LIVA turns to SAR 4.7M net profit in Q1 2024

LIVA turns to SAR 4.7M net profit in Q1 2024

09/05/2024 Argaam Exclusive

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LIVA Insurance Co. reported a net profit of SAR 4.7 million in Q1 2024, versus a net loss of SAR 867,000 in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 161.90 94.14 (41.9 %)
Insurance Revenues 130.43 110.54 (15.2 %)
Net Profit Before Zakat & Tax 0.93 6.99 648.7 %
Net Income (0.87) 4.65 635.8 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.02) 0.12 635.8 %

The profit rose on improved insurance service results driven by decreased insurance expenses.

 

Q1 2024 net expense from reinsurance contracts amounted to SAR 11.48 million, compared to SAR 16.44 million a year earlier. Investment income reached SAR 7.7 million, rising 36.55%, compared to SAR 5.64 million in the same quarter last year.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 161.90 94.14 (41.9 %)
Insurance Revenues 130.43 110.54 (15.2 %)
Insurance Services Income (4.29) 4.14 196.5 %
Investment Income 5.64 7.70 36.5 %
Net Profit of Insurance Services and Investment 0.35 10.69 2954.3 %

On a quarterly basis, net earnings dropped 30.2% from SAR 6.65 million in Q4 2023.

 

Shareholders’ equity, after minority interest, reached SAR 394.63 million as of March 31, 2024, compared to SAR 374.29 million a year earlier.

 

Accumulated losses reached SAR 50.50 million, accounting for 12.63% of capital, as of March 31, 2024.

 

View more financial results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 1.49 108.7 % 0.04 2.07 112.6 %
Q2 2015 8.21 180.8 % 0.21 9.78 199.8 %
Q3 2015 9.89 357.2 % 0.25 11.23 420.7 %
Q4 2015 0.12 (90.5 %) 0.00 4.20 148.3 %
Q1 2016 13.40 802.5 % 0.34 15.74 659.7 %
Q2 2016 11.23 36.8 % 0.28 13.46 37.7 %
Q3 2016 10.02 1.4 % 0.25 12.21 8.8 %
Q4 2016 3.24 2577.0 % 0.08 4.94 17.6 %
Q1 2017 16.54 23.4 % 0.41 16.54 5.1 %
Q2 2017 3.92 (65.1 %) 0.10 7.11 (47.2 %)
Q3 2017 4.85 (51.6 %) 0.12 8.81 (27.8 %)
Q4 2017 10.77 232.4 % 0.27 12.02 143.5 %
Q1 2018 8.24 (50.2 %) 0.21 10.55 (36.2 %)
Q2 2018 3.73 (5.0 %) 0.09 6.19 (13.0 %)
Q3 2018 5.28 8.9 % 0.13 7.86 (10.8 %)
Q4 2018 4.17 (61.3 %) 0.10 6.67 (44.5 %)
Q1 2019 5.46 (33.7 %) 0.14 7.78 (26.3 %)
Q2 2019 5.29 42.0 % 0.13 7.49 21.0 %
Q3 2019 3.05 (42.3 %) 0.08 5.21 (33.8 %)
Q4 2019 1.15 (72.4 %) 0.03 3.19 (52.2 %)
Q1 2020 1.19 (78.3 %) 0.03 3.44 (55.8 %)
Q2 2020 1.76 (66.8 %) 0.04 4.19 (44.0 %)
Q3 2020 0.84 (72.5 %) 0.02 2.33 (55.3 %)
Q4 2020 (9.93) (963.4 %) (0.25) (8.51) (366.9 %)
Q1 2021 0.50 (57.8 %) 0.01 2.45 (28.7 %)
Q2 2021 (3.32) (288.6 %) (0.08) (1.63) (138.8 %)
Q3 2021 (19.64) (2441.2 %) (0.49) (17.36) (845.8 %)
Q4 2021 (12.92) (30.1 %) (0.32) (11.13) (30.7 %)
Q1 2022 (11.50) (2394.8 %) (0.29) (9.93) (505.1 %)
Q2 2022 (25.15) (658.5 %) (0.63) (24.12) (1,383.4 %)
Q3 2022 (18.86) 4.0 % (0.47) (17.50) (0.8 %)
Q4 2022 12.56 197.2 % 0.31 14.31 228.6 %
Q1 2023 (0.87) 92.5 % (0.02) 0.93 109.4 %
Q2 2023 2.84 111.3 % 0.07 4.39 118.2 %
Q3 2023 2.63 114.0 % 0.07 4.63 126.5 %
Q4 2023 6.65 (47.0 %) 0.17 7.47 (47.8 %)
Q1 2024 4.65 635.8 % 0.12 6.99 648.7 %

