UCA swings to SAR 5.3M profit in 2023, SAR 14.7M in Q4

20/03/2024 Argaam Exclusive

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United Cooperative Assurance Co. (UCA) turned to a net profit of SAR 5.3 million in 2023, from a net loss of SAR 55.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	821.84	1,029.42	25.3 %
Insurance Revenues	634.33	1,061.77	67.4 %
Net Profit Before Zakat & Tax	(52.48)	9.56	118.2 %
Net Income	(55.48)	5.29	109.5 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(1.39)	0.13	109.5 %

Insurance revenues amounted SAR 1.06 billion, a rise of 67.38% year-on-year (YoY) driven by business growth.

Insurance services results grew 48% YoY on greater insurance revenues and enhanced claims management resulting in reduced incurred claims. Net profit of insurance service results stood at SAR 27.11 million in 2023, compared to a net loss of SAR 42.97 million a year earlier.

Net investment results rose 46% YoY to SAR 10.15 million, influenced by the increase in the investment return.

Moreover, gross written premiums (GWP) increased 25% YoY to SAR 1.02 billion.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	108.58	189.10	74.2 %
Insurance Revenues	213.20	304.27	42.7 %
Net Profit Before Zakat & Tax	(4.43)	16.64	475.9 %
Net Income	(4.43)	14.73	432.7 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.11)	0.37	432.7 %

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	244.23	189.10	(22.6 %)
Insurance Revenues	321.95	304.27	(5.5 %)
Net Profit Before Zakat & Tax	2.85	16.64	483.3 %
Net Income	2.07	14.73	612.6 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.05	0.37	612.6 %

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	821.84	1,029.42	25.3 %
Insurance Revenues	634.33	1,061.77	67.4 %
Insurance Services Income	(42.97)	27.12	163.1 %
Investment Income	6.98	10.15	45.4 %
Net Profit of Insurance Services and Investment	(34.39)	34.58	200.6 %

In the fourth quarter, the insurance services provider swung to a net profit of SAR 14.7 million from a net loss of SAR 4.43 million in Q4 2022.

Compared with Q3 2023, UCA's Q4 earnings soared from SAR 2.07 million.

Total shareholders’ equity, no minority interest, stood at SAR 265.15 million as of Dec. 31, 2023, compared to SAR 256.15 million in the prior-year period.

