Saudi Re’s profit rises to SAR 31.8M in Q1 2024

09/05/2024 Argaam Exclusive

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Saudi Reinsurance Co.’s (Saudi Re) net profit rose to SAR 31.8 million by the end of the first quarter of 2024 from SAR 11.2 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	1,070.78	1,190.00	11.1 %
Insurance Revenues	129.29	206.95	60.1 %
Net Profit Before Zakat & Tax	15.91	37.55	136.0 %
Net Income	11.20	31.79	183.9 %
Average Shares	89.10	89.10	-
EPS (Riyals)	0.13	0.36	183.9 %

Item	Q4 2023	Q1 2024	Change‬
Insurance Revenues	133.23	206.95	55.3 %
Net Profit Before Zakat & Tax	37.06	37.55	1.3 %
Net Income	19.19	31.79	65.6 %
Average Shares	89.10	89.10	-
EPS (Riyals)	0.22	0.36	65.6 %

This was attributed to revenue growth stemming from expansion across most of the company’s business segments, which resulted in a SAR 77.7 million increase, or 60% year-on-year (YoY).

In addition, net profit from reinsurance operations grew by SAR 20.6 million, or 197%, due to a rise in revenues.

Saudi Re also reported a 4% YoY decrease in reinsurance expenses and a 65% YoY increase in net investment income.

Sequentially, the three-month profit leapt by 65.6% from SAR 19.19 million in Q4 2023.

This was propelled by robust revenue growth stemming from expansion across the majority of the company's business segments, which resulted in a SAR 73.7 million increase, or 55% quarter-on-quarter (QoQ).

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	1,070.78	1,190.00	11.1 %
Insurance Revenues	129.29	206.95	60.1 %
Insurance Services Income	10.45	31.09	197.5 %
Investment Income	11.13	18.35	64.9 %
Net Profit of Insurance Services and Investment	12.98	42.57	228.0 %

Moreover, the uptick in net profit from reinsurance operations by SAR 12.5 million, marking a 67% increase QoQ, driven by 55% revenue growth, along with a 5% reduction in reinsurance expenses, contributed to Saudi Re’s higher profit in Q1 2024 QoQ.

