LIVA turns to SAR 11.2M profit in 2023; Q4 at SAR 6.7M

21/03/2024 Argaam Exclusive

LIVA Insurance Co. swung to a net profit of SAR 11.2 million in 2023, from a net loss of SAR 42.9 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 455.53 522.11 14.6 %
Insurance Revenues 337.95 513.63 52.0 %
Net Profit Before Zakat & Tax (37.24) 17.43 146.8 %
Net Income (42.95) 11.26 126.2 %
Average Shares 40.00 40.00 -
EPS (Riyals) (1.07) 0.28 126.2 %

Insurance revenues grew by 51.99% (SAR 175.68 million) year-on-year (YoY). The insurance services results also improved 87.73% to SAR 42.11 million compared with a year earlier.

 

Investment revenues leapt 105.79% YoY to SAR 24.94 million, and other income was up 7.96% to SAR 19.39 million.

 

However, net expenses from reinsurance contracts held during the current year amounted to SAR 86.68 million, up 7.60% YoY.

 

Net insurance finance expenses reached SAR 3.56 million, compared to SAR 321,000 a year earlier.

 

Operating expenses were up 8.11% YoY to SAR 17.45 million.

 

Q4 2023 earnings reached SAR 6.7 million, falling 47% from SAR 12.56 million in Q4 2022.

 

Compared with the previous quarter, the Q4 earnings soared from SAR 2.63 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 138.47 114.74 (17.1 %)
Insurance Revenues 108.00 130.73 21.0 %
Net Profit Before Zakat & Tax 14.31 7.47 (47.8 %)
Net Income 12.56 6.65 (47.0 %)
Average Shares 40.00 40.00 -
EPS (Riyals) 0.31 0.17 (47.0 %)

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 455.53 522.11 14.6 %
Insurance Revenues 337.95 513.63 52.0 %
Insurance Services Income (48.01) (5.89) 87.7 %
Investment Income 12.12 24.94 105.8 %
Net Profit of Insurance Services and Investment (36.21) 15.49 142.8 %

Shareholders’ equity, no minority interest, reached SAR 389.9 million as of Dec. 31, 2023, compared to SAR 333.4 million in the year-earlier period.

 

Accumulated losses reached SAR 55.14 million by the end of the 12-month period, representing 14% of the company’s capital.

 

View more financial results

 

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Share Price

LIVA Insurance Co.
17.32
0.26 1.52 %

LIVA Insurance Co. (LIVA)

