Allianz SF net profit up to SAR 37M profit in 2023, Q4 at SAR 13.4M

Allianz SF net profit up to SAR 37M profit in 2023, Q4 at SAR 13.4M

17/03/2024 Argaam Exclusive

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Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) reported a net profit of SAR 37 million for 2023, compared to SAR 8.6 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 848.26 960.95 13.3 %
Insurance Revenues 735.65 862.63 17.3 %
Net Profit Before Zakat & Tax 16.69 49.22 194.9 %
Net Income 8.58 36.99 331.3 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.14 0.62 331.3 %

This was fueled by a 52% year-on-year (YoY) rise in net insurance results on improved results of motor and medical segments.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 227.35 166.51 (26.8 %)
Insurance Revenues 202.98 247.29 21.8 %
Net Profit Before Zakat & Tax 9.82 15.39 56.7 %
Net Income 10.39 13.39 28.9 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.17 0.22 28.9 %

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 848.26 960.95 13.3 %
Insurance Revenues 735.65 862.63 17.3 %
Insurance Services Income 4.60 30.20 556.5 %
Investment Income 27.77 96.90 248.9 %
Net Profit of Insurance Services and Investment 25.86 72.99 182.3 %

Q4 2023 net profit increased by 29% YoY to SAR 13.4 million, from SAR 10.39 million.

 

On a quarterly basis, net profit surged by 273.7% from SAR 3.58 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 786.48 million by Dec. 31, 2023, compared to SAR 779.54 million a year earlier.

 

View More Financial Results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2014 (5.88) (337.7 %) (0.10) (5.26) (249.9 %)
Q2 2014 1.68 (43.1 %) 0.03 2.27 (38.0 %)
Q3 2014 6.10 119.0 % 0.10 7.48 85.0 %
Q4 2014 9.62 1623.8 % 0.16 11.40 612.8 %
Q1 2015 4.28 172.8 % 0.07 5.54 205.2 %
Q2 2015 4.57 172.0 % 0.08 5.71 151.3 %
Q3 2015 4.18 (31.4 %) 0.07 5.49 (26.6 %)
Q4 2015 5.55 (42.3 %) 0.09 7.10 (37.7 %)
Q1 2016 5.28 23.5 % 0.09 6.76 22.1 %
Q2 2016 5.15 12.8 % 0.09 6.29 10.2 %
Q3 2016 4.91 17.2 % 0.08 6.31 14.9 %
Q4 2016 3.73 (32.9 %) 0.06 5.07 (28.6 %)
Q1 2017 7.15 35.4 % 0.12 8.82 30.4 %
Q2 2017 6.02 16.9 % 0.10 7.79 24.0 %
Q3 2017 6.39 30.2 % 0.11 7.98 26.4 %
Q4 2017 7.77 108.6 % 0.13 10.33 103.8 %
Q1 2018 8.08 13.0 % 0.13 9.67 9.7 %
Q2 2018 9.89 64.2 % 0.16 9.55 22.5 %
Q3 2018 7.85 22.9 % 0.13 9.23 15.7 %
Q4 2018 5.72 (26.4 %) 0.10 8.60 (16.8 %)
Q1 2019 8.87 9.8 % 0.15 11.22 16.0 %
Q2 2019 4.90 (50.4 %) 0.08 6.78 (29.0 %)
Q3 2019 6.13 (21.9 %) 0.10 8.32 (9.9 %)
Q4 2019 11.84 107.0 % 0.20 15.30 77.9 %
Q1 2020 (15.65) (276.4 %) (0.26) (14.97) (233.4 %)
Q2 2020 9.40 91.7 % 0.16 10.39 53.3 %
Q3 2020 (12.35) (301.4 %) (0.21) (10.30) (223.9 %)
Q4 2020 (8.75) (173.9 %) (0.15) (2.75) (118.0 %)
Q1 2021 2.31 114.8 % 0.04 4.75 131.7 %
Q2 2021 1.28 (86.4 %) 0.02 3.78 (63.6 %)
Q3 2021 (3.32) 73.1 % (0.06) (1.06) 89.7 %
Q4 2021 5.35 161.1 % 0.09 9.02 427.7 %
Q1 2022 (3.85) (266.8 %) (0.06) (1.46) (130.7 %)
Q2 2022 (8.12) (734.6 %) (0.14) (4.82) (227.5 %)
Q3 2022 10.16 406.0 % 0.17 13.16 1339.2 %
Q4 2022 10.39 94.2 % 0.17 9.82 8.9 %
Q1 2023 9.60 349.2 % 0.16 13.51 1026.0 %
Q2 2023 10.41 228.1 % 0.17 13.17 373.0 %
Q3 2023 3.58 (64.7 %) 0.06 7.16 (45.6 %)
Q4 2023 13.39 28.9 % 0.22 15.39 56.7 %
2023 36.99 331.3 % 0.62 49.22 194.9 %

