Al-Etihad Insurance profit down 48% to SAR 49.1M in 2024; Q4 loss at SAR 6.8M

04/03/2025 Argaam Exclusive

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Al-Etihad Cooperative Insurance Co. reported a 48% drop in 2024 net profit to SAR 49.1 million, from SAR 93.9 million in 2023.

Financials (M)

Item	2023	2024	Change‬
Gross Written Premium (GWP)	1,489.05	1,316.81	(11.6 %)
Insurance Revenues	1,202.17	1,489.65	23.9 %
Net Income	93.90	49.13	(47.7 %)
Average Shares	50.00	50.00	-
Earnings Per Share before unusual items	1.88	1.66	(11.5 %)
EPS (Riyals)	1.88	0.98	(47.7 %)

Net insurance service results slipped 29% on a decrease in the company's share in the industry's insurance pools.

Net investment return fell 50% due to the reclassification of a client's receivables into sukuk investment, as a result, a provision for expected credit losses of SAR 34 million was recorded for this sukuk investment. This previously was recorded in the same amount as provision for receivables expected credit losses (classified under the umbrella of insurance revenues). The company confirmed that there is no financial impact on profits from the reclassification of these receivables.

This decrease in income was partially offset by a 24% increase in insurance revenues, mainly attributed to the increase in motor insurance revenues by SAR 289 million. Meanwhile, net insurance finance results fell by 24%, while other income grew to SAR 3.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Gross Written Premium (GWP)	446.22	304.08	(31.9 %)
Insurance Revenues	351.11	325.55	(7.3 %)
Net Income	23.96	(6.78)	(128.3 %)
Average Shares	50.00	50.00	-
Earnings Per Share before unusual items	0.48	(0.14)	(128.3 %)
EPS (Riyals)	0.48	(0.14)	(128.3 %)

Item	Q3 2024	Q4 2024	Change‬
Gross Written Premium (GWP)	487.28	304.08	(37.6 %)
Insurance Revenues	426.32	325.55	(23.6 %)
Net Income	3.87	(6.78)	(275.4 %)
Average Shares	50.00	50.00	-
Earnings Per Share before unusual items	0.76	(0.14)	(117.9 %)
EPS (Riyals)	0.08	(0.14)	(275.4 %)

Insurance Operations

Item	2023	2024	Change‬
Gross Written Premium (GWP)	1,489.05	1,316.81	(11.6 %)
Insurance Revenues	1,202.17	1,489.65	23.9 %
Insurance Services Income	62.79	44.50	(29.1 %)
Investment Income	66.98	33.22	(50.4 %)
Net Profit of Insurance Services and Investment	119.38	69.78	(41.5 %)

In Q4 2024, the company turned to a loss of SAR 6.8 million against a profit of nearly SAR 24 million in Q4 2023.

Sequentially, the insurer swung to losses versus a profit of SAR 3.87 million in Q3 2024.