Accumulated losses reached SAR 180.6 million at the end of the current period, representing 45.14% of the company's capital.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	0.80	(94.4 %)	0.03	2.30	(85.7 %)
Q2 2014	(19.18)	(392.5 %)	(0.65)	(17.68)	(309.3 %)
Q3 2014	19.27	8101.7 %	0.65	20.77	2075.3 %
Q4 2014	(84.72)	19.4 %	(2.85)	(85.69)	17.4 %
2014	(83.83)	0.4 %	(2.82)	(80.30)	(2.6 %)
Q1 2015	5.59	599.9 %	0.14	6.59	186.7 %
Q2 2015	16.46	185.8 %	0.41	17.46	198.7 %
Q3 2015	10.57	(45.2 %)	0.26	12.07	(41.9 %)
Q4 2015	(89.09)	(5.2 %)	(2.23)	(89.09)	(4.0 %)
2015	(56.48)	32.6 %	(1.41)	(52.98)	34.0 %
Q1 2016	18.24	226.2 %	0.46	19.24	191.9 %
Q2 2016	42.16	156.2 %	1.05	43.16	147.3 %
Q3 2016	23.09	118.5 %	0.58	26.09	116.2 %
Q4 2016	10.28	111.5 %	0.26	11.28	112.7 %
2016	93.77	266.0 %	2.34	99.77	288.3 %
Q1 2017	32.72	79.4 %	0.82	34.22	77.8 %
Q2 2017	25.93	(38.5 %)	0.65	27.43	(36.4 %)
Q3 2017	(3.67)	(115.9 %)	(0.09)	(2.17)	(108.3 %)
Q4 2017	(24.38)	(337.2 %)	(0.61)	(22.88)	(302.9 %)
2017	30.61	(67.4 %)	0.77	36.61	(63.3 %)
Q1 2018	(9.11)	(127.8 %)	(0.23)	(7.61)	(122.2 %)
Q2 2018	1.08	(95.8 %)	0.03	3.08	(88.8 %)
Q3 2018	(13.94)	(280.4 %)	(0.35)	(11.94)	(451.4 %)
Q4 2018	(42.20)	(73.1 %)	(1.06)	(43.70)	(91.0 %)
2018	(64.17)	(309.7 %)	(1.60)	(60.17)	(264.4 %)
Q1 2019	(6.53)	28.3 %	(0.16)	(5.53)	27.3 %
Q2 2019	6.29	480.2 %	0.16	7.29	136.3 %
Q3 2019	6.56	147.1 %	0.16	7.56	163.3 %
Q4 2019	1.22	102.9 %	0.03	6.22	114.2 %
2019	7.54	111.7 %	0.19	15.54	125.8 %
Q1 2020	(5.09)	22.0 %	(0.13)	(3.09)	44.1 %
Q2 2020	(3.42)	(154.3 %)	(0.09)	(1.42)	(119.4 %)
Q3 2020	(15.20)	(331.6 %)	(0.38)	(13.20)	(274.6 %)
Q4 2020	(20.18)	(1756.6 %)	(0.50)	1.82	(70.7 %)
2020	(43.88)	(682.0 %)	(1.10)	(15.88)	(202.2 %)
Q1 2021	(28.99)	(469.5 %)	(0.72)	(26.99)	(773.5 %)
Q2 2021	(8.53)	(149.8 %)	(0.21)	(6.53)	(361.5 %)
Q3 2021	(20.44)	(34.5 %)	(0.51)	(18.44)	(39.7 %)
Q4 2021	(15.72)	22.1 %	(0.39)	(13.72)	(852.3 %)
2021	(73.67)	(67.9 %)	(1.84)	(65.67)	(313.5 %)
Q1 2022	(21.59)	25.5 %	(0.54)	(19.59)	27.4 %
Q2 2022	(14.59)	(71.0 %)	(0.36)	(14.59)	(123.4 %)
Q3 2022	(14.88)	27.2 %	(0.37)	(13.88)	24.7 %
Q4 2022	(4.43)	71.8 %	(0.11)	(4.43)	67.7 %
2022	(55.48)	24.7 %	(1.39)	(52.48)	20.1 %
Q1 2023	(9.96)	53.9 %	(0.25)	(9.88)	49.6 %
Q2 2023	(1.54)	89.4 %	(0.04)	(0.05)	99.6 %
Q3 2023	2.07	113.9 %	0.05	2.85	120.6 %
Q4 2023	14.73	432.7 %	0.37	16.64	475.9 %
2023	5.29	109.5 %	0.13	9.56	118.2 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	(83.83)	0.4 %	(2.82)	(80.30)	(2.6 %)
2015	(56.48)	32.6 %	(1.41)	(52.98)	34.0 %
2016	93.77	266.0 %	2.34	99.77	288.3 %
2017	30.61	(67.4 %)	0.77	36.61	(63.3 %)
2018	(64.17)	(309.7 %)	(1.60)	(60.17)	(264.4 %)
2019	7.54	111.7 %	0.19	15.54	125.8 %
2020	(43.88)	(682.0 %)	(1.10)	(15.88)	(202.2 %)
2021	(73.67)	(67.9 %)	(1.84)	(65.67)	(313.5 %)
2022	(55.48)	24.7 %	(1.39)	(52.48)	20.1 %
2023	5.29	109.5 %	0.13	9.56	118.2 %