Shareholders’ equity, no minority interest, stood at SAR 11.79 billion at the end of Q1 2024, compared to SAR 10.28 billion a year earlier.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2015	(12.48)	(169.0 %)	(0.14)	(9.32)	(141.4 %)
Q2 2015	18.36	268.0 %	0.21	22.61	413.7 %
Q3 2015	(59.70)	(3,986.4 %)	(0.67)	(57.24)	(4846.0 %)
Q4 2015	38.54	449.0 %	0.43	44.05	762.0 %
2015	(15.29)	(251.7 %)	(0.17)	0.11	(99.0 %)
Q1 2016	(20.74)	(66.1 %)	(0.23)	(17.70)	(90.0 %)
Q2 2016	(12.55)	(168.4 %)	(0.14)	(8.93)	(139.5 %)
Q3 2016	(0.68)	98.9 %	(0.01)	2.71	104.7 %
Q4 2016	37.13	(3.7 %)	0.42	42.38	(3.8 %)
2016	3.16	120.7 %	0.04	18.46	17155.9 %
Q1 2017	3.88	118.7 %	0.04	7.48	142.3 %
Q2 2017	9.39	174.9 %	0.11	13.41	250.2 %
Q3 2017	(3.63)	(436.8 %)	(0.04)	(0.27)	(110.0 %)
Q4 2017	15.76	(57.5 %)	0.18	18.22	(57.0 %)
2017	25.45	704.4 %	0.29	38.89	110.6 %
Q1 2018	4.61	18.8 %	0.05	7.60	1.5 %
Q2 2018	3.29	(65.0 %)	0.04	6.44	(52.0 %)
Q3 2018	6.89	289.9 %	0.08	10.03	3799.4 %
Q4 2018	(13.97)	(188.6 %)	(0.16)	(10.34)	(156.8 %)
2018	0.82	(96.8 %)	0.01	13.72	(64.7 %)
Q1 2019	21.44	365.3 %	0.24	24.83	226.9 %
Q2 2019	14.09	328.5 %	0.16	17.74	175.7 %
Q3 2019	10.33	50.0 %	0.12	13.59	35.5 %
Q4 2019	(0.41)	97.1 %	0.00	3.16	130.6 %
2019	45.44	5451.5 %	0.51	59.32	332.3 %
Q1 2020	7.37	(65.6 %)	0.08	10.29	(58.6 %)
Q2 2020	5.50	(61.0 %)	0.06	9.03	(49.1 %)
Q3 2020	12.21	18.1 %	0.14	15.76	16.0 %
Q4 2020	20.84	5185.2 %	0.23	25.62	710.3 %
2020	45.92	1.0 %	0.52	60.69	2.3 %
Q1 2021	16.23	120.4 %	0.18	19.58	90.3 %
Q2 2021	13.24	140.7 %	0.15	16.89	87.2 %
Q3 2021	8.09	(33.7 %)	0.09	11.42	(27.5 %)
Q4 2021	0.75	(96.4 %)	0.01	5.42	(78.9 %)
2021	38.31	(16.6 %)	0.43	53.31	(12.2 %)
Q1 2022	25.90	59.6 %	0.29	29.53	50.8 %
Q2 2022	2.21	(83.3 %)	0.02	5.36	(68.3 %)
Q3 2022	39.85	392.6 %	0.45	43.46	280.4 %
Q4 2022	8.09	978.5 %	0.09	12.97	139.4 %
2022	76.05	98.5 %	0.85	91.32	71.3 %
Q1 2023	11.20	(56.8 %)	0.13	15.91	(46.1 %)
Q2 2023	59.96	2607.3 %	0.67	66.02	1132.7 %
Q3 2023	34.07	(14.5 %)	0.38	39.58	(8.9 %)
Q4 2023	19.19	137.4 %	0.22	37.06	185.7 %
2023	124.43	63.6 %	1.40	158.56	73.6 %
Q1 2024	31.79	183.9 %	0.36	37.55	136.0 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	(4.35)	96.3 %	(0.05)	10.84	110.9 %
2015	(15.29)	(251.7 %)	(0.17)	0.11	(99.0 %)
2016	3.16	120.7 %	0.04	18.46	17155.9 %
2017	25.45	704.4 %	0.29	38.89	110.6 %
2018	0.82	(96.8 %)	0.01	13.72	(64.7 %)
2019	45.44	5451.5 %	0.51	59.32	332.3 %
2020	45.92	1.0 %	0.52	60.69	2.3 %
2021	38.31	(16.6 %)	0.43	53.31	(12.2 %)
2022	76.05	98.5 %	0.85	91.32	71.3 %
2023	124.43	63.6 %	1.40	158.56	73.6 %

