Tawuniya 9M 2024 profit up 62% to SAR 854.1M; Q3 at SAR 197.6M

31/10/2024 Argaam Exclusive

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The Company for Cooperative Insurance (Tawuniya) reported a net profit of SAR 854.1 million in the first nine months of 2024, compared to SAR 526.6 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	12,973.16	14,363.55	10.7 %
Insurance Revenues	11,065.47	13,494.43	22.0 %
Net Profit Before Zakat & Tax	607.09	947.16	56.0 %
Net Income	526.61	854.06	62.2 %
Average Shares	150.00	150.00	-
EPS (Riyals)	3.51	5.69	62.2 %

The profit increase was driven by a rise in insurance revenues, which reached SAR 13.49 billion, up from SAR 11.06 billion in the same period last year. This reflects a growth of 21.95% in revenues, attributed to the expansion of the company's core business sectors.

The results from insurance services saw a significant increase of 431%, rising to SAR 1.98 billion in the nine-month period from SAR 374.14 million a year earlier. This growth was attributed to lower claims and improved claims management.

Net profit of insurance results for the nine-month period grew 24.6% year-on-year to SAR 892.25 million from SAR 716.11 million in the same period last year, due to the improvement in the main business.

The company's investment portfolio experienced strong growth, resulting in a net investment income of SAR 492.39 million during the first nine months of 2024, 61.94% up from SAR 304.05 million in the same period last year. This growth was driven by the expansion of the investment portfolio, which reached SAR 10.5 billion.

The company achieved a net income before Zakat of SAR 947.15 million during the current period, compared to SAR 607.09 million in the same period of the previous year, an increase of 56.02%.

Total gross written premium during the current period amounted to SAR 14.36 billion, compared to SAR 12.97 billion a year earlier, an increase of 10.72%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Gross Written Premium (GWP)	3,219.95	4,071.46	26.4 %
Insurance Revenues	3,960.79	4,696.24	18.6 %
Net Profit Before Zakat & Tax	229.88	225.38	(2.0 %)
Net Income	206.29	197.56	(4.2 %)
Average Shares	150.00	150.00	-
EPS (Riyals)	1.38	1.32	(4.2 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	5,732.09	4,071.46	(29.0 %)
Insurance Revenues	4,412.23	4,696.24	6.4 %
Net Profit Before Zakat & Tax	491.70	225.38	(54.2 %)
Net Income	459.81	197.56	(57.0 %)
Average Shares	150.00	150.00	-
EPS (Riyals)	3.07	1.32	(57.0 %)

The net profit in Q3 2024 fell 4% YoY to SAR 197.56 million, from SAR 206.29 million a year earlier on higher operating expenses.

Sequentially, net earnings dropped 57% from SAR 459.8 million in Q2 2024.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	12,973.16	14,363.55	10.7 %
Insurance Revenues	11,065.47	13,494.43	22.0 %
Insurance Services Income	716.12	892.26	24.6 %
Investment Income	134.01	370.63	176.6 %
Net Profit of Insurance Services and Investment	790.73	1,209.96	53.0 %