Shareholders’ equity, no minority interest, rose to SAR 711.65 million as of Dec. 31, 2024, from SAR 671.62 million a year earlier.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2015	0.26	101.9 %	0.01	2.51	119.7 %
Q2 2015	17.40	1260.7 %	0.35	20.40	706.8 %
Q3 2015	0.42	106.3 %	0.01	3.42	163.7 %
Q4 2015	(3.59)	(18996.3 %)	(0.07)	(0.59)	(146.5 %)
2015	14.49	175.1 %	0.29	25.74	280.2 %
Q1 2016	(1.61)	(719.7 %)	(0.03)	1.40	(44.4 %)
Q2 2016	4.62	(73.5 %)	0.09	6.12	(70.0 %)
Q3 2016	25.69	6058.7 %	0.51	27.19	695.8 %
Q4 2016	8.75	343.8 %	0.18	10.25	1837.8 %
2016	37.46	158.5 %	0.75	44.96	74.7 %
Q1 2017	5.57	447.3 %	0.11	8.07	478.7 %
Q2 2017	22.64	390.0 %	0.45	25.14	310.7 %
Q3 2017	16.70	(35.0 %)	0.33	16.70	(38.6 %)
Q4 2017	9.30	6.3 %	0.19	19.30	88.3 %
2017	54.21	44.7 %	1.08	69.21	53.9 %
Q1 2018	20.17	261.8 %	0.40	25.17	211.7 %
Q2 2018	22.39	(1.1 %)	0.45	25.39	1.0 %
Q3 2018	26.22	57.0 %	0.52	31.22	87.0 %
Q4 2018	1.36	(85.4 %)	0.03	6.36	(67.1 %)
2018	70.14	29.4 %	1.40	88.14	27.4 %
Q1 2019	11.98	(40.6 %)	0.24	14.98	(40.5 %)
Q2 2019	15.14	(32.4 %)	0.30	18.14	(28.6 %)
Q3 2019	11.14	(57.5 %)	0.22	14.14	(54.7 %)
Q4 2019	12.05	786.6 %	0.24	17.05	168.1 %
2019	50.31	(28.3 %)	1.01	64.31	(27.0 %)
Q1 2020	15.00	25.2 %	0.30	17.50	16.8 %
Q2 2020	30.33	100.4 %	0.61	33.34	83.8 %
Q3 2020	26.42	137.2 %	0.53	29.92	111.6 %
Q4 2020	(44.14)	(466.2 %)	(0.88)	(40.64)	(338.3 %)
2020	27.61	(45.1 %)	0.55	40.11	(37.6 %)
Q1 2021	11.05	(26.3 %)	0.22	14.55	(16.9 %)
Q2 2021	15.75	(48.1 %)	0.32	19.25	(42.2 %)
Q3 2021	6.23	(76.4 %)	0.12	9.73	(67.5 %)
Q4 2021	0.40	100.9 %	0.01	4.90	112.1 %
2021	33.43	21.1 %	0.67	48.43	20.7 %
Q1 2022	1.86	(83.2 %)	0.04	5.61	(61.5 %)
Q2 2022	(39.04)	(347.9 %)	(0.78)	(34.79)	(280.7 %)
Q3 2022	33.98	445.4 %	0.68	37.98	290.3 %
Q4 2022	15.91	3890.5 %	0.32	22.41	357.4 %
2022	12.70	(62.0 %)	0.25	31.20	(35.6 %)
Q1 2023	12.19	555.6 %	0.24	16.19	188.6 %
Q2 2023	49.57	227.0 %	0.99	53.57	254.0 %
Q3 2023	8.18	(75.9 %)	0.16	10.18	(73.2 %)
Q4 2023	23.96	50.6 %	0.48	23.96	6.9 %
2023	93.90	639.2 %	1.88	103.90	233.0 %
Q1 2024	2.66	(78.2 %)	0.05	4.66	(71.2 %)
Q2 2024	49.39	(0.4 %)	0.99	51.39	(4.1 %)
Q3 2024	3.87	(52.7 %)	0.08	40.87	301.3 %
Q4 2024	(6.78)	(128.3 %)	(0.14)	-	-
2024	49.13	(47.7 %)	0.98	-	-

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2015	14.49	175.1 %	0.29	25.74	280.2 %
2016	37.46	158.5 %	0.75	44.96	74.7 %
2017	54.21	44.7 %	1.08	69.21	53.9 %
2018	70.14	29.4 %	1.40	88.14	27.4 %
2019	50.31	(28.3 %)	1.01	64.31	(27.0 %)
2020	27.61	(45.1 %)	0.55	40.11	(37.6 %)
2021	33.43	21.1 %	0.67	48.43	20.7 %
2022	12.70	(62.0 %)	0.25	31.20	(35.6 %)
2023	93.90	639.2 %	1.88	103.90	233.0 %
2024	49.13	(47.7 %)	0.98	-	-