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Financial Ratios
Current
Market Cap (M) 692.80
Shares Outstanding (M) 40.00
EPS ( Riyal) (TTM) 0.72
Book Value (BV) ( Riyal) 10.30
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.21
P/E (TTM) 24.21
Price/Book 1.68
Return on Average Assets (%) (TTM) 3.4
Return on Average Equity (%) (TTM) 7.2
Return on Market Cap (%) 3.8
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2014 (16.98) (1069.2 %) (0.42) (16.51) (785.2 %)
Q2 2014 (10.15) (19.4 %) (0.25) (9.79) (24.1 %)
Q3 2014 (3.84) 51.4 % (0.10) (3.50) 52.8 %
Q4 2014 1.27 113.5 % 0.03 1.69 118.8 %
Q1 2015 1.49 108.7 % 0.04 2.07 112.6 %
Q2 2015 8.21 180.8 % 0.21 9.78 199.8 %
Q3 2015 9.89 357.2 % 0.25 11.23 420.7 %
Q4 2015 0.12 (90.5 %) 0.00 4.20 148.3 %
Q1 2016 13.40 802.5 % 0.34 15.74 659.7 %
Q2 2016 11.23 36.8 % 0.28 13.46 37.7 %
Q3 2016 10.02 1.4 % 0.25 12.21 8.8 %
Q4 2016 3.24 2577.0 % 0.08 4.94 17.6 %
Q1 2017 16.54 23.4 % 0.41 16.54 5.1 %
Q2 2017 3.92 (65.1 %) 0.10 7.11 (47.2 %)
Q3 2017 4.85 (51.6 %) 0.12 8.81 (27.8 %)
Q4 2017 10.77 232.4 % 0.27 12.02 143.5 %
Q1 2018 8.24 (50.2 %) 0.21 10.55 (36.2 %)
Q2 2018 3.73 (5.0 %) 0.09 6.19 (13.0 %)
Q3 2018 5.28 8.9 % 0.13 7.86 (10.8 %)
Q4 2018 4.17 (61.3 %) 0.10 6.67 (44.5 %)
Q1 2019 5.46 (33.7 %) 0.14 7.78 (26.3 %)
Q2 2019 5.29 42.0 % 0.13 7.49 21.0 %
Q3 2019 3.05 (42.3 %) 0.08 5.21 (33.8 %)
Q4 2019 1.15 (72.4 %) 0.03 3.19 (52.2 %)
Q1 2020 1.19 (78.3 %) 0.03 3.44 (55.8 %)
Q2 2020 1.76 (66.8 %) 0.04 4.19 (44.0 %)
Q3 2020 0.84 (72.5 %) 0.02 2.33 (55.3 %)
Q4 2020 (9.93) (963.4 %) (0.25) (8.51) (366.9 %)
Q1 2021 0.50 (57.8 %) 0.01 2.45 (28.7 %)
Q2 2021 (3.32) (288.6 %) (0.08) (1.63) (138.8 %)
Q3 2021 (19.64) (2441.2 %) (0.49) (17.36) (845.8 %)
Q4 2021 (12.92) (30.1 %) (0.32) (11.13) (30.7 %)
Q1 2022 (11.50) (2394.8 %) (0.29) (9.93) (505.1 %)
Q2 2022 (25.15) (658.5 %) (0.63) (24.12) (1,383.4 %)
Q3 2022 (18.86) 4.0 % (0.47) (17.50) (0.8 %)
Q4 2022 12.56 197.2 % 0.31 14.31 228.6 %
Q1 2023 (0.87) 92.5 % (0.02) 0.93 109.4 %
Q2 2023 2.84 111.3 % 0.07 4.39 118.2 %
Q3 2023 2.63 114.0 % 0.07 4.63 126.5 %
Q4 2023 6.65 (47.0 %) 0.17 7.47 (47.8 %)
2023 11.26 126.2 % 0.28 17.43 146.8 %