Total shareholders’ equity at the end of 9M 2024 amounted to SAR 4.29 billion, compared to SAR 3.55 billion the previous year.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2015	87.79	167.4 %	0.59	-	-
Q2 2015	204.65	12.1 %	1.36	-	-
Q3 2015	216.62	10.9 %	1.44	-	-
Q4 2015	89.38	(40.2 %)	0.60	-	-
2015	598.43	6.8 %	3.99	-	-
Q1 2016	47.21	(46.2 %)	0.31	-	-
Q2 2016	229.12	12.0 %	1.53	-	-
Q3 2016	259.56	19.8 %	1.73	-	-
Q4 2016	196.89	120.3 %	1.31	-	-
2016	732.78	22.5 %	4.89	-	-
Q1 2017	142.61	202.1 %	0.95	160.30	-
Q2 2017	230.95	0.8 %	1.54	248.76	-
Q3 2017	141.51	(45.5 %)	0.94	159.71	-
Q4 2017	(715.74)	(463.5 %)	(4.77)	(715.78)	-
2017	(200.20)	(127.3 %)	(1.33)	(146.54)	-
Q1 2018	27.08	(81.0 %)	0.18	41.93	(73.8 %)
Q2 2018	23.46	(89.8 %)	0.16	38.27	(84.6 %)
Q3 2018	(36.52)	(125.8 %)	(0.24)	(22.87)	(114.3 %)
Q4 2018	(293.35)	59.0 %	(1.96)	(270.67)	62.2 %
2018	(279.33)	(39.5 %)	(1.86)	(213.34)	(45.6 %)
Q1 2019	29.04	7.3 %	0.19	46.03	9.8 %
Q2 2019	51.55	119.7 %	0.34	70.41	84.0 %
Q3 2019	92.97	354.6 %	0.62	109.11	577.1 %
Q4 2019	154.03	152.5 %	1.03	176.62	165.3 %
2019	327.59	217.3 %	2.18	402.17	288.5 %
Q1 2020	66.85	130.2 %	0.45	85.06	84.8 %
Q2 2020	188.20	265.1 %	1.25	210.11	198.4 %
Q3 2020	94.53	1.7 %	0.63	113.80	4.3 %
Q4 2020	43.75	(71.6 %)	0.29	105.50	(40.3 %)
2020	393.33	20.1 %	2.62	514.46	27.9 %
Q1 2021	59.14	(11.5 %)	0.39	80.81	(5.0 %)
Q2 2021	143.66	(23.7 %)	0.96	165.94	(21.0 %)
Q3 2021	64.37	(31.9 %)	0.43	89.91	(21.0 %)
Q4 2021	(0.61)	(101.4 %)	0.00	13.48	(87.2 %)
2021	266.56	(32.2 %)	1.78	350.14	(31.9 %)
Q1 2022	(13.67)	(123.1 %)	(0.09)	7.79	(90.4 %)
Q2 2022	64.47	(55.1 %)	0.43	88.43	(46.7 %)
Q3 2022	18.00	(72.0 %)	0.12	40.48	(55.0 %)
Q4 2022	233.40	38425.6 %	1.56	254.88	1790.5 %
2022	302.19	13.4 %	2.01	391.58	11.8 %
Q1 2023	74.47	644.6 %	0.50	101.35	1201.2 %
Q2 2023	245.85	281.4 %	1.64	275.86	211.9 %
Q3 2023	206.29	1046.2 %	1.38	229.88	467.9 %
Q4 2023	89.82	(61.5 %)	0.60	110.72	(56.6 %)
2023	616.43	104.0 %	4.11	717.81	83.3 %
Q1 2024	196.69	164.1 %	1.31	230.08	127.0 %
Q2 2024	459.81	87.0 %	3.07	491.70	78.2 %
Q3 2024	197.56	(4.2 %)	1.32	225.38	(2.0 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	560.12	194.8 %	3.73	-	-
2015	598.43	6.8 %	3.99	-	-
2016	732.78	22.5 %	4.89	-	-
2017	(200.20)	(127.3 %)	(1.33)	(146.54)	-
2018	(279.33)	(39.5 %)	(1.86)	(213.34)	(45.6 %)
2019	327.59	217.3 %	2.18	402.17	288.5 %
2020	393.33	20.1 %	2.62	514.46	27.9 %
2021	266.56	(32.2 %)	1.78	350.14	(31.9 %)
2022	302.19	13.4 %	2.01	391.58	11.8 %
2023	616.43	104.0 %	4.11	717.81	83.3 %