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 117.59 49.3 % - - - -
Q2 2015 88.09 25.4 % - - - -
Q3 2015 106.89 11.7 % - - - -
Q4 2015 89.46 (1.1 %) - - - -
Q1 2016 109.04 (7.3 %) - - - -
Q2 2016 49.80 (43.5 %) - - - -
Q3 2016 64.23 (39.9 %) - - - -
Q4 2016 87.68 (2.0 %) - - - -
Q1 2017 86.32 (20.8 %) - - - -
Q2 2017 48.12 (3.4 %) - - - -
Q3 2017 57.16 (11.0 %) - - - -
Q4 2017 71.77 (18.1 %) - - - -
Q1 2018 100.74 16.7 % - - - -
Q2 2018 56.33 17.1 % - - - -
Q3 2018 55.00 (3.8 %) - - - -
Q4 2018 81.16 13.1 % - - - -
Q1 2019 71.08 (29.4 %) - - - -
Q2 2019 40.57 (28.0 %) - - - -
Q3 2019 55.53 1.0 % - - - -
Q4 2019 51.85 (36.1 %) - - - -
Q1 2020 52.10 (26.7 %) - - - -
Q2 2020 31.71 (21.9 %) - - - -
Q3 2020 52.57 (5.3 %) - - - -
Q4 2020 55.13 6.3 % - - - -
Q1 2021 50.34 (3.4 %) - - - -
Q2 2021 57.47 81.3 % - - - -
Q3 2021 95.11 80.9 % - - - -
Q4 2021 60.72 10.1 % - - - -
Q1 2022 72.76 44.5 % (9.31) - (7.45) -
Q2 2022 86.70 50.8 % (22.57) - (20.42) -
Q3 2022 157.61 65.7 % (22.62) - (19.56) -
Q4 2022 138.47 128.0 % 6.49 - 11.23 -
Q1 2023 161.90 122.5 % (4.29) 53.9 % 0.35 104.7 %
Q2 2023 102.82 18.6 % (0.51) 97.7 % 4.53 122.2 %
Q3 2023 - - 4.34 119.2 % 9.57 148.9 %
Q4 2023 114.74 (17.1 %) 0.72 (89.0 %) 7.18 (36.0 %)
Q1 2024 94.14 (41.9 %) 4.14 196.5 % 10.69 2972.7 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 40.00 (0.28) (0.28) 6.89
Q2 2015 40.00 0.18 0.18 7.08
Q3 2015 40.00 0.52 0.52 7.33
Q4 2015 40.00 0.49 0.49 7.31
Q1 2016 40.00 0.79 0.79 7.66
Q2 2016 40.00 0.87 0.87 7.95
Q3 2016 40.00 0.87 0.87 8.21
Q4 2016 40.00 0.95 0.95 8.27
Q1 2017 40.00 1.03 1.03 8.63
Q2 2017 40.00 0.84 0.84 8.79
Q3 2017 40.00 0.71 0.71 8.91
Q4 2017 40.00 0.90 0.90 9.17
Q1 2018 40.00 0.69 0.69 9.37
Q2 2018 40.00 0.69 0.69 9.44
Q3 2018 40.00 0.70 0.70 9.58
Q4 2018 40.00 0.54 0.54 9.73
Q1 2019 40.00 0.47 0.47 9.87
Q2 2019 40.00 0.51 0.51 10.08
Q3 2019 40.00 0.45 0.45 10.18
Q4 2019 40.00 0.37 0.37 10.20
Q1 2020 40.00 0.27 0.27 10.25
Q2 2020 40.00 0.18 0.18 10.32
Q3 2020 40.00 0.12 0.12 10.33
Q4 2020 40.00 (0.15) (0.15) 10.09
Q1 2021 40.00 (0.17) (0.17) 10.11
Q2 2021 40.00 (0.30) (0.30) 10.02
Q3 2021 40.00 (0.81) (0.81) 9.51
Q4 2021 40.00 (0.88) (0.88) 9.15
Q1 2022 40.00 (1.18) (1.18) 9.17
Q2 2022 40.00 (1.73) (1.73) 8.53
Q3 2022 40.00 (1.71) (1.71) 7.96
Q4 2022 40.00 (1.07) (1.07) 8.34
Q1 2023 40.00 (0.81) (0.81) 9.36
Q2 2023 40.00 (0.11) (0.11) 9.43
Q3 2023 40.00 0.43 0.43 9.49
Q4 2023 40.00 0.28 0.28 9.75
Q1 2024 40.00 0.42 0.42 9.87