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	387.67	(15.3 %)	-	-	-	-
Q2 2014	192.81	(18.0 %)	-	-	-	-
Q3 2014	247.66	(7.7 %)	-	-	-	-
Q4 2014	337.01	1.6 %	-	-	-	-
2014	1,165.15	(9.9 %)	-	-	-	-
Q1 2015	335.79	(13.4 %)	-	-	-	-
Q2 2015	271.76	40.9 %	-	-	-	-
Q3 2015	313.53	26.6 %	-	-	-	-
Q4 2015	350.66	4.1 %	-	-	-	-
2015	1,271.74	9.1 %	-	-	-	-
Q1 2016	347.60	3.5 %	-	-	-	-
Q2 2016	260.93	(4.0 %)	-	-	-	-
Q3 2016	63.73	(79.7 %)	-	-	-	-
Q4 2016	147.34	(58.0 %)	-	-	-	-
2016	819.60	(35.6 %)	-	-	-	-
Q1 2017	108.91	(68.7 %)	-	-	-	-
Q2 2017	251.43	(3.6 %)	-	-	-	-
Q3 2017	116.29	82.5 %	-	-	-	-
Q4 2017	103.93	(29.5 %)	-	-	-	-
2017	580.57	(29.2 %)	-	-	-	-
Q1 2018	104.02	(4.5 %)	-	-	-	-
Q2 2018	88.76	(64.7 %)	-	-	-	-
Q3 2018	120.93	4.0 %	-	-	-	-
Q4 2018	78.27	(24.7 %)	-	-	-	-
2018	391.97	(32.5 %)	-	-	-	-
Q1 2019	114.41	10.0 %	-	-	-	-
Q2 2019	86.22	(2.9 %)	-	-	-	-
Q3 2019	66.95	(44.6 %)	-	-	-	-
Q4 2019	152.71	95.1 %	-	-	-	-
2019	420.29	7.2 %	-	-	-	-
Q1 2020	240.65	110.3 %	-	-	-	-
Q2 2020	148.51	72.3 %	-	-	-	-
Q3 2020	128.75	92.3 %	-	-	-	-
Q4 2020	98.95	(35.2 %)	-	-	-	-
2020	616.86	46.8 %	-	-	-	-
Q1 2021	116.14	(51.7 %)	-	-	-	-
Q2 2021	91.12	(38.6 %)	-	-	-	-
Q3 2021	106.94	(16.9 %)	-	-	-	-
Q4 2021	95.56	(3.4 %)	-	-	-	-
2021	409.76	(33.6 %)	-	-	-	-
Q1 2022	308.47	165.6 %	(16.50)	-	(13.30)	-
Q2 2022	176.94	94.2 %	(19.58)	-	(3.57)	-
Q3 2022	227.85	113.1 %	(2.48)	-	(12.07)	-
Q4 2022	108.58	13.6 %	(4.41)	-	(5.46)	-
2022	821.84	100.6 %	(42.97)	-	(34.39)	-
Q1 2023	409.08	32.6 %	(7.74)	53.1 %	(3.99)	70.0 %
Q2 2023	187.02	5.7 %	6.33	132.3 %	4.80	234.8 %
Q3 2023	244.23	7.2 %	16.44	763.4 %	19.57	262.1 %
Q4 2023	189.10	74.2 %	18.12	510.7 %	20.22	470.4 %
2023	1,029.42	25.3 %	27.12	163.1 %	34.58	200.5 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	1,165.15	(9.9 %)	-	-	-	-
2015	1,271.74	9.1 %	-	-	-	-
2016	819.60	(35.6 %)	-	-	-	-
2017	580.57	(29.2 %)	-	-	-	-
2018	391.97	(32.5 %)	-	-	-	-
2019	420.29	7.2 %	-	-	-	-
2020	616.86	46.8 %	-	-	-	-
2021	409.76	(33.6 %)	-	-	-	-
2022	821.84	100.6 %	(42.97)	-	(34.39)	-
2023	1,029.42	25.3 %	27.12	163.1 %	34.58	200.5 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	29.69	(3.28)	(3.28)	8.01
Q2 2014	29.69	(4.15)	(4.15)	7.38
Q3 2014	29.69	(3.51)	(3.51)	8.06
Q4 2014	29.69	(2.82)	(2.82)	5.16
Q1 2015	40.00	(1.98)	(1.98)	9.14
Q2 2015	40.00	(1.09)	(1.09)	9.51
Q3 2015	40.00	(1.30)	(1.30)	9.68
Q4 2015	40.00	(1.41)	(1.41)	7.37
Q1 2016	40.00	(1.10)	(1.10)	7.77
Q2 2016	40.00	(0.45)	(0.45)	8.87
Q3 2016	40.00	(0.14)	(0.14)	9.40
Q4 2016	40.00	2.34	2.34	9.74
Q1 2017	40.00	2.71	2.71	10.58
Q2 2017	40.00	2.30	2.30	11.24
Q3 2017	40.00	1.63	1.63	11.15
Q4 2017	40.00	0.77	0.77	10.53
Q1 2018	40.00	(0.28)	(0.28)	10.35
Q2 2018	40.00	(0.90)	(0.90)	10.40
Q3 2018	40.00	(1.16)	(1.16)	10.05
Q4 2018	40.00	(1.60)	(1.60)	9.02
Q1 2019	40.00	(1.54)	(1.54)	8.87
Q2 2019	40.00	(1.41)	(1.41)	9.02
Q3 2019	40.00	(0.90)	(0.90)	9.19
Q4 2019	40.00	0.19	0.19	9.39
Q1 2020	40.00	0.22	0.22	9.36
Q2 2020	40.00	(0.02)	(0.02)	9.27
Q3 2020	40.00	(0.56)	(0.56)	8.89
Q4 2020	40.00	(1.10)	(1.10)	8.32
Q1 2021	40.00	(1.69)	(1.69)	7.54
Q2 2021	40.00	(1.82)	(1.82)	7.31
Q3 2021	40.00	(1.95)	(1.95)	6.63
Q4 2021	40.00	(1.84)	(1.84)	6.25
Q1 2022	40.00	(1.66)	(1.66)	7.15
Q2 2022	40.00	(1.81)	(1.81)	6.79
Q3 2022	40.00	(1.67)	(1.67)	6.42
Q4 2022	40.00	(1.39)	(1.39)	6.40
Q1 2023	40.00	(1.10)	(1.10)	6.15
Q2 2023	40.00	(0.77)	(0.77)	6.12
Q3 2023	40.00	(0.35)	(0.35)	6.17
Q4 2023	40.00	0.13	0.13	6.63