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	1,505.50	0.8 %	-	-	-	-
Q2 2015	1,802.26	21.9 %	-	-	-	-
Q3 2015	1,473.14	7.3 %	-	-	-	-
Q4 2015	2,764.36	48.5 %	-	-	-	-
2015	7,545.27	21.5 %	-	-	-	-
Q1 2016	1,701.34	13.0 %	-	-	-	-
Q2 2016	2,135.50	18.5 %	-	-	-	-
Q3 2016	1,241.06	(15.8 %)	-	-	-	-
Q4 2016	2,977.23	7.7 %	-	-	-	-
2016	8,055.14	6.8 %	-	-	-	-
Q1 2017	2,028.38	19.2 %	-	-	-	-
Q2 2017	2,104.24	(1.5 %)	-	-	-	-
Q3 2017	1,421.12	14.5 %	-	-	-	-
Q4 2017	2,852.93	(4.2 %)	-	-	-	-
2017	8,406.67	4.4 %	-	-	-	-
Q1 2018	2,095.71	3.3 %	-	-	-	-
Q2 2018	1,755.86	(16.6 %)	-	-	-	-
Q3 2018	1,207.78	(15.0 %)	-	-	-	-
Q4 2018	2,581.89	(9.5 %)	-	-	-	-
2018	7,641.25	(9.1 %)	-	-	-	-
Q1 2019	2,457.03	17.2 %	-	-	-	-
Q2 2019	1,999.51	13.9 %	-	-	-	-
Q3 2019	1,422.64	17.8 %	-	-	-	-
Q4 2019	2,496.68	(3.3 %)	-	-	-	-
2019	8,375.86	9.6 %	-	-	-	-
Q1 2020	2,572.71	4.7 %	-	-	-	-
Q2 2020	2,469.83	23.5 %	-	-	-	-
Q3 2020	1,319.89	(7.2 %)	-	-	-	-
Q4 2020	2,699.35	8.1 %	-	-	-	-
2020	9,061.77	8.2 %	-	-	-	-
Q1 2021	2,920.72	13.5 %	-	-	-	-
Q2 2021	2,265.05	(8.3 %)	-	-	-	-
Q3 2021	1,864.71	41.3 %	-	-	-	-
Q4 2021	3,168.13	17.4 %	-	-	-	-
2021	10,218.61	12.8 %	-	-	-	-
Q1 2022	3,508.69	20.1 %	50.71	-	20.45	-
Q2 2022	3,224.59	42.4 %	179.27	-	127.85	-
Q3 2022	2,921.78	56.7 %	54.00	-	80.11	-
Q4 2022	4,700.45	48.4 %	33.15	-	275.04	-
2022	14,355.51	40.5 %	317.13	-	509.79	-
Q1 2023	5,364.12	52.9 %	162.31	220.1 %	126.19	517.2 %
Q2 2023	4,629.22	43.6 %	459.71	156.4 %	343.45	168.6 %
Q3 2023	3,219.95	10.2 %	146.04	170.4 %	321.10	300.8 %
Q4 2023	5,497.19	17.0 %	(34.94)	(205.4 %)	235.19	(14.5 %)
2023	18,470.35	28.7 %	681.17	114.8 %	1,025.92	101.2 %
Q1 2024	4,560.00	(15.0 %)	255.71	57.5 %	395.73	213.6 %
Q2 2024	5,732.09	23.8 %	491.95	7.0 %	608.69	77.2 %
Q3 2024	4,071.46	26.4 %	210.14	43.9 %	351.84	9.6 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	6,207.61	10.8 %	-	-	-	-
2015	7,545.27	21.5 %	-	-	-	-
2016	8,055.14	6.8 %	-	-	-	-
2017	8,406.67	4.4 %	-	-	-	-
2018	7,641.25	(9.1 %)	-	-	-	-
2019	8,375.86	9.6 %	-	-	-	-
2020	9,061.77	8.2 %	-	-	-	-
2021	10,218.61	12.8 %	-	-	-	-
2022	14,355.51	40.5 %	317.13	-	509.79	-
2023	18,470.35	28.7 %	681.17	114.8 %	1,025.92	101.2 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	150.00	4.10	4.10	13.40
Q2 2015	150.00	4.25	4.25	14.43
Q3 2015	150.00	4.39	4.39	15.03
Q4 2015	150.00	3.99	3.99	15.39
Q1 2016	150.00	3.72	3.72	14.99
Q2 2016	150.00	3.88	3.88	16.60
Q3 2016	150.00	4.17	4.17	18.20
Q4 2016	150.00	4.89	4.89	19.52
Q1 2017	150.00	5.52	5.52	17.63
Q2 2017	150.00	5.53	5.53	19.04
Q3 2017	150.00	4.75	4.75	20.00
Q4 2017	150.00	(1.34)	(1.34)	14.75
Q1 2018	150.00	(2.11)	(2.11)	15.23
Q2 2018	150.00	(3.49)	(3.49)	14.74
Q3 2018	150.00	(4.68)	(4.68)	14.41
Q4 2018	150.00	(1.86)	(1.86)	12.66
Q1 2019	150.00	(1.85)	(1.85)	13.54
Q2 2019	150.00	(1.66)	(1.66)	14.09
Q3 2019	150.00	(0.80)	(0.80)	14.82
Q4 2019	150.00	2.18	2.18	16.00
Q1 2020	150.00	2.44	2.44	16.23
Q2 2020	150.00	3.35	3.35	17.37
Q3 2020	150.00	3.36	3.36	18.23
Q4 2020	150.00	2.62	2.62	18.89
Q1 2021	150.00	2.57	2.57	19.18
Q2 2021	150.00	2.27	2.27	19.70
Q3 2021	150.00	2.07	2.07	19.62
Q4 2021	150.00	1.78	1.78	19.69
Q1 2022	150.00	1.29	1.29	19.04
Q2 2022	150.00	0.76	0.76	19.46
Q3 2022	150.00	0.45	0.45	19.56
Q4 2022	150.00	2.01	2.01	20.88
Q1 2023	150.00	2.60	2.60	21.39
Q2 2023	150.00	3.81	3.81	22.32
Q3 2023	150.00	5.07	5.07	23.69
Q4 2023	150.00	4.11	4.11	24.15
Q1 2024	150.00	4.92	4.92	25.46
Q2 2024	150.00	6.35	6.35	27.41
Q3 2024	150.00	6.29	6.29	28.66

