AICC profit down 50% to SAR 30.1M in 2024; Q4 loss at SAR 4M

AICC profit down 50% to SAR 30.1M in 2024; Q4 loss at SAR 4M

10/03/2025 Argaam Exclusive

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Arabia Insurance Cooperative Co.’s (AICC) net profit halved year-on-year (YoY) to SAR 30.1 million in 2024, from SAR 60.5 million.



Financials (M)

Item 2023 2024 Change‬
Insurance Revenues 838.95 694.69 (17.2 %)
Net Income 60.46 30.15 (50.1 %)
Average Shares 53.00 53.00 -
Earnings Per Share before unusual items 1.14 0.57 (50.1 %)
EPS (Riyals) 1.14 0.57 (50.1 %)

The company posted lower insurance revenues from motor and medical segments, despite the increase in insurance revenues from the engineering segment.

 

Net insurance results decreased by approximately SAR 39.9 million and other income fell nearly SAR 14.5 million, despite a decline in other operating expenses by SAR 11.1 million and an increase in investment income by about SAR 7.2 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Insurance Revenues 216.00 162.16 (24.9 %)
Net Income 10.22 (4.47) (143.8 %)
Average Shares 53.00 53.00 -
Earnings Per Share before unusual items 0.19 (0.08) (143.8 %)
EPS (Riyals) 0.19 (0.08) (143.8 %)

Insurance Operations

Item 2023 2024 Change‬
Insurance Revenues 838.95 694.69 (17.2 %)
Insurance Services Income 76.52 36.66 (52.1 %)
Investment Income 30.66 37.83 23.4 %
Net Profit of Insurance Services and Investment 100.60 68.41 (32.0 %)

In Q4 2024, the insurer turned to a net loss of SAR 4 million from an income of SAR 10.22 million in Q4 2023.

 

Quarter-on-quarter, the insurer swung to a net loss from an income of SAR 13.56 million in Q3.

 

Total shareholders’ equity, no minority interest, stood at SAR 604.93 million by Dec. 31, 2024, compared to SAR 559.91 million a year earlier.

 

View more financial results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
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 %)
Q1 2024 7.84 7.0 % 0.15 10.27 (11.2 %)
Q2 2024 13.22 (36.1 %) 0.25 17.32 (31.2 %)
Q3 2024 13.56 (39.0 %) 0.26 16.10 (41.7 %)
Q4 2024 (4.47) (143.8 %) (0.08) - -
2024 30.15 (50.1 %) 0.57 - -

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 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 186.38 (5.1 %) 26.39 508.2 % 32.80 706.3 %
Q4 2023 - - 19.25 (1.5 %) 26.39 26.4 %
Q1 2024 232.96 (24.8 %) 5.98 (63.1 %) 13.51 (36.1 %)
Q2 2024 102.17 (65.6 %) 14.02 (4.4 %) 21.95 8.7 %
Q3 2024 - - 20.85 (21.0 %) 28.57 (12.9 %)
Q4 2024 - - (4.19) (121.7 %) 4.58 (82.6 %)
2024 - - 36.66 (52.1 %) 68.41 (32.0 %)


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 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
Q1 2024 53.00 1.15 1.15 10.74
Q2 2024 53.00 1.01 1.01 10.99
Q3 2024 53.00 0.85 0.85 11.26
Q4 2024 53.00 0.57 0.57 11.41

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
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
Q1 2024 14.17 14.17
Q2 2024 14.50 14.50
Q3 2024 16.38 16.38
Q4 2024 23.56 23.56

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 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 -
Q1 2024 91.52 36.39 - - - - 104.67 0.39
Q2 2024 58.47 21.61 - - - - 21.72 0.37
Q3 2024 117.06 17.78 - - - - 40.22 0.13


Financial Ratios
Current
Market Cap (M) 641.30
Shares Outstanding (M) 53.00
EPS ( Riyal) (TTM) 0.57
Book Value (BV) ( Riyal) 11.41
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.27
P/E (TTM) 21.27
Price/Book 1.06
Return on Average Assets (%) (TTM) 1.7
Return on Average Equity (%) (TTM) 5.2
Return on Market Cap (%) 4.2
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Share Price

Arabia Insurance Cooperative Co.
12.10
(0.42) (3.35 %)

Arabia Insurance Cooperative Co. (AICC)

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