	-	-
2020	129.29	130.92	35.50	25.15	9.89	15.67	-	-
2021	166.08	145.23	54.83	19.08	12.92	24.19	-	-
2022	441.21	163.81	-	-	-	-	127.42	0.75
2023	478.64	161.38	-	-	-	-	282.68	0.88

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AICC profit down 50% to SAR 30.1M in 2024; Q4 loss at SAR 4M

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

View other reports

Share Price

Arabia Insurance Cooperative Co. (AICC)

Financial Ratios

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) 2024 Q4

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AICC profit down 50% to SAR 30.1M in 2024; Q4 loss at SAR 4M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

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Share Price

Arabia Insurance Cooperative Co. (AICC)

Financial Ratios

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) Q3 2024

Revenue by Business Segment (Latest) 2024 Q4

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Business Segments - Gross Premium Written (Million)