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	150.00	3.73	3.73	13.84
2015	150.00	3.99	3.99	15.39
2016	150.00	4.89	4.89	19.52
2017	150.00	(1.33)	(1.33)	14.75
2018	150.00	(1.86)	(1.86)	12.66
2019	150.00	2.18	2.18	16.00
2020	150.00	2.62	2.62	18.89
2021	150.00	1.78	1.78	19.69
2022	150.00	2.01	2.01	20.88
2023	150.00	4.11	4.11	24.15

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2015	14.21	14.21
Q2 2015	14.82	14.82
Q3 2015	13.14	13.14
Q4 2015	13.24	13.24
Q1 2016	14.34	14.34
Q2 2016	15.49	15.49
Q3 2016	13.16	13.16
Q4 2016	14.80	14.80
Q1 2017	14.12	14.12
Q2 2017	15.51	15.51
Q3 2017	17.18	17.18
Q4 2017	NEG	NEG
Q1 2018	NEG	NEG
Q2 2018	NEG	NEG
Q3 2018	NEG	NEG
Q4 2018	NEG	NEG
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	29.27	29.27
Q1 2020	20.73	20.73
Q2 2020	17.70	17.70
Q3 2020	21.57	21.57
Q4 2020	25.33	25.33
Q1 2021	25.44	25.44
Q2 2021	30.34	30.34
Q3 2021	34.77	34.77
Q4 2021	36.34	36.34
Q1 2022	46.58	46.58
Q2 2022	More than 100	More than 100
Q3 2022	More than 100	More than 100
Q4 2022	33.30	33.30
Q1 2023	33.69	33.69
Q2 2023	30.61	30.61
Q3 2023	24.87	24.87
Q4 2023	31.68	31.68
Q1 2024	31.92	31.92
Q2 2024	21.92	21.92
Q3 2024	23.46	23.46

Period	P/E	Adjusted P/E
2014	8.92	8.92
2015	13.24	13.24
2016	14.80	14.80
2017	NEG	NEG
2018	NEG	NEG
2019	29.27	29.27
2020	25.33	25.33
2021	36.34	36.34
2022	33.30	33.30
2023	31.68	31.68

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Medical - omra	Comprehensive Motor Insurance	Property Sector and accident victims	general accedient - omra	saving and investment	Travel & COVID-19
Q1 2021	2,499.81	0.46	146.01	272.40	0.29	1.76	-
Q2 2021	1,563.48	0.81	154.01	506.77	0.66	15.03	24.30
Q3 2021	1,244.91	2.03	140.82	435.24	1.75	3.45	36.51
Q4 2021	2,511.51	15.81	177.78	395.60	13.65	15.49	38.29
Q1 2022	2,781.71	68.46	243.51	310.04	59.13	7.02	37.17
Q2 2022	2,154.96	105.43	219.86	554.06	148.32	1.99	38.31
Q3 2022	1,640.47	101.89	223.67	782.48	104.79	17.36	49.88
Q4 2022	3,341.10	267.43	354.81	486.91	230.96	17.92	-
Q1 2023	4,025.23	218.61	510.69	501.66	104.93	3.00	-
Q2 2023	3,080.88	68.96	729.27	683.45	65.23	1.04	-
Q4 2023	3,958.29	170.26	697.66	575.81	58.76	36.41	-
Q1 2024	3,174.39	17.43	703.00	636.07	6.02	23.08	-
Q2 2024	4,194.18	0.03	553.75	963.34	0.01	20.79	-
Q3 2024	2,714.30	-	652.00	667.50	-	37.67	-

Period	Medical Insurance	Medical - omra	Comprehensive Motor Insurance	Property Sector and accident victims	general accedient - omra	saving and investment	Travel & COVID-19
2021	7,819.71	19.11	618.61	1,610.00	16.36	35.72	99.11
2022	9,918.23	543.20	1,041.86	2,133.49	543.20	44.29	125.36
2023	12,515.89	550.07	2,869.86	2,209.56	260.84	64.13	-

Financial Ratios

	Current
Market Cap (M)	21,180.00
Shares Outstanding (M)	150.00
EPS ( Riyal) (TTM)	6.29
Book Value (BV) ( Riyal)	28.66
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	22.44
P/E (TTM)	22.44
Price/Book	4.93
Return on Average Assets (%) (TTM)	4.8
Return on Average Equity (%) (TTM)	24.0
Return on Market Cap (%)	4.3

The Company for Cooperative Insurance (TAWUNIYA)

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Tawuniya 9M 2024 profit up 62% to SAR 854.1M; Q3 at SAR 197.6M

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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 Q3

Financial Ratios

Share Price

The Company for Cooperative Insurance (TAWUNIYA)

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Tawuniya 9M 2024 profit up 62% to SAR 854.1M; Q3 at SAR 197.6M

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) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

Financial Ratios

Share Price

The Company for Cooperative Insurance (TAWUNIYA)

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Business Segments - Gross Premium Written (Million)