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	29.69	(2.82)	(2.82)	5.16
2015	40.00	(1.41)	(1.41)	7.37
2016	40.00	2.34	2.34	9.74
2017	40.00	0.77	0.77	10.53
2018	40.00	(1.60)	(1.60)	9.02
2019	40.00	0.19	0.19	9.39
2020	40.00	(1.10)	(1.10)	8.32
2021	40.00	(1.84)	(1.84)	6.25
2022	40.00	(1.39)	(1.39)	6.40
2023	40.00	0.13	0.13	6.63

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	NEG	NEG
Q1 2015	NEG	NEG
Q2 2015	NEG	NEG
Q3 2015	NEG	NEG
Q4 2015	NEG	NEG
Q1 2016	NEG	NEG
Q2 2016	NEG	NEG
Q3 2016	NEG	NEG
Q4 2016	6.81	6.81
Q1 2017	6.36	6.36
Q2 2017	7.26	7.26
Q3 2017	10.90	10.90
Q4 2017	20.61	20.61
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	48.34	48.34
Q1 2020	36.53	36.53
Q2 2020	NEG	NEG
Q3 2020	NEG	NEG
Q4 2020	NEG	NEG
Q1 2021	NEG	NEG
Q2 2021	NEG	NEG
Q3 2021	NEG	NEG
Q4 2021	NEG	NEG
Q1 2022	NEG	NEG
Q2 2022	NEG	NEG
Q3 2022	NEG	NEG
Q4 2022	NEG	NEG
Q1 2023	NEG	NEG
Q2 2023	NEG	NEG
Q3 2023	NEG	NEG
Q4 2023	More than 100	More than 100

Period	P/E	Adjusted P/E
2014	NEG	NEG
2015	NEG	NEG
2016	6.81	6.81
2017	20.61	20.61
2018	NEG	NEG
2019	48.34	48.34
2020	NEG	NEG
2021	NEG	NEG
2022	NEG	NEG
2023	More than 100	More than 100