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	212.21	(16.1 %)	-	-	-	-
Q2 2015	198.75	25.0 %	-	-	-	-
Q3 2015	276.01	40.6 %	-	-	-	-
Q4 2015	159.01	(20.5 %)	-	-	-	-
2015	845.98	4.6 %	-	-	-	-
Q1 2016	302.87	42.7 %	-	-	-	-
Q2 2016	220.94	11.2 %	-	-	-	-
Q3 2016	274.14	(0.7 %)	-	-	-	-
Q4 2016	156.54	(1.6 %)	-	-	-	-
2016	954.48	12.8 %	-	-	-	-
Q1 2017	229.21	(24.3 %)	-	-	-	-
Q2 2017	288.70	30.7 %	-	-	-	-
Q3 2017	102.69	(62.5 %)	-	-	-	-
Q4 2017	210.66	34.6 %	-	-	-	-
2017	831.25	(12.9 %)	-	-	-	-
Q1 2018	232.11	1.3 %	-	-	-	-
Q2 2018	220.80	(23.5 %)	-	-	-	-
Q3 2018	218.23	112.5 %	-	-	-	-
Q4 2018	258.63	22.8 %	-	-	-	-
2018	929.78	11.9 %	-	-	-	-
Q1 2019	204.22	(12.0 %)	-	-	-	-
Q2 2019	187.99	(14.9 %)	-	-	-	-
Q3 2019	235.88	8.1 %	-	-	-	-
Q4 2019	233.85	(9.6 %)	-	-	-	-
2019	861.94	(7.3 %)	-	-	-	-
Q1 2020	153.11	(25.0 %)	-	-	-	-
Q2 2020	155.02	(17.5 %)	-	-	-	-
Q3 2020	202.31	(14.2 %)	-	-	-	-
Q4 2020	231.23	(1.1 %)	-	-	-	-
2020	741.67	(14.0 %)	-	-	-	-
Q1 2021	185.63	21.2 %	-	-	-	-
Q2 2021	157.43	1.6 %	-	-	-	-
Q3 2021	251.25	24.2 %	-	-	-	-
Q4 2021	271.17	17.3 %	-	-	-	-
2021	865.48	16.7 %	-	-	-	-
Q1 2022	301.41	62.4 %	(12.90)	-	8.00	-
Q2 2022	282.93	79.7 %	(20.97)	-	(32.06)	-
Q3 2022	330.91	31.7 %	23.85	-	40.87	-
Q4 2022	261.45	(3.6 %)	30.92	-	27.59	-
2022	1,176.70	36.0 %	20.91	-	44.40	-
Q1 2023	238.04	(21.0 %)	9.86	176.4 %	19.08	138.3 %
Q2 2023	312.80	10.6 %	58.06	376.9 %	67.41	310.3 %
Q3 2023	491.99	48.7 %	3.29	(86.2 %)	12.00	(70.6 %)
Q4 2023	446.22	70.7 %	(13.68)	(144.2 %)	20.90	(24.3 %)
2023	1,489.05	26.5 %	62.79	200.4 %	119.38	168.9 %
Q1 2024	301.69	26.7 %	(17.76)	(280.1 %)	6.48	(66.0 %)
Q2 2024	223.76	(28.5 %)	44.21	(23.9 %)	56.24	(16.6 %)
Q3 2024	487.28	(1.0 %)	29.74	804.2 %	10.43	(13.1 %)
Q4 2024	304.08	(31.9 %)	(11.69)	14.5 %	(3.37)	(116.1 %)
2024	1,316.81	(11.6 %)	44.50	(29.1 %)	69.78	(41.5 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2015	845.98	4.6 %	-	-	-	-
2016	954.48	12.8 %	-	-	-	-
2017	831.25	(12.9 %)	-	-	-	-
2018	929.78	11.9 %	-	-	-	-
2019	861.94	(7.3 %)	-	-	-	-
2020	741.67	(14.0 %)	-	-	-	-
2021	865.48	16.7 %	-	-	-	-
2022	1,176.70	36.0 %	20.91	-	44.40	-
2023	1,489.05	26.5 %	62.79	200.4 %	119.38	168.9 %
2024	1,316.81	(11.6 %)	44.50	(29.1 %)	69.78	(41.5 %)