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	243.75	(18.6 %)	-	-	-	-
Q2 2015	102.83	13.1 %	-	-	-	-
Q3 2015	397.05	200.9 %	-	-	-	-
Q4 2015	61.19	80.1 %	-	-	-	-
2015	804.83	44.7 %	-	-	-	-
Q1 2016	446.67	83.2 %	-	-	-	-
Q2 2016	448.89	336.5 %	-	-	-	-
Q3 2016	82.46	(79.2 %)	-	-	-	-
Q4 2016	7.50	(87.7 %)	-	-	-	-
2016	985.51	22.5 %	-	-	-	-
Q1 2017	456.35	2.2 %	-	-	-	-
Q2 2017	120.91	(73.1 %)	-	-	-	-
Q3 2017	302.58	267.0 %	-	-	-	-
Q4 2017	62.16	729.0 %	-	-	-	-
2017	942.01	(4.4 %)	-	-	-	-
Q1 2018	528.38	15.8 %	-	-	-	-
Q2 2018	62.19	(48.6 %)	-	-	-	-
Q3 2018	83.27	(72.5 %)	-	-	-	-
Q4 2018	47.76	(23.2 %)	-	-	-	-
2018	721.61	(23.4 %)	-	-	-	-
Q1 2019	424.32	(19.7 %)	-	-	-	-
Q2 2019	82.21	32.2 %	-	-	-	-
Q3 2019	169.97	104.1 %	-	-	-	-
Q4 2019	116.35	143.6 %	-	-	-	-
2019	792.85	9.9 %	-	-	-	-
Q1 2020	527.72	24.4 %	-	-	-	-
Q2 2020	131.34	59.8 %	-	-	-	-
Q3 2020	198.92	17.0 %	-	-	-	-
Q4 2020	77.14	(33.7 %)	-	-	-	-
2020	935.11	17.9 %	-	-	-	-
Q1 2021	834.28	58.1 %	-	-	-	-
Q2 2021	120.81	(8.0 %)	-	-	-	-
Q3 2021	159.20	(20.0 %)	-	-	-	-
Q4 2021	1.59	(97.9 %)	-	-	-	-
2021	1,115.88	19.3 %	-	-	-	-
Q1 2022	598.62	(28.2 %)	1.77	-	17.50	-
Q2 2022	321.48	166.1 %	12.84	-	5.16	-
Q3 2022	277.76	74.5 %	39.77	-	42.62	-
Q4 2022	205.14	12817.9 %	29.22	-	28.17	-
2022	1,403.00	25.7 %	83.59	-	93.45	-
Q1 2023	1,070.78	78.9 %	10.45	491.0 %	12.98	(25.8 %)
Q2 2023	146.31	(54.5 %)	62.14	384.1 %	57.43	1012.5 %
Q3 2023	336.27	21.1 %	28.58	(28.1 %)	35.53	(16.6 %)
Q4 2023	-	-	18.59	(36.4 %)	39.59	40.5 %
2023	1,597.00	13.8 %	119.76	43.3 %	145.52	55.7 %
Q1 2024	1,190.00	11.1 %	31.09	197.4 %	42.57	227.9 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	556.29	32.4 %	-	-	-	-
2015	804.83	44.7 %	-	-	-	-
2016	985.51	22.5 %	-	-	-	-
2017	942.01	(4.4 %)	-	-	-	-
2018	721.61	(23.4 %)	-	-	-	-
2019	792.85	9.9 %	-	-	-	-
2020	935.11	17.9 %	-	-	-	-
2021	1,115.88	19.3 %	-	-	-	-
2022	1,403.00	25.7 %	83.59	-	93.45	-
2023	1,597.00	13.8 %	119.76	43.3 %	145.52	55.7 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	89.10	(0.40)	(0.40)	9.03
Q2 2015	89.10	(0.07)	(0.07)	9.24
Q3 2015	89.10	(0.73)	(0.73)	8.57
Q4 2015	89.10	(0.17)	(0.17)	9.00
Q1 2016	89.10	(0.26)	(0.26)	8.77
Q2 2016	89.10	(0.61)	(0.61)	8.63
Q3 2016	89.10	0.05	0.05	8.62
Q4 2016	89.10	0.04	0.04	9.04
Q1 2017	89.10	0.31	0.31	9.08
Q2 2017	89.10	0.56	0.56	9.19
Q3 2017	89.10	0.52	0.52	9.15
Q4 2017	89.10	0.29	0.29	9.30
Q1 2018	89.10	0.29	0.29	9.37
Q2 2018	89.10	0.22	0.22	9.37
Q3 2018	89.10	0.34	0.34	9.49
Q4 2018	89.10	0.01	0.01	9.35
Q1 2019	89.10	0.20	0.20	9.59
Q2 2019	89.10	0.32	0.32	9.73
Q3 2019	89.10	0.36	0.36	9.85
Q4 2019	89.10	0.51	0.51	9.84
Q1 2020	89.10	0.35	0.35	9.92
Q2 2020	89.10	0.26	0.26	9.98
Q3 2020	89.10	0.28	0.28	10.13
Q4 2020	89.10	0.52	0.52	10.39
Q1 2021	89.10	0.61	0.61	10.57
Q2 2021	89.10	0.70	0.70	10.73
Q3 2021	89.10	0.66	0.66	10.80
Q4 2021	89.10	0.43	0.43	10.86
Q1 2022	89.10	0.54	0.54	10.91
Q2 2022	89.10	0.41	0.41	10.84
Q3 2022	89.10	0.77	0.77	11.18
Q4 2022	89.10	0.85	0.85	11.42
Q1 2023	89.10	0.69	0.69	11.54
Q2 2023	89.10	1.34	1.34	12.28
Q3 2023	89.10	1.27	1.27	12.63
Q4 2023	89.10	1.40	1.40	12.87
Q1 2024	89.10	1.63	1.63	13.24