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 2014 180.96 6.9 % - - - -
Q2 2014 221.72 8.9 % - - - -
Q3 2014 115.65 (17.8 %) - - - -
Q4 2014 206.78 (10.9 %) - - - -
Q1 2015 180.45 (0.3 %) - - - -
Q2 2015 249.31 12.4 % - - - -
Q3 2015 175.72 51.9 % - - - -
Q4 2015 197.73 (4.4 %) - - - -
Q1 2016 158.60 (12.1 %) - - - -
Q2 2016 271.79 9.0 % - - - -
Q3 2016 179.52 2.2 % - - - -
Q4 2016 226.37 14.5 % - - - -
Q1 2017 299.54 88.9 % - - - -
Q2 2017 227.03 (16.5 %) - - - -
Q3 2017 147.14 (18.0 %) - - - -
Q4 2017 251.83 11.2 % - - - -
Q1 2018 298.48 (0.4 %) - - - -
Q2 2018 224.83 (1.0 %) - - - -
Q3 2018 140.58 (4.5 %) - - - -
Q4 2018 206.83 (17.9 %) - - - -
Q1 2019 358.92 20.2 % - - - -
Q2 2019 288.39 28.3 % - - - -
Q3 2019 166.41 18.4 % - - - -
Q4 2019 197.95 (4.3 %) - - - -
Q1 2020 205.63 (42.7 %) - - - -
Q2 2020 212.41 (26.3 %) - - - -
Q3 2020 113.80 (31.6 %) - - - -
Q4 2020 142.89 (27.8 %) - - - -
Q1 2021 228.67 11.2 % - - - -
Q2 2021 246.42 16.0 % - - - -
Q3 2021 112.34 (1.3 %) - - - -
Q4 2021 175.69 23.0 % - - - -
Q1 2022 209.87 (8.2 %) (4.57) - 0.63 -
Q2 2022 262.02 6.3 % (13.13) - (5.42) -
Q3 2022 149.02 32.7 % 1.58 - 13.65 -
Q4 2022 227.35 29.4 % 20.72 - 16.99 -
Q1 2023 263.97 25.8 % 13.16 388.1 % 19.07 2913.3 %
Q2 2023 276.57 5.6 % 10.26 178.2 % 26.57 590.2 %
Q3 2023 253.89 70.4 % 1.07 (32.0 %) 14.29 4.7 %
Q4 2023 166.51 (26.8 %) 42.72 106.1 % 40.39 137.7 %
2023 960.95 13.3 % 30.20 556.8 % 72.99 182.3 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 60.00 0.01 0.01 2.80
Q2 2014 60.00 (0.01) (0.01) 2.83
Q3 2014 60.00 0.04 0.04 2.92
Q4 2014 60.00 0.19 0.19 3.08
Q1 2015 60.00 0.36 0.36 3.17
Q2 2015 60.00 0.41 0.41 3.22
Q3 2015 60.00 0.38 0.38 3.28
Q4 2015 60.00 0.31 0.31 3.35
Q1 2016 60.00 0.33 0.33 3.45
Q2 2016 60.00 0.34 0.34 3.56
Q3 2016 60.00 0.35 0.35 3.66
Q4 2016 60.00 0.32 0.32 3.69
Q1 2017 60.00 0.35 0.35 3.83
Q2 2017 60.00 0.36 0.36 3.94
Q3 2017 60.00 0.39 0.39 4.05
Q4 2017 60.00 0.46 0.46 4.19
Q1 2018 60.00 0.47 0.47 4.27
Q2 2018 60.00 0.54 0.54 4.38
Q3 2018 60.00 0.56 0.56 4.46
Q4 2018 60.00 0.53 0.53 4.69
Q1 2019 60.00 0.54 0.54 4.78
Q2 2019 60.00 0.46 0.46 5.10
Q3 2019 60.00 0.43 0.43 5.23
Q4 2019 60.00 0.53 0.53 5.45
Q1 2020 60.00 0.12 0.12 5.10
Q2 2020 60.00 0.20 0.20 5.47
Q3 2020 60.00 (0.11) (0.11) 11.87
Q4 2020 60.00 (0.46) (0.46) 11.69
Q1 2021 60.00 (0.16) (0.16) 11.65
Q2 2021 60.00 (0.29) (0.29) 11.70
Q3 2021 60.00 (0.14) (0.14) 11.65
Q4 2021 60.00 0.09 0.09 11.70
Q1 2022 60.00 (0.01) (0.01) 12.36
Q2 2022 60.00 (0.17) (0.17) 12.02
Q3 2022 60.00 0.06 0.06 12.03
Q4 2022 60.00 0.14 0.14 12.43
Q1 2023 60.00 0.37 0.37 12.82
Q2 2023 60.00 0.68 0.68 12.88
Q3 2023 60.00 0.57 0.57 12.76
Q4 2023 60.00 0.62 0.62 13.34