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 2014 78.76 (3.0 %) - - - -
Q2 2014 70.28 2.7 % - - - -
Q3 2014 95.71 (5.7 %) - - - -
Q4 2014 90.45 13.5 % - - - -
Q1 2015 117.59 49.3 % - - - -
Q2 2015 88.09 25.4 % - - - -
Q3 2015 106.89 11.7 % - - - -
Q4 2015 89.46 (1.1 %) - - - -
Q1 2016 109.04 (7.3 %) - - - -
Q2 2016 49.80 (43.5 %) - - - -
Q3 2016 64.23 (39.9 %) - - - -
Q4 2016 87.68 (2.0 %) - - - -
Q1 2017 86.32 (20.8 %) - - - -
Q2 2017 48.12 (3.4 %) - - - -
Q3 2017 57.16 (11.0 %) - - - -
Q4 2017 71.77 (18.1 %) - - - -
Q1 2018 100.74 16.7 % - - - -
Q2 2018 56.33 17.1 % - - - -
Q3 2018 55.00 (3.8 %) - - - -
Q4 2018 81.16 13.1 % - - - -
Q1 2019 71.08 (29.4 %) - - - -
Q2 2019 40.57 (28.0 %) - - - -
Q3 2019 55.53 1.0 % - - - -
Q4 2019 51.85 (36.1 %) - - - -
Q1 2020 52.10 (26.7 %) - - - -
Q2 2020 31.71 (21.9 %) - - - -
Q3 2020 52.57 (5.3 %) - - - -
Q4 2020 55.13 6.3 % - - - -
Q1 2021 50.34 (3.4 %) - - - -
Q2 2021 57.47 81.3 % - - - -
Q3 2021 95.11 80.9 % - - - -
Q4 2021 60.72 10.1 % - - - -
Q1 2022 72.76 44.5 % (9.31) - (7.45) -
Q2 2022 86.70 50.8 % (22.57) - (20.42) -
Q3 2022 157.61 65.7 % (22.62) - (19.56) -
Q4 2022 138.47 128.0 % 6.49 - 11.23 -
Q1 2023 161.90 122.5 % (4.29) 53.9 % 0.35 104.7 %
Q2 2023 102.82 18.6 % (0.51) 97.7 % 4.53 122.2 %
Q3 2023 - - 4.34 119.2 % 9.57 148.9 %
Q4 2023 114.74 (17.1 %) 0.72 (89.0 %) 7.18 (36.0 %)
2023 522.11 14.6 % (5.89) 87.7 % 15.49 142.8 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 40.00 (1.07) (1.07) 2.41
Q2 2014 40.00 (1.11) (1.11) 2.16
Q3 2014 40.00 (1.01) (1.01) 2.05
Q4 2014 40.00 (0.74) (0.74) 2.07
Q1 2015 40.00 (0.28) (0.28) 6.89
Q2 2015 40.00 0.18 0.18 7.08
Q3 2015 40.00 0.52 0.52 7.33
Q4 2015 40.00 0.49 0.49 7.31
Q1 2016 40.00 0.79 0.79 7.66
Q2 2016 40.00 0.87 0.87 7.95
Q3 2016 40.00 0.87 0.87 8.21
Q4 2016 40.00 0.95 0.95 8.27
Q1 2017 40.00 1.03 1.03 8.63
Q2 2017 40.00 0.84 0.84 8.79
Q3 2017 40.00 0.71 0.71 8.91
Q4 2017 40.00 0.90 0.90 9.17
Q1 2018 40.00 0.69 0.69 9.37
Q2 2018 40.00 0.69 0.69 9.44
Q3 2018 40.00 0.70 0.70 9.58
Q4 2018 40.00 0.54 0.54 9.73
Q1 2019 40.00 0.47 0.47 9.87
Q2 2019 40.00 0.51 0.51 10.08
Q3 2019 40.00 0.45 0.45 10.18
Q4 2019 40.00 0.37 0.37 10.20
Q1 2020 40.00 0.27 0.27 10.25
Q2 2020 40.00 0.18 0.18 10.32
Q3 2020 40.00 0.12 0.12 10.33
Q4 2020 40.00 (0.15) (0.15) 10.09
Q1 2021 40.00 (0.17) (0.17) 10.11
Q2 2021 40.00 (0.30) (0.30) 10.02
Q3 2021 40.00 (0.81) (0.81) 9.51
Q4 2021 40.00 (0.88) (0.88) 9.15
Q1 2022 40.00 (1.18) (1.18) 9.17
Q2 2022 40.00 (1.73) (1.73) 8.53
Q3 2022 40.00 (1.71) (1.71) 7.96
Q4 2022 40.00 (1.07) (1.07) 8.34
Q1 2023 40.00 (0.81) (0.81) 9.36
Q2 2023 40.00 (0.11) (0.11) 9.43
Q3 2023 40.00 0.43 0.43 9.49
Q4 2023 40.00 0.28 0.28 9.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2014 NEG NEG
Q2 2014 NEG NEG
Q3 2014 NEG NEG
Q4 2014 NEG NEG
Q1 2015 NEG NEG
Q2 2015 More than 100 More than 100
Q3 2015 More than 100 More than 100
Q4 2015 More than 100 More than 100
Q1 2016 40.50 40.50
Q2 2016 33.37 33.37
Q3 2016 22.65 22.65
Q4 2016 26.02 26.02
Q1 2017 23.20 23.20
Q2 2017 30.35 30.35
Q3 2017 41.06 41.06
Q4 2017 26.84 26.84
Q1 2018 37.56 37.56
Q2 2018 45.69 45.69
Q3 2018 More than 100 More than 100
Q4 2018 More than 100 More than 100
Q1 2019 More than 100 More than 100
Q2 2019 45.93 45.93
Q3 2019 40.29 40.29
Q4 2019 49.72 49.72
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 NEG NEG
Q2 2023 NEG NEG
Q3 2023 40.45 40.45
Q4 2023 More than 100 More than 100