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	50.00	(0.10)	(0.10)	4.88
Q2 2015	50.00	0.22	0.22	5.31
Q3 2015	50.00	0.36	0.36	5.14
Q4 2015	50.00	0.29	0.29	5.05
Q1 2016	50.00	0.25	0.25	5.03
Q2 2016	50.00	0.00	0.00	5.18
Q3 2016	50.00	0.50	0.50	5.64
Q4 2016	50.00	0.75	0.75	5.95
Q1 2017	50.00	0.89	0.89	6.17
Q2 2017	50.00	1.25	1.25	6.64
Q3 2017	50.00	1.07	1.07	6.97
Q4 2017	50.00	1.08	1.08	7.13
Q1 2018	50.00	1.38	1.38	7.67
Q2 2018	50.00	1.37	1.37	8.14
Q3 2018	50.00	1.56	1.56	8.64
Q4 2018	50.00	1.40	1.40	8.65
Q1 2019	50.00	1.24	1.24	8.96
Q2 2019	50.00	1.09	1.09	9.21
Q3 2019	50.00	0.79	0.79	9.35
Q4 2019	50.00	1.01	1.01	9.61
Q1 2020	50.00	1.07	1.07	9.66
Q2 2020	50.00	1.37	1.37	10.37
Q3 2020	50.00	1.68	1.68	11.03
Q4 2020	50.00	0.55	1.92	10.25
Q1 2021	50.00	0.47	1.84	10.60
Q2 2021	50.00	0.18	1.55	11.02
Q3 2021	50.00	(0.22)	1.14	11.28
Q4 2021	50.00	0.67	0.67	11.09
Q1 2022	50.00	0.48	0.48	10.49
Q2 2022	50.00	(0.61)	(0.61)	9.72
Q3 2022	50.00	(0.06)	(0.06)	10.40
Q4 2022	50.00	0.25	0.25	10.73
Q1 2023	50.00	0.46	0.46	11.73
Q2 2023	50.00	2.23	2.23	12.72
Q3 2023	50.00	1.72	1.72	12.89
Q4 2023	50.00	1.88	1.88	13.43
Q1 2024	50.00	1.69	1.69	13.49
Q2 2024	50.00	1.68	1.68	13.93
Q3 2024	50.00	1.60	2.28	14.01
Q4 2024	50.00	0.98	1.66	14.23

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	50.00	0.29	0.29	5.05
2016	50.00	0.75	0.75	5.95
2017	50.00	1.08	1.08	7.13
2018	50.00	1.40	1.40	8.65
2019	50.00	1.01	1.01	9.61
2020	50.00	0.55	1.92	10.25
2021	50.00	0.67	0.67	11.09
2022	50.00	0.25	0.25	10.73
2023	50.00	1.88	1.88	13.43
2024	50.00	0.98	1.66	14.23

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2015	NEG	NEG
Q2 2015	More than 100	More than 100
Q3 2015	29.63	29.63
Q4 2015	40.88	40.88
Q1 2016	30.98	30.98
Q2 2016	NEG	NEG
Q3 2016	10.48	10.48
Q4 2016	12.50	12.50
Q1 2017	11.07	11.07
Q2 2017	7.42	7.42
Q3 2017	10.79	10.79
Q4 2017	9.92	9.92
Q1 2018	8.65	8.65
Q2 2018	9.35	9.35
Q3 2018	7.97	7.97
Q4 2018	9.84	9.84
Q1 2019	10.98	10.98
Q2 2019	10.98	10.98
Q3 2019	13.91	13.91
Q4 2019	11.69	11.69
Q1 2020	9.30	9.30
Q2 2020	8.19	8.19
Q3 2020	11.04	11.04
Q4 2020	35.60	10.25
Q1 2021	40.70	10.48
Q2 2021	More than 100	12.68
Q3 2021	NEG	16.12
Q4 2021	23.76	23.76
Q1 2022	34.15	34.15
Q2 2022	NEG	NEG
Q3 2022	NEG	NEG
Q4 2022	More than 100	More than 100
Q1 2023	30.48	30.48
Q2 2023	7.09	7.09
Q3 2023	10.94	10.94
Q4 2023	8.82	8.82
Q1 2024	13.12	13.12
Q2 2024	10.74	10.74
Q3 2024	11.44	8.03
Q4 2024	17.71	10.47

