Al-Etihad Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 1,202,169 | 1,072,869 | 12.05 | ||
| Result of Insurance Services | 112,455 | 47,574 | 136.38 | ||
| Net Profit (Loss) of The Insurance Results | 33,828 | 20,905 | 61.82 | ||
| Net Profit (Loss) of The Investment Results | 66,982 | 23,563 | 184.27 | ||
| Net Insurance Financing Expenses | -7,483 | -66 | 11,237.88 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 93,896 | 12,702 | 639.22 | ||
| Total Comprehensive Income | 135,006 | 13,894 | 871.68 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 671,620 | 536,614 | 25.16 | ||
| Profit (Loss) per Share | 2.09 | 0.28 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | The increase in Insurance revenues by 12% in the current year compared to previous year is mainly attributed to the increase in insurance premiums, especially Motor insurance segment, which witnessed a significant growth during 2023 by 58% compared to the previous year. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The increase in net income after Zakat of current year compared to previous year by SAR 81.2 Million (639%) is due mainly to the increase in net insurance service results by SAR 12.9 Million (62%), and the noticeable increase in net investment return amounted SAR 43.4 Million (184%) compared to the previous year, in addition to the increase in other income amounted to SAR 26 Millions a result of reclassifying the income earned from industry pools for year 2023 to other income instead of insurance services results, and the decrease in Zakat and income tax provision by SAR 8.5 Million compared to the previous year. These increases in profits and revenues were offset by an increase in net financing expenses by SAR 7.4 Million and an increase in non-attributable expenses by SR 2 million.
The increase in comprehensive income of current year compared to last year is due to the above mentioned reasons in addition to booking increase in the fair value of company's investment in Najm insurance service company (Najm). |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Not Applicable |
| Reclassification of Comparison