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	89.10	(0.05)	(0.05)	9.17
2015	89.10	(0.17)	(0.17)	9.00
2016	89.10	0.04	0.04	9.04
2017	89.10	0.29	0.29	9.30
2018	89.10	0.01	0.01	9.35
2019	89.10	0.51	0.51	9.84
2020	89.10	0.52	0.52	10.39
2021	89.10	0.43	0.43	10.86
2022	89.10	0.85	0.85	11.42
2023	89.10	1.40	1.40	12.87

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2015	NEG	NEG
Q2 2015	NEG	NEG
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	29.36	29.36
Q2 2017	13.07	13.07
Q3 2017	14.84	14.84
Q4 2017	30.16	30.16
Q1 2018	28.14	28.14
Q2 2018	35.91	35.91
Q3 2018	19.36	19.36
Q4 2018	More than 100	More than 100
Q1 2019	35.34	35.34
Q2 2019	22.50	22.50
Q3 2019	23.27	23.27
Q4 2019	16.58	16.58
Q1 2020	20.27	20.27
Q2 2020	28.72	28.72
Q3 2020	43.55	43.55
Q4 2020	26.67	26.67
Q1 2021	21.85	21.85
Q2 2021	26.33	26.33
Q3 2021	28.38	28.38
Q4 2021	38.61	38.61
Q1 2022	31.90	31.90
Q2 2022	37.23	37.23
Q3 2022	20.95	20.95
Q4 2022	16.05	16.05
Q1 2023	21.41	21.41
Q2 2023	13.48	13.48
Q3 2023	14.67	14.67
Q4 2023	13.32	13.32
Q1 2024	15.18	15.18

Period	P/E	Adjusted P/E
2014	NEG	NEG
2015	NEG	NEG
2016	More than 100	More than 100
2017	30.11	30.11
2018	More than 100	More than 100
2019	16.58	16.58
2020	26.67	26.67
2021	38.61	38.61
2022	16.05	16.05
2023	13.32	13.32