Business Segments - Gross Premium Written (Million)

Compared With The
Period Property & casualty Comprehensive Motor Insurance Insurance - Engineering Medical Insurance Marine Insurance life insurance group Others
Q1 2014 22.13 35.48 8.84 (1.09) 6.39 - 7.02
Q2 2014 11.07 34.53 5.70 4.19 7.13 - 7.64
Q3 2014 38.72 27.58 4.60 2.13 7.22 - 15.46
Q4 2014 36.03 28.09 5.82 2.68 6.88 - 10.96
Q1 2015 26.52 64.23 7.27 0.57 9.00 - 9.99
Q2 2015 21.80 38.89 6.93 3.26 6.47 - 10.75
Q3 2015 38.97 39.02 3.38 0.93 10.24 - 14.35
Q4 2015 41.40 24.44 3.08 0.76 9.89 - 9.89
Q1 2016 27.16 49.98 6.83 0.15 9.82 - 15.10
Q2 2016 17.83 12.15 7.25 1.47 5.77 2.22 3.11
Q3 2016 29.06 12.79 2.45 0.02 10.83 (0.02) 9.10
Q4 2016 62.14 9.43 2.20 0.71 8.18 0.17 4.85
Q1 2017 10.90 54.98 8.06 (0.02) 7.40 1.70 3.30
Q2 2017 15.94 17.13 3.70 3.18 4.29 1.97 1.92
Q3 2017 25.46 5.47 2.31 1.24 7.40 7.39 7.89
Q4 2017 39.36 14.07 2.96 0.60 6.91 5.81 2.07
Q1 2018 20.56 56.17 9.44 0.04 4.49 7.54 2.50
Q2 2018 16.09 18.73 4.55 2.00 7.01 6.46 1.50
Q3 2018 17.78 14.88 4.17 0.17 4.44 6.32 7.39
Q4 2018 27.46 20.59 2.31 18.41 3.14 6.88 2.53
Q1 2019 16.13 34.70 6.95 0.66 2.71 8.35 2.02
Q2 2019 9.65 15.17 3.20 2.26 2.48 7.71 0.83
Q3 2019 17.74 13.91 1.63 0.09 4.54 10.77 6.60
Q4 2019 22.39 10.91 1.68 (0.12) 2.23 11.43 3.34
Q1 2020 19.06 8.45 7.00 (0.04) 2.64 13.05 1.94
Q2 2020 11.68 0.84 3.44 0.20 2.45 12.01 1.09
Q3 2020 20.94 4.66 2.58 - 5.35 12.13 7.02
Q4 2020 24.50 8.21 2.14 - 3.65 13.28 2.90
Q1 2021 8.27 21.12 2.86 - 3.66 13.55 1.11
Q2 2021 12.85 24.48 2.88 - 2.74 13.84 0.69
Q3 2021 21.63 41.91 1.34 - 6.72 13.86 9.70
Q4 2021 2.19 38.30 1.55 - 1.85 16.22 0.34
Q1 2022 11.76 44.36 - - - 16.63 -
Q2 2022 21.87 50.13 - - - 14.70 -
Q3 2022 48.49 91.96 - - - 17.15 -
Q4 2022 13.99 105.95 - - - 18.53 -
Q1 2023 17.93 124.97 - - - 19.00 -
Q2 2023 17.48 68.97 - - - 16.37 -
Q3 2023 53.72 85.67 - - - 3.26 -
Q4 2023 30.59 84.02 - - - 0.13 -

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