AICC reports SAR 60.5M net profit in 2023; Q4 at SAR 5.1M

AICC reports SAR 60.5M net profit in 2023; Q4 at SAR 5.1M

21/03/2024 Argaam Exclusive

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Arabia Insurance Cooperative Co. (AICC) reported a net profit of SAR 60.5 million for 2023, compared to SAR 6.2 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 733.19 923.58 26.0 %
Insurance Revenues 560.65 838.95 49.6 %
Net Profit Before Zakat & Tax 11.76 76.29 549.0 %
Net Income 6.20 60.46 875.2 %
Average Shares 29.28 53.00 81.0 %
EPS (Riyals) 0.21 1.14 438.7 %

This was attributed to higher net insurance service results, increased revenues of medical insurance segment, and the increase in net investment and other income.

 

Q4 2023 net profit stood at SAR 5.1 million, a slump of 68% year-on-year (YoY) from SAR 15.87 million.

 

On a quarterly basis, net profit plummeted 77%, from SAR 22.23 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 163.53 130.59 (20.1 %)
Insurance Revenues 174.71 197.96 13.3 %
Net Profit Before Zakat & Tax 18.42 11.94 (35.2 %)
Net Income 16.25 10.22 (37.1 %)
Average Shares 29.28 53.00 81.0 %
EPS (Riyals) 0.56 0.19 (65.3 %)

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 733.19 923.58 26.0 %
Insurance Revenues 560.65 838.95 49.6 %
Insurance Services Income 23.17 76.52 230.3 %
Investment Income 6.68 30.53 357.0 %
Net Profit of Insurance Services and Investment 27.19 100.47 269.5 %

Total shareholders’ equity, no minority interest, stood at SAR 559.91 million by Dec. 31, 2023, compared to SAR 242.80 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 (2.08) 91.8 % (0.11) (2.08) 91.6 %
Q2 2014 (8.49) 80.7 % (0.45) (8.49) 80.5 %
Q3 2014 (1.09) 94.7 % (0.06) (0.59) 97.1 %
Q4 2014 12.06 190.7 % 0.65 13.06 198.2 %
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 %)
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 %)
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 %)
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 %)
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 %)
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 %
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 %)
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 %
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 %

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 186.28 (5.6 %) - - - -
Q2 2014 88.89 (24.1 %) - - - -
Q3 2014 252.49 66.6 % - - - -
Q4 2014 116.57 (3.2 %) - - - -
Q1 2015 196.88 5.7 % - - - -
Q2 2015 91.17 2.6 % - - - -
Q3 2015 267.88 6.1 % - - - -
Q4 2015 98.02 (15.9 %) - - - -
Q1 2016 132.29 (32.8 %) - - - -
Q2 2016 85.78 (5.9 %) - - - -
Q3 2016 109.77 (59.0 %) - - - -
Q4 2016 91.26 (6.9 %) - - - -
Q1 2017 112.37 (15.1 %) - - - -
Q2 2017 68.74 (19.9 %) - - - -
Q3 2017 58.77 (46.5 %) - - - -
Q4 2017 74.51 (18.3 %) - - - -
Q1 2018 116.86 4.0 % - - - -
Q2 2018 77.26 12.4 % - - - -
Q3 2018 96.21 63.7 % - - - -
Q4 2018 60.45 (18.9 %) - - - -
Q1 2019 91.73 (21.5 %) - - - -
Q2 2019 73.70 (4.6 %) - - - -
Q3 2019 111.01 15.4 % - - - -
Q4 2019 55.98 (7.4 %) - - - -
Q1 2020 120.92 31.8 % - - - -
Q2 2020 91.27 23.8 % - - - -
Q3 2020 70.90 (36.1 %) - - - -
Q4 2020 67.71 21.0 % - - - -
Q1 2021 175.59 45.2 % - - - -
Q2 2021 65.01 (28.8 %) - - - -
Q3 2021 91.56 29.1 % - - - -
Q4 2021 90.16 33.2 % - - - -
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 -
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 - - 26.39 508.2 % 32.88 707.9 %
Q4 2023 130.59 (20.1 %) 1.20 (93.8 %) 8.30 (60.2 %)
2023 923.58 26.0 % 76.52 230.2 % 100.47 269.5 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 18.67 (4.29) (4.29) 3.29
Q2 2014 18.67 (2.38) (2.38) 2.81
Q3 2014 18.67 (1.34) (1.34) 2.78
Q4 2014 18.67 0.02 0.02 3.40
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

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 More than 100 More than 100
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

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 2014 7.41 138.69 11.29 16.46 8.95 3.49 - -
Q2 2014 12.50 41.65 7.82 10.64 10.67 5.60 - -
Q3 2014 138.99 94.83 4.68 2.77 7.60 3.61 - -
Q4 2014 14.33 66.34 11.42 9.20 11.54 3.84 - -
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 -


Financial Ratios
Current
Market Cap (M) 656.14
Shares Outstanding (M) 53.00
EPS ( Riyal) (TTM) 0.85
Book Value (BV) ( Riyal) 11.26
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.63
P/E (TTM) 14.63
Price/Book 1.10
Return on Average Assets (%) (TTM) 2.6
Return on Average Equity (%) (TTM) 7.8
Return on Market Cap (%) 6.1
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Share Price

Arabia Insurance Cooperative Co.
12.38
0.02 0.16 %

Arabia Insurance Cooperative Co. (AICC)

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