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Insurance - Engineering	Fire insurance	Marine Insurance	Comprehensive Motor Insurance	property and others	Life Insurance	Medical Insurance	Specialized	Other classes	inherent defects insurance
Q1 2014	41.87	111.59	35.61	12.92	21.76	59.77	-	-	15.92	-
Q2 2014	14.25	34.28	3.29	3.33	(21.76)	16.24	-	-	41.29	-
Q3 2014	27.87	53.07	17.37	7.29	-	15.91	35.88	-	(25.43)	-
Q4 2014	3.42	13.37	(1.04)	1.44	-	5.10	1.56	-	10.13	-
Q1 2015	34.21	68.38	32.53	10.23	25.58	8.86	-	44.88	19.10	-
Q2 2015	13.24	28.43	4.55	10.36	5.22	20.75	-	-	20.27	-
Q3 2015	27.70	41.18	15.49	278.02	(0.74)	7.08	-	-	28.32	-
Q4 2015	8.23	21.62	1.62	32.29	8.87	6.00	-	-	(17.45)	-
Q1 2016	51.84	85.75	27.76	140.31	31.56	13.45	-	58.56	37.43	-
Q2 2016	7.86	18.57	(1.38)	379.25	6.17	20.37	-	-	18.05	-
Q3 2016	19.51	38.71	8.72	10.67	3.37	10.24	-	(11.79)	3.03	-
Q4 2016	2.14	(0.24)	(2.24)	0.71	0.96	4.40	-	(2.18)	3.94	-
Q1 2017	45.07	119.89	30.02	103.76	45.86	20.64	-	57.26	33.85	-
Q2 2017	9.00	27.57	11.38	(3.69)	22.70	20.07	-	3.93	29.94	-
Q3 2017	18.87	43.38	5.64	10.21	7.98	3.52	-	9.22	203.75	-
Q4 2017	4.60	10.36	0.22	3.31	(0.57)	11.91	-	(2.30)	34.63	-
Q1 2018	36.25	128.91	34.85	101.33	59.68	20.17	25.33	91.96	29.89	-
Q2 2018	7.84	28.24	(10.31)	7.85	8.52	9.51	5.77	(17.49)	22.26	-
Q3 2018	20.88	36.36	19.97	(18.76)	(1.21)	6.26	1.01	(1.37)	20.15	-
Q4 2018	10.89	13.91	2.17	3.86	2.54	9.63	1.23	(5.86)	9.40	-
Q1 2019	40.82	108.58	36.57	47.23	44.24	11.66	25.25	61.18	48.80	-
Q2 2019	9.91	28.46	3.41	5.31	5.44	20.78	(5.85)	(8.66)	23.40	-
Q3 2019	19.10	49.33	39.39	6.60	3.87	9.82	0.15	19.31	22.40	-
Q4 2019	9.29	17.90	10.49	0.71	2.63	7.62	3.22	24.92	39.58	-
Q1 2020	120.38	82.56	39.94	54.23	27.96	10.35	14.09	114.85	63.36	-
Q2 2020	9.88	37.25	30.61	3.72	5.23	15.44	7.01	(2.06)	24.27	-
Q3 2020	30.11	67.14	22.70	5.08	7.31	11.19	4.04	35.85	15.52	-
Q4 2020	6.91	5.90	0.89	4.34	3.46	13.78	2.09	12.45	27.32	-
Q1 2021	41.14	119.56	44.20	95.90	40.53	37.58	182.22	192.92	80.24	-
Q2 2021	10.59	58.37	38.89	4.30	(0.60)	4.78	0.62	(19.10)	22.96	-
Q3 2021	30.66	63.60	27.69	(0.17)	1.37	3.73	0.01	5.87	26.44	-
Q4 2021	6.13	6.42	0.95	(3.28)	(1.06)	3.49	(50.19)	1.42	37.70	-
Q1 2022	37.14	128.23	33.02	57.22	21.09	5.09	38.87	207.45	70.50	-
Q2 2022	22.65	82.97	4.49	3.83	13.05	3.98	4.93	(72.85)	35.47	222.97
Q3 2022	21.14	59.55	13.50	32.21	8.56	9.78	(2.93)	(9.97)	25.74	120.19
Q4 2022	6.16	24.35	12.40	6.44	4.72	3.61	(5.09)	34.07	67.38	51.37

Period	Insurance - Engineering	Fire insurance	Marine Insurance	Comprehensive Motor Insurance	property and others	Life Insurance	Medical Insurance	Specialized	Other classes	inherent defects insurance
2014	87.41	212.31	55.23	24.98	-	97.02	37.44	-	41.91	-
2015	83.39	159.62	54.20	330.91	38.92	42.68	-	44.88	50.24	-
2016	81.36	142.79	32.85	530.95	42.05	48.47	-	44.59	62.45	-
2017	77.54	201.21	47.26	113.59	75.98	56.15	-	68.10	302.17	-
2018	75.85	207.42	46.67	94.28	69.53	45.56	33.34	67.25	81.70	-
2019	79.12	204.27	89.86	59.85	56.17	49.87	22.76	96.76	134.17	-
2020	167.27	192.84	94.14	67.37	43.96	50.76	27.21	161.09	130.46	-
2021	88.51	247.95	111.73	96.76	40.24	49.59	132.66	181.11	167.34	-
2022	87.10	295.09	63.41	99.70	47.42	22.46	35.78	158.70	199.08	394.54

Financial Ratios

	Current
Market Cap (M)	4,049.60
Shares Outstanding (M)	89.10
EPS ( Riyal) (TTM)	5.55
Book Value (BV) ( Riyal)	18.13
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	31.59
P/E (TTM)	8.20
Price/Book	2.51
Return on Average Assets (%) (TTM)	17.3
Return on Average Equity (%) (TTM)	36.1
Return on Market Cap (%)	15.4

Saudi Reinsurance Co. (SAUDI RE)

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Saudi Re’s profit rises to SAR 31.8M in Q1 2024

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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 Q1

Financial Ratios

Share Price

Saudi Reinsurance Co. (SAUDI RE)

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Saudi Re’s profit rises to SAR 31.8M in Q1 2024

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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) Q4 2022

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

Saudi Reinsurance Co. (SAUDI RE)

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Business Segments - Gross Premium Written (Million)