Period	P/E	Adjusted P/E
2015	40.88	40.88
2016	12.50	12.50
2017	9.92	9.92
2018	9.84	9.84
2019	11.69	11.69
2020	35.60	10.25
2021	23.76	23.76
2022	More than 100	More than 100
2023	8.82	8.82
2024	17.71	10.47

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty
Q1 2015	8.33	137.96	-
Q2 2015	14.14	150.87	-
Q3 2015	20.39	222.89	-
Q4 2015	23.37	108.58	-
Q1 2016	59.90	186.33	-
Q2 2016	85.45	110.85	-
Q3 2016	77.94	177.40	-
Q4 2016	50.02	91.75	-
Q1 2017	40.28	158.18	-
Q2 2017	74.92	194.43	-
Q3 2017	48.50	38.84	-
Q4 2017	72.47	126.51	-
Q1 2018	31.98	181.29	-
Q2 2018	48.90	156.57	-
Q3 2018	34.74	171.39	-
Q4 2018	58.24	190.02	-
Q1 2019	30.16	155.55	-
Q2 2019	41.56	136.09	-
Q3 2019	73.29	148.46	-
Q4 2019	64.52	157.42	-
Q1 2020	33.71	103.59	-
Q2 2020	32.09	116.29	-
Q3 2020	70.50	117.15	-
Q4 2020	83.45	135.35	-
Q1 2021	79.93	82.74	-
Q2 2021	64.07	82.33	-
Q3 2021	153.75	86.35	-
Q4 2021	124.65	132.10	-
Q1 2022	118.48	166.30	16.63
Q2 2022	116.70	155.78	10.45
Q3 2022	179.17	137.29	14.45
Q4 2022	104.52	135.48	21.45
Q1 2023	84.59	126.45	26.99
Q2 2023	95.35	194.50	22.95
Q3 2023	165.72	287.66	38.62
Q4 2023	94.60	328.59	23.03
Q1 2024	56.15	209.08	36.47
Q2 2024	50.91	150.89	21.96
Q3 2024	270.96	176.57	39.75

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty
2014	245.88	375.65	-
2015	66.23	620.30	-
2016	273.31	566.33	-
2017	236.17	517.97	-
2018	173.85	699.28	-
2019	209.53	597.51	-
2020	219.76	472.38	-
2021	422.41	383.51	-
2022	518.87	594.85	62.98
2023	440.26	937.20	111.59

Financial Ratios

	Current
Market Cap (M)	746.00
Shares Outstanding (M)	50.00
EPS ( Riyal) (TTM)	0.98
Book Value (BV) ( Riyal)	14.23
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	8.97
P/E (TTM)	15.18
Price/Book	1.05
Return on Average Assets (%) (TTM)	2.8
Return on Average Equity (%) (TTM)	7.1
Return on Market Cap (%)	5.6

Al-Etihad Cooperative Insurance Co. (ALETIHAD)

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Al-Etihad Insurance profit down 48% to SAR 49.1M in 2024; Q4 loss at SAR 6.8M

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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) 2024 Q4

Financial Ratios

Share Price

Al-Etihad Cooperative Insurance Co. (ALETIHAD)

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Al-Etihad Insurance profit down 48% to SAR 49.1M in 2024; Q4 loss at SAR 6.8M

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Comments Analysis:

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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) Q3 2024

Revenue by Business Segment (Latest) 2024 Q4

Financial Ratios

Share Price

Al-Etihad Cooperative Insurance Co. (ALETIHAD)

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Business Segments - Gross Premium Written (Million)