AICC profit down 25% to SAR 21.1M in H1 2024; Q2 at SAR 13.2M

05/08/2024 Argaam Exclusive

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=Arabia Insurance Cooperative Co. (AICC) reported a net profit of SAR 21.1 million for H1 2024, a drop of 25% year-on-year (YoY) from SAR 28 million.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	606.60	335.13	(44.8 %)
Insurance Revenues	406.97	367.83	(9.6 %)
Net Profit Before Zakat & Tax	36.75	27.59	(24.9 %)
Net Income	28.02	21.06	(24.8 %)
Average Shares	53.00	53.00	-
EPS (Riyals)	0.53	0.40	(24.8 %)

The profit decline is attributed to the decrease in insurance revenues in the motor insurance segment and the medical insurance segment, despite the increase in insurance revenues of the engineering insurance segment.

There was also a decline in insurance services result and other income by approximately SAR 21.3 million, despite the decrease in other operating expenses and the provision for Zakat and income tax by approximately SAR 8.1 million, in addition to the increase in investment income by approximately SAR 5.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	296.85	102.17	(65.6 %)
Insurance Revenues	209.69	169.56	(19.1 %)
Net Profit Before Zakat & Tax	25.19	17.32	(31.2 %)
Net Income	20.70	13.22	(36.1 %)
Average Shares	53.00	53.00	-
EPS (Riyals)	0.39	0.25	(36.1 %)

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	232.96	102.17	(56.1 %)
Insurance Revenues	198.27	169.56	(14.5 %)
Net Profit Before Zakat & Tax	10.27	17.32	68.6 %
Net Income	7.84	13.22	68.8 %
Average Shares	53.00	53.00	-
EPS (Riyals)	0.15	0.25	68.8 %

Q2 2024 net profit stood at SAR 13.2 million, a slump of 36% YoY, on lower insurance revenue and lower other income.

On a quarterly basis, net profit grew 68.8%, from SAR 7.8 million.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	606.60	335.13	(44.8 %)
Insurance Revenues	406.97	367.83	(9.6 %)
Insurance Services Income	30.88	20.00	(35.2 %)
Investment Income	13.52	18.90	39.8 %
Net Profit of Insurance Services and Investment	41.33	35.46	(14.2 %)

