GIG incurs SAR 20.2M loss in Q1 2024

05/05/2024 Argaam Exclusive

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Gulf Insurance Group (GIG) swung to a net loss of SAR 20.2 million for Q1 2024, against a net profit of SAR 56.7 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	544.38	521.52	(4.2 %)
Insurance Revenues	390.65	362.42	(7.2 %)
Net Profit Before Zakat & Tax	68.93	(14.61)	(121.2 %)
Net Income	56.69	(20.22)	(135.7 %)
Average Shares	52.50	52.50	-
EPS (Riyals)	1.08	(0.39)	(135.7 %)

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	288.77	521.52	80.6 %
Insurance Revenues	395.95	362.42	(8.5 %)
Net Profit Before Zakat & Tax	26.00	(14.61)	(156.2 %)
Net Income	21.95	(20.22)	(192.1 %)
Average Shares	52.50	52.50	-
EPS (Riyals)	0.42	(0.39)	(192.1 %)

The annual losses were attributed to a decline of SAR 28 million in insurance revenue from the motor segment. GIG also reported a drop of SAR 62 million in reinsurance contracts on lower recoveries compared to Q1 2023, primarily related to the property and casualty (P&C) segment.

Meanwhile, insurance costs decreased by SAR 9 million, mainly due to P&C and motor segments.

The company’s investment income rose by SAR 5 million, while net finance expense declined by SAR 8 million.

In Q4 2023 the insurance services provider recorded a net income of SAR 21.95 million. The quarterly loss was ascribed to a drop of SAR 33 million insurance revenue, due to the motor and P&C segments.

Insurance service costs increased by SAR 173 million quarter-on-quarter. Net financing expenses also increased by SAR 27 million QoQ.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	544.38	521.52	(4.2 %)
Insurance Revenues	390.65	362.42	(7.2 %)
Insurance Services Income	95.13	1.91	(98.0 %)
Investment Income	22.44	27.61	23.0 %
Net Profit of Insurance Services and Investment	78.07	(1.53)	(102.0 %)

Compared to Q4 2023, GIG’s net income tumbled 192.1% from SAR 21.95 million.

Total shareholders’ equity, no minority interest, rose to SAR 1.03 billion as of March 31, 2024, from SAR 1.02 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	8.90	106.2 %	0.23	-	-
Q2 2015	5.59	24.4 %	0.14	-	-
Q3 2015	2.87	(47.3 %)	0.07	-	-
Q4 2015	3.70	173.8 %	0.09	-	-
2015	21.06	34.9 %	0.54	-	-
Q1 2016	10.04	12.8 %	0.19	-	-
Q2 2016	6.50	16.4 %	0.12	-	-
Q3 2016	7.54	163.0 %	0.14	-	-
Q4 2016	6.01	62.1 %	0.11	-	-
2016	30.09	42.9 %	0.57	-	-
Q1 2017	12.54	24.9 %	0.24	16.27	-
Q2 2017	10.79	65.9 %	0.21	14.83	-
Q3 2017	8.81	16.8 %	0.17	12.59	-
Q4 2017	12.93	115.3 %	0.25	16.50	-
2017	45.06	49.8 %	0.86	60.19	-
Q1 2018	14.35	14.5 %	0.27	18.24	12.1 %
Q2 2018	16.97	57.2 %	0.32	24.11	62.6 %
Q3 2018	14.68	66.6 %	0.28	19.03	51.2 %
Q4 2018	13.00	0.5 %	0.25	15.04	(8.8 %)
2018	58.99	30.9 %	1.12	76.43	27.0 %
Q1 2019	21.69	51.1 %	0.41	26.83	47.1 %
Q2 2019	24.82	46.3 %	0.47	30.47	26.4 %
Q3 2019	17.31	18.0 %	0.33	22.55	18.5 %
Q4 2019	22.87	76.0 %	0.44	28.62	90.3 %
2019	86.69	46.9 %	1.65	108.47	41.9 %
Q1 2020	29.27	34.9 %	0.56	35.31	31.6 %
Q2 2020	28.70	15.7 %	0.55	34.99	14.8 %
Q3 2020	47.17	172.5 %	0.90	55.65	146.8 %
Q4 2020	33.37	45.9 %	0.64	40.88	42.8 %
2020	138.50	59.8 %	2.64	166.84	53.8 %
Q1 2021	36.56	24.9 %	0.70	43.78	24.0 %
Q2 2021	28.08	(2.1 %)	0.53	34.96	(0.1 %)
Q3 2021	41.52	(12.0 %)	0.79	45.44	(18.3 %)
Q4 2021	32.36	(3.0 %)	0.62	42.55	4.1 %
2021	138.52	0.0 %	2.64	166.73	(0.1 %)
Q1 2022	167.94	359.4 %	3.20	177.73	306.0 %
Q2 2022	(15.75)	(156.1 %)	(0.30)	(9.34)	(126.7 %)
Q3 2022	(7.79)	(118.8 %)	(0.15)	(3.47)	(107.6 %)
Q4 2022	(128.48)	(497.1 %)	(2.45)	(131.49)	(409.0 %)
2022	15.91	(88.5 %)	0.30	33.42	(80.0 %)
Q1 2023	56.69	(66.2 %)	1.08	68.93	(61.2 %)
Q2 2023	39.69	351.9 %	0.76	43.63	567.2 %
Q3 2023	10.20	230.9 %	0.19	16.80	583.6 %
Q4 2023	21.95	117.1 %	0.42	26.00	119.8 %
2023	128.53	707.7 %	2.45	155.37	364.9 %
Q1 2024	(20.22)	(135.7 %)	(0.39)	(14.61)	(121.2 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	15.61	20.6 %	0.40	-	-
2015	21.06	34.9 %	0.54	-	-
2016	30.09	42.9 %	0.57	-	-
2017	45.06	49.8 %	0.86	60.19	-
2018	58.99	30.9 %	1.12	76.43	27.0 %
2019	86.69	46.9 %	1.65	108.47	41.9 %
2020	138.50	59.8 %	2.64	166.84	53.8 %
2021	138.52	0.0 %	2.64	166.73	(0.1 %)
2022	15.91	(88.5 %)	0.30	33.42	(80.0 %)
2023	128.53	707.7 %	2.45	155.37	364.9 %