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2014 More than 100 More than 100
Q2 2014 NEG NEG
Q3 2014 More than 100 More than 100
Q4 2014 More than 100 More than 100
Q1 2015 More than 100 More than 100
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 More than 100 More than 100
Q2 2016 More than 100 More than 100
Q3 2016 32.72 32.72
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 43.26 43.26
Q1 2018 42.03 42.03
Q2 2018 30.22 30.22
Q3 2018 24.74 24.74
Q4 2018 32.69 32.69
Q1 2019 31.84 31.84
Q2 2019 30.04 30.04
Q3 2019 39.50 39.50
Q4 2019 30.15 30.15
Q1 2020 More than 100 More than 100
Q2 2020 More than 100 More than 100
Q3 2020 NEG NEG
Q4 2020 NEG NEG
Q1 2021 NEG NEG
Q2 2021 NEG NEG
Q3 2021 NEG NEG
Q4 2021 More than 100 More than 100
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 More than 100 More than 100
Q4 2022 More than 100 More than 100
Q1 2023 39.21 39.21
Q2 2023 25.35 25.35
Q3 2023 30.86 30.86
Q4 2023 28.06 28.06

Business Segments - Gross Premium Written (Million)

Compared With The
Period Comprehensive Motor Insurance Medical Insurance Property & casualty GROUP LIFE Term Life Protection..
Q1 2014 46.91 21.74 24.72 - - -
Q2 2014 60.98 19.07 37.57 - - -
Q3 2014 26.11 9.05 29.17 - - -
Q4 2014 21.17 5.44 23.43 - - -
Q1 2015 39.78 16.08 38.44 - - -
Q2 2015 57.09 37.61 57.55 - - -
Q3 2015 40.36 33.18 17.01 - - -
Q4 2015 61.75 16.27 30.00 - - -
Q1 2016 63.52 16.87 26.93 - - -
Q2 2016 84.75 38.01 55.05 - - -
Q3 2016 58.25 27.63 16.93 - - -
Q4 2016 92.46 41.32 26.28 - - -
Q1 2017 199.70 14.75 24.38 - - -
Q2 2017 73.68 18.50 49.93 - - -
Q3 2017 52.63 29.50 20.99 - - -
Q4 2017 102.13 41.59 35.12 - - -
Q1 2018 180.02 28.73 63.02 - - -
Q2 2018 48.76 30.11 103.26 - - -
Q3 2018 51.81 27.86 36.24 - - -
Q4 2018 116.39 24.16 41.81 - - -
Q1 2019 232.08 44.91 55.61 - - -
Q2 2019 79.36 64.19 97.14 - - -
Q3 2019 51.52 54.88 37.80 - - -
Q4 2019 106.10 26.18 43.14 - - -
Q1 2020 57.91 56.95 63.17 - - -
Q2 2020 44.72 50.35 59.92 - - -
Q3 2020 26.93 33.77 32.85 - - -
Q4 2020 52.29 35.22 34.76 - - -
Q1 2021 48.17 48.98 101.96 - - -
Q2 2021 36.26 64.19 72.05 - - -
Q3 2021 37.57 24.29 29.15 - - -
Q4 2021 67.34 61.66 27.16 - - -
Q1 2022 64.98 45.02 69.50 11.37 19.00 -
Q2 2022 46.35 66.78 62.20 68.18 18.51 -
Q3 2022 44.90 51.64 33.51 1.16 17.82 -
Q4 2022 84.44 46.09 74.34 4.91 17.58 -
Q1 2023 113.53 73.23 56.99 2.38 17.85 -
Q2 2023 54.54 85.17 54.29 65.43 7.60 9.52
Q3 2023 57.40 122.01 55.55 1.12 17.82 -
Q4 2023 42.91 62.66 39.55 2.95 18.45 -


Financial Ratios
Current
Market Cap (M) 900.00
Shares Outstanding (M) 60.00
EPS ( Riyal) (TTM) 0.48
Book Value (BV) ( Riyal) 13.47
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 31.58
P/E (TTM) 31.58
Price/Book 1.11
Return on Average Assets (%) (TTM) 1.3
Return on Average Equity (%) (TTM) 3.6
Return on Market Cap (%) 3.0
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Mutakamela Insurance Co. (MUTAKAMELA)

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