Total shareholders’ equity, no minority interest, stood at SAR 582.35 million by June 30, 2024, compared to SAR 522.79 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 %)
2015	(13.16)	(3278.7 %)	(0.45)	(10.41)	(643.9 %)
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 %)
2016	6.95	152.8 %	0.24	8.45	181.1 %
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 %)
2017	10.19	46.7 %	0.35	15.82	87.3 %
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 %)
2018	(2.62)	(125.7 %)	(0.09)	3.42	(78.4 %)
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 %)
2019	(42.31)	(1,515.5 %)	(1.45)	(37.76)	(1204.5 %)
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 %
2020	6.26	114.8 %	0.21	12.26	132.5 %
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 %)
2021	(5.52)	(188.2 %)	(0.19)	0.53	(95.7 %)
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 %
2022	6.20	212.4 %	0.21	11.76	2116.0 %
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 %
Q1 2024	7.84	7.0 %	0.15	10.27	(11.2 %)
Q2 2024	13.22	(36.1 %)	0.25	17.32	(31.2 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	0.41	100.4 %	0.02	1.91	101.9 %
2015	(13.16)	(3278.7 %)	(0.45)	(10.41)	(643.9 %)
2016	6.95	152.8 %	0.24	8.45	181.1 %
2017	10.19	46.7 %	0.35	15.82	87.3 %
2018	(2.62)	(125.7 %)	(0.09)	3.42	(78.4 %)
2019	(42.31)	(1,515.5 %)	(1.45)	(37.76)	(1204.5 %)
2020	6.26	114.8 %	0.21	12.26	132.5 %
2021	(5.52)	(188.2 %)	(0.19)	0.53	(95.7 %)
2022	6.20	212.4 %	0.21	11.76	2116.0 %
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 2015	196.88	5.7 %	-	-	-	-
Q2 2015	91.17	2.6 %	-	-	-	-
Q3 2015	267.88	6.1 %	-	-	-	-
Q4 2015	98.02	(15.9 %)	-	-	-	-
2015	653.95	1.5 %	-	-	-	-
Q1 2016	132.29	(32.8 %)	-	-	-	-
Q2 2016	85.78	(5.9 %)	-	-	-	-
Q3 2016	109.77	(59.0 %)	-	-	-	-
Q4 2016	91.26	(6.9 %)	-	-	-	-
2016	419.10	(35.9 %)	-	-	-	-
Q1 2017	112.37	(15.1 %)	-	-	-	-
Q2 2017	68.74	(19.9 %)	-	-	-	-
Q3 2017	58.77	(46.5 %)	-	-	-	-
Q4 2017	74.51	(18.3 %)	-	-	-	-
2017	314.39	(25.0 %)	-	-	-	-
Q1 2018	116.86	4.0 %	-	-	-	-
Q2 2018	77.26	12.4 %	-	-	-	-
Q3 2018	96.21	63.7 %	-	-	-	-
Q4 2018	60.45	(18.9 %)	-	-	-	-
2018	350.79	11.6 %	-	-	-	-
Q1 2019	91.73	(21.5 %)	-	-	-	-
Q2 2019	73.70	(4.6 %)	-	-	-	-
Q3 2019	111.01	15.4 %	-	-	-	-
Q4 2019	55.98	(7.4 %)	-	-	-	-
2019	332.42	(5.2 %)	-	-	-	-
Q1 2020	120.92	31.8 %	-	-	-	-
Q2 2020	91.27	23.8 %	-	-	-	-
Q3 2020	70.90	(36.1 %)	-	-	-	-
Q4 2020	67.71	21.0 %	-	-	-	-
2020	346.43	4.2 %	-	-	-	-
Q1 2021	175.59	45.2 %	-	-	-	-
Q2 2021	65.01	(28.8 %)	-	-	-	-
Q3 2021	91.56	29.1 %	-	-	-	-
Q4 2021	90.16	33.2 %	-	-	-	-
2021	422.32	21.9 %	-	-	-	-
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	-
2022	733.19	73.6 %	23.17	-	27.19	-
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 %
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 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	644.24	9.9 %	-	-	-	-
2015	653.95	1.5 %	-	-	-	-
2016	419.10	(35.9 %)	-	-	-	-
2017	314.39	(25.0 %)	-	-	-	-
2018	350.79	11.6 %	-	-	-	-
2019	332.42	(5.2 %)	-	-	-	-
2020	346.43	4.2 %	-	-	-	-
2021	422.32	21.9 %	-	-	-	-
2022	733.19	73.6 %	23.17	-	27.19	-
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 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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	18.67	0.02	0.02	3.40
2015	29.28	(0.45)	(0.45)	8.12
2016	29.28	0.24	0.24	8.34
2017	29.28	0.35	0.35	8.71
2018	29.28	(0.09)	(0.09)	8.57
2019	29.28	(1.45)	(1.45)	7.37
2020	29.28	0.21	0.21	7.58
2021	29.28	(0.19)	(0.19)	7.37
2022	29.28	0.21	0.21	8.29
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 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

Period	P/E	Adjusted P/E
2014	More than 100	More than 100
2015	NEG	NEG
2016	More than 100	More than 100
2017	More than 100	More than 100
2018	NEG	NEG
2019	NEG	NEG
2020	More than 100	More than 100
2021	NEG	NEG
2022	More than 100	More than 100
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 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

Period	Medical Insurance	Comprehensive Motor Insurance	Fire insurance	Insurance - Engineering	Marine Insurance	Other classes	Property & Accidents Insurance	Protection & Savings Insurance
2014	173.14	341.50	35.20	39.08	38.77	16.54	-	-
2015	242.38	270.64	54.37	31.73	36.15	18.68	-	-
2016	156.72	180.03	26.66	21.06	19.23	15.40	-	-
2017	136.94	114.00	17.43	19.19	13.78	13.06	-	-
2018	150.90	135.63	24.14	15.90	12.68	11.53	-	-
2019	161.45	106.54	22.65	15.96	11.25	14.57	-	-
2020	129.29	130.92	35.50	25.15	9.89	15.67	-	-
2021	166.08	145.23	54.83	19.08	12.92	24.19	-	-
2022	441.21	163.81	-	-	-	-	127.42	0.75
2023	478.64	161.38	-	-	-	-	282.68	0.88

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

Arabia Insurance Cooperative Co. (AICC)

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AICC profit down 25% to SAR 21.1M in H1 2024; Q2 at SAR 13.2M

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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 Q2

Financial Ratios

Share Price

Arabia Insurance Cooperative Co. (AICC)

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AICC profit down 25% to SAR 21.1M in H1 2024; Q2 at SAR 13.2M

View other reports

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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Arabia Insurance Cooperative Co. (AICC)

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Business Segments - Gross Premium Written (Million)