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 NEG NEG
Q2 2015 More than 100 More than 100
Q3 2015 More than 100 More than 100
Q4 2015 More than 100 More than 100
Q1 2016 40.50 40.50
Q2 2016 33.37 33.37
Q3 2016 22.65 22.65
Q4 2016 26.02 26.02
Q1 2017 23.20 23.20
Q2 2017 30.35 30.35
Q3 2017 41.06 41.06
Q4 2017 26.84 26.84
Q1 2018 37.56 37.56
Q2 2018 45.69 45.69
Q3 2018 More than 100 More than 100
Q4 2018 More than 100 More than 100
Q1 2019 More than 100 More than 100
Q2 2019 45.93 45.93
Q3 2019 40.29 40.29
Q4 2019 49.72 49.72
Q1 2020 More than 100 More than 100
Q2 2020 More than 100 More than 100
Q3 2020 More than 100 More than 100
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 40.45 40.45
Q4 2023 More than 100 More than 100
Q1 2024 46.89 46.89

Business Segments - Gross Premium Written (Million)

Compared With The
Period Property & casualty Comprehensive Motor Insurance Insurance - Engineering Medical Insurance Marine Insurance life insurance group Others
Q1 2015 26.52 64.23 7.27 0.57 9.00 - 9.99
Q2 2015 21.80 38.89 6.93 3.26 6.47 - 10.75
Q3 2015 38.97 39.02 3.38 0.93 10.24 - 14.35
Q4 2015 41.40 24.44 3.08 0.76 9.89 - 9.89
Q1 2016 27.16 49.98 6.83 0.15 9.82 - 15.10
Q2 2016 17.83 12.15 7.25 1.47 5.77 2.22 3.11
Q3 2016 29.06 12.79 2.45 0.02 10.83 (0.02) 9.10
Q4 2016 62.14 9.43 2.20 0.71 8.18 0.17 4.85
Q1 2017 10.90 54.98 8.06 (0.02) 7.40 1.70 3.30
Q2 2017 15.94 17.13 3.70 3.18 4.29 1.97 1.92
Q3 2017 25.46 5.47 2.31 1.24 7.40 7.39 7.89
Q4 2017 39.36 14.07 2.96 0.60 6.91 5.81 2.07
Q1 2018 20.56 56.17 9.44 0.04 4.49 7.54 2.50
Q2 2018 16.09 18.73 4.55 2.00 7.01 6.46 1.50
Q3 2018 17.78 14.88 4.17 0.17 4.44 6.32 7.39
Q4 2018 27.46 20.59 2.31 18.41 3.14 6.88 2.53
Q1 2019 16.13 34.70 6.95 0.66 2.71 8.35 2.02
Q2 2019 9.65 15.17 3.20 2.26 2.48 7.71 0.83
Q3 2019 17.74 13.91 1.63 0.09 4.54 10.77 6.60
Q4 2019 22.39 10.91 1.68 (0.12) 2.23 11.43 3.34
Q1 2020 19.06 8.45 7.00 (0.04) 2.64 13.05 1.94
Q2 2020 11.68 0.84 3.44 0.20 2.45 12.01 1.09
Q3 2020 20.94 4.66 2.58 - 5.35 12.13 7.02
Q4 2020 24.50 8.21 2.14 - 3.65 13.28 2.90
Q1 2021 8.27 21.12 2.86 - 3.66 13.55 1.11
Q2 2021 12.85 24.48 2.88 - 2.74 13.84 0.69
Q3 2021 21.63 41.91 1.34 - 6.72 13.86 9.70
Q4 2021 2.19 38.30 1.55 - 1.85 16.22 0.34
Q1 2022 11.76 44.36 - - - 16.63 -
Q2 2022 21.87 50.13 - - - 14.70 -
Q3 2022 48.49 91.96 - - - 17.15 -
Q4 2022 13.99 105.95 - - - 18.53 -
Q1 2023 17.93 124.97 - - - 19.00 -
Q2 2023 17.48 68.97 - - - 16.37 -
Q3 2023 53.72 85.67 - - - 3.26 -
Q4 2023 30.59 84.02 - - - 0.13 -
Q1 2024 27.12 66.60 - - - 0.41 -


Financial Ratios
Current
Market Cap (M) 692.80
Shares Outstanding (M) 40.00
EPS ( Riyal) (TTM) 0.72
Book Value (BV) ( Riyal) 10.30
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.21
P/E (TTM) 24.21
Price/Book 1.68
Return on Average Assets (%) (TTM) 3.4
Return on Average Equity (%) (TTM) 7.2
Return on Market Cap (%) 3.8
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Share Price

LIVA Insurance Co.
17.32
0.26 1.52 %

LIVA Insurance Co. (LIVA)

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