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	energy-insurance	Engineering	Other classes
Q1 2014	71.81	188.97	-	-	126.90
Q2 2014	27.99	93.15	-	-	71.67
Q3 2014	39.27	130.56	-	-	77.83
Q4 2014	27.34	172.45	35.12	-	102.09
Q1 2015	31.70	207.02	-	-	97.07
Q2 2015	16.54	164.98	41.33	-	48.90
Q3 2015	51.39	160.54	41.33	-	60.27
Q4 2015	23.96	262.03	41.33	-	23.34
Q1 2016	23.23	263.08	(1.43)	-	62.72
Q2 2016	6.54	152.18	30.20	-	72.01
Q3 2016	17.96	5.24	30.28	-	10.25
Q4 2016	17.94	71.30	30.28	-	27.81
Q1 2017	18.95	5.65	25.87	-	58.44
Q2 2017	2.39	91.16	26.32	-	131.56
Q3 2017	9.04	61.60	26.32	-	19.33
Q4 2017	45.26	15.39	26.32	-	16.96
Q1 2018	25.10	21.09	30.60	(8.65)	35.88
Q2 2018	11.14	37.09	24.65	6.52	9.36
Q3 2018	16.28	37.55	24.65	36.06	6.38
Q4 2018	6.40	19.42	24.65	18.19	9.61
Q1 2019	10.35	11.35	39.09	11.16	42.47
Q2 2019	3.78	11.99	30.90	28.45	11.10
Q3 2019	7.59	6.54	30.90	5.99	15.93
Q4 2019	7.86	10.67	30.90	89.42	13.86
Q1 2020	8.16	64.79	33.93	85.58	48.17
Q2 2020	9.21	75.99	29.20	13.02	21.10
Q3 2020	16.81	60.18	29.20	5.13	17.43
Q4 2020	7.33	33.64	29.20	16.37	12.42
Q1 2021	30.48	32.10	25.46	6.10	22.00
Q2 2021	15.61	16.02	24.15	4.30	31.04
Q3 2021	29.14	17.70	24.15	22.85	13.09
Q4 2021	25.74	37.35	24.15	4.48	3.83
Q1 2022	31.39	107.02	-	-	170.06
Q2 2022	21.49	67.50	-	-	87.95
Q3 2022	16.76	58.78	-	-	152.31
Q4 2022	11.21	88.65	-	-	8.72
Q1 2023	58.46	274.90	-	-	75.72
Q2 2023	11.13	110.40	-	-	65.49
Q3 2023	15.19	145.21	-	-	83.82
Q4 2023	19.25	129.51	-	-	40.34

Period	Medical Insurance	Comprehensive Motor Insurance	energy-insurance	Engineering	Other classes
2014	166.42	585.13	140.48	-	273.13
2015	123.59	794.57	156.50	-	197.08
2016	65.67	491.81	89.33	-	172.78
2017	75.64	173.80	104.84	-	226.28
2018	58.93	115.16	104.54	52.12	61.23
2019	29.57	40.55	131.79	135.02	83.36
2020	41.51	234.60	121.54	120.10	99.12
2021	100.97	103.18	97.92	37.72	69.96
2022	80.86	321.94	-	-	419.04
2023	104.04	660.02	-	-	265.37

Financial Ratios

	Current
Market Cap (M)	368.80
Shares Outstanding (M)	40.00
EPS ( Riyal) (TTM)	0.49
Book Value (BV) ( Riyal)	6.75
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.66
P/E (TTM)	18.66
Price/Book	1.36
Return on Average Assets (%) (TTM)	2.9
Return on Average Equity (%) (TTM)	7.6
Return on Market Cap (%)	4.7

United Cooperative Assurance Co. (UCA)

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UCA swings to SAR 5.3M profit in 2023, SAR 14.7M in Q4

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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) 2023 Q4

Financial Ratios

Share Price

United Cooperative Assurance Co. (UCA)

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UCA swings to SAR 5.3M profit in 2023, SAR 14.7M in Q4

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) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

United Cooperative Assurance Co. (UCA)

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Business Segments - Gross Premium Written (Million)