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 2015	402.87	28.5 %	-	-	-	-
Q2 2015	214.40	16.3 %	-	-	-	-
Q3 2015	372.88	41.3 %	-	-	-	-
Q4 2015	138.03	(50.4 %)	-	-	-	-
2015	1,128.18	8.5 %	-	-	-	-
Q1 2016	450.75	11.9 %	-	-	-	-
Q2 2016	200.54	(6.5 %)	-	-	-	-
Q3 2016	387.05	3.8 %	-	-	-	-
Q4 2016	115.63	(16.2 %)	-	-	-	-
2016	1,153.97	2.3 %	-	-	-	-
Q1 2017	721.24	60.0 %	-	-	-	-
Q2 2017	219.93	9.7 %	-	-	-	-
Q3 2017	369.25	(4.6 %)	-	-	-	-
Q4 2017	189.05	63.5 %	-	-	-	-
2017	1,499.48	29.9 %	-	-	-	-
Q1 2018	674.94	(6.4 %)	-	-	-	-
Q2 2018	183.99	(16.3 %)	-	-	-	-
Q3 2018	406.47	10.1 %	-	-	-	-
Q4 2018	180.47	(4.5 %)	-	-	-	-
2018	1,445.86	(3.6 %)	-	-	-	-
Q1 2019	544.63	(19.3 %)	-	-	-	-
Q2 2019	250.29	36.0 %	-	-	-	-
Q3 2019	378.55	(6.9 %)	-	-	-	-
Q4 2019	236.31	30.9 %	-	-	-	-
2019	1,409.78	(2.5 %)	-	-	-	-
Q1 2020	544.27	(0.1 %)	-	-	-	-
Q2 2020	267.51	6.9 %	-	-	-	-
Q3 2020	389.65	2.9 %	-	-	-	-
Q4 2020	216.39	(8.4 %)	-	-	-	-
2020	1,417.83	0.6 %	-	-	-	-
Q1 2021	541.59	(0.5 %)	-	-	-	-
Q2 2021	271.77	1.6 %	-	-	-	-
Q3 2021	361.42	(7.2 %)	-	-	-	-
Q4 2021	279.69	29.3 %	-	-	-	-
2021	1,454.47	2.6 %	-	-	-	-
Q1 2022	538.78	(0.5 %)	166.81	-	186.12	-
Q2 2022	326.72	20.2 %	(20.86)	-	(5.61)	-
Q3 2022	380.50	5.3 %	(19.12)	-	(2.02)	-
Q4 2022	321.26	14.9 %	(144.04)	-	(129.92)	-
2022	1,567.25	7.8 %	(17.20)	-	48.57	-
Q1 2023	544.38	1.0 %	95.13	(43.0 %)	78.07	(58.1 %)
Q2 2023	318.48	(2.5 %)	18.97	190.9 %	51.87	1025.3 %
Q3 2023	-	-	5.81	130.4 %	25.54	1362.9 %
Q4 2023	288.77	(10.1 %)	14.85	110.3 %	35.62	127.4 %
2023	1,541.59	(1.6 %)	110.35	741.4 %	166.70	243.2 %
Q1 2024	521.52	(4.2 %)	1.91	(98.0 %)	(1.53)	(102.0 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	1,040.11	34.1 %	-	-	-	-
2015	1,128.18	8.5 %	-	-	-	-
2016	1,153.97	2.3 %	-	-	-	-
2017	1,499.48	29.9 %	-	-	-	-
2018	1,445.86	(3.6 %)	-	-	-	-
2019	1,409.78	(2.5 %)	-	-	-	-
2020	1,417.83	0.6 %	-	-	-	-
2021	1,454.47	2.6 %	-	-	-	-
2022	1,567.25	7.8 %	(17.20)	-	48.57	-
2023	1,541.59	(1.6 %)	110.35	741.4 %	166.70	243.2 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	39.12	0.52	0.52	11.76
Q2 2015	39.12	0.54	0.54	11.91
Q3 2015	39.12	0.48	0.48	11.89
Q4 2015	39.12	0.54	0.54	11.97
Q1 2016	52.50	0.42	0.42	9.08
Q2 2016	52.50	0.44	0.44	9.27
Q3 2016	52.50	0.53	0.53	9.37
Q4 2016	52.50	0.57	0.57	9.52
Q1 2017	52.50	0.62	0.62	9.75
Q2 2017	52.50	0.70	0.70	9.97
Q3 2017	52.50	0.73	0.73	10.13
Q4 2017	52.50	0.86	0.86	10.36
Q1 2018	52.50	0.89	0.89	10.59
Q2 2018	52.50	1.01	1.01	10.90
Q3 2018	52.50	1.12	1.12	11.11
Q4 2018	52.50	1.12	1.12	11.36
Q1 2019	52.50	1.26	1.26	11.88
Q2 2019	52.50	1.41	1.41	12.40
Q3 2019	52.50	1.46	1.46	12.77
Q4 2019	52.50	1.65	1.65	13.26
Q1 2020	52.50	1.80	1.80	13.52
Q2 2020	52.50	1.87	1.87	14.30
Q3 2020	52.50	2.44	2.44	15.39
Q4 2020	52.50	2.64	2.64	16.08
Q1 2021	52.50	2.78	2.78	16.85
Q2 2021	52.50	2.77	2.77	17.50
Q3 2021	52.50	2.66	2.66	18.31
Q4 2021	52.50	2.64	2.64	18.76
Q1 2022	52.50	5.14	5.14	22.54
Q2 2022	52.50	4.31	4.31	20.72
Q3 2022	52.50	3.37	3.37	19.28
Q4 2022	52.50	0.30	0.30	17.89
Q1 2023	52.50	(1.82)	(1.82)	19.61
Q2 2023	52.50	(0.76)	(0.76)	19.32
Q3 2023	52.50	(0.42)	(0.42)	19.27
Q4 2023	52.50	2.45	2.45	20.28
Q1 2024	52.50	0.98	0.98	19.63

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	39.12	0.40	0.40	5.29
2015	39.12	0.54	0.54	11.97
2016	52.50	0.57	0.57	9.52
2017	52.50	0.86	0.86	10.36
2018	52.50	1.12	1.12	11.36
2019	52.50	1.65	1.65	13.26
2020	52.50	2.64	2.64	16.08
2021	52.50	2.64	2.64	18.76
2022	52.50	0.30	0.30	17.89
2023	52.50	2.45	2.45	20.28

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2015	42.67	42.67
Q2 2015	More than 100	More than 100
Q3 2015	40.87	40.87
Q4 2015	35.71	35.71
Q1 2016	30.47	30.47
Q2 2016	30.17	30.17
Q3 2016	18.15	18.15
Q4 2016	25.78	25.78
Q1 2017	29.53	29.53
Q2 2017	27.77	27.77
Q3 2017	25.07	25.07
Q4 2017	19.84	19.84
Q1 2018	25.60	25.60
Q2 2018	19.87	19.87
Q3 2018	15.97	15.97
Q4 2018	17.54	17.54
Q1 2019	15.12	15.12
Q2 2019	15.00	15.00
Q3 2019	14.45	14.45
Q4 2019	15.35	15.35
Q1 2020	13.51	13.51
Q2 2020	15.21	15.21
Q3 2020	15.50	15.50
Q4 2020	12.89	12.89
Q1 2021	13.49	13.49
Q2 2021	13.49	13.49
Q3 2021	13.01	13.01
Q4 2021	11.92	11.92
Q1 2022	6.97	6.97
Q2 2022	5.52	5.52
Q3 2022	6.87	6.87
Q4 2022	More than 100	More than 100
Q1 2023	NEG	NEG
Q2 2023	NEG	NEG
Q3 2023	NEG	NEG
Q4 2023	10.74	10.74
Q1 2024	38.65	38.65

Period	P/E	Adjusted P/E
2014	More than 100	More than 100
2015	35.71	35.71
2016	25.78	25.78
2017	19.84	19.84
2018	17.54	17.54
2019	15.35	15.35
2020	12.90	12.90
2021	11.92	11.92
2022	More than 100	More than 100
2023	10.74	10.74

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Vehicles	Health	Property & casualty	Protection	Accidents and responsibility	Shipping	Engineering	Property & casualty
Q1 2015	228.92	111.82	13.72	14.57	9.13	13.50	9.96	1.24
Q2 2015	72.83	82.93	14.88	4.32	7.22	16.64	14.53	1.04
Q3 2015	199.27	106.95	33.51	2.51	7.29	10.53	11.80	1.02
Q4 2015	39.93	51.29	21.20	2.71	5.34	12.10	4.94	0.52
Q1 2016	280.61	115.29	11.03	11.62	9.78	12.01	9.43	0.98
Q2 2016	80.52	72.54	10.89	3.82	7.52	15.83	8.26	1.17
Q3 2016	238.19	88.69	35.33	1.69	5.77	8.09	8.04	1.27
Q4 2016	47.24	43.21	2.64	3.21	3.77	9.62	5.00	0.74
Q1 2017	583.68	80.97	19.51	5.97	9.62	10.08	9.89	1.53
Q2 2017	83.79	72.92	14.54	10.61	6.87	20.64	8.98	1.59
Q4 2017	115.91	39.85	7.84	-	-	-	-	25.45
Q1 2018	502.87	126.79	40.20	-	-	-	-	5.08
Q2 2018	69.26	66.37	45.36	-	-	-	-	3.01
Q3 2018	208.05	122.18	74.03	-	-	-	-	2.22
Q4 2018	119.05	42.29	6.36	-	-	-	-	12.78
Q1 2019	376.45	115.66	47.07	-	-	-	-	5.45
Q2 2019	99.50	83.63	63.90	-	-	-	-	3.25
Q3 2019	198.16	119.72	58.09	-	-	-	-	2.58
Q4 2019	129.56	70.51	31.93	-	-	-	-	4.30
Q1 2020	333.61	135.84	62.49	-	-	-	-	12.34
Q2 2020	102.68	78.97	76.06	-	-	-	-	9.81
Q3 2020	200.11	115.79	62.92	-	-	-	-	10.83
Q4 2020	110.37	62.23	30.84	-	-	-	-	12.96
Q1 2021	307.16	135.47	78.09	-	-	-	-	20.87
Q2 2021	107.56	81.40	69.59	-	-	-	-	13.22
Q3 2021	183.32	85.81	74.70	-	-	-	-	17.59
Q4 2021	139.56	78.74	45.33	-	-	-	-	16.07
Q1 2022	272.78	147.53	97.57	20.89	-	-	-	-
Q2 2022	143.05	104.26	69.23	10.18	-	-	-	-
Q3 2022	190.16	94.28	75.75	20.31	-	-	-	-
Q4 2022	193.15	48.48	63.68	15.95	-	-	-	-
Q1 2023	229.87	144.70	151.74	18.07	-	-	-	-
Q2 2023	112.59	123.93	62.24	19.72	-	-	-	-
Q3 2023	157.56	141.87	76.43	14.09	-	-	-	-
Q4 2023	150.68	50.44	69.00	18.65	-	-	-	-
Q1 2024	206.86	141.11	142.99	30.57	-	-	-	-

Period	Vehicles	Health	Property & casualty	Protection	Accidents and responsibility	Shipping	Engineering	Property & casualty
2014	461.81	355.27	76.41	26.71	30.76	52.61	33.59	2.95
2015	540.95	352.99	82.31	24.11	29.99	52.77	41.23	3.82
2016	646.56	319.72	59.89	20.33	26.84	45.55	30.93	4.16
2017	1,022.65	265.87	71.31	-	-	-	-	139.65
2018	899.23	357.62	62.80	-	-	-	-	126.21
2019	803.68	389.53	200.99	-	-	-	-	15.59
2020	746.76	392.82	232.30	-	-	-	-	45.94
2021	737.60	381.42	267.70	-	-	-	-	67.75
2022	799.14	394.55	306.23	67.34	-	-	-	-
2023	650.71	460.94	359.41	70.53	-	-	-	-

Financial Ratios

	Current
Market Cap (M)	1,582.88
Shares Outstanding (M)	52.50
EPS ( Riyal) (TTM)	1.45
Book Value (BV) ( Riyal)	20.27
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	20.83
P/E (TTM)	20.83
Price/Book	1.49
Return on Average Assets (%) (TTM)	2.6
Return on Average Equity (%) (TTM)	7.3
Return on Market Cap (%)	4.7

Gulf Insurance Group (GIG)

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GIG incurs SAR 20.2M loss 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

Gulf Insurance Group (GIG)

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GIG incurs SAR 20.2M loss 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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

Gulf Insurance Group (GIG)

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Business Segments - Gross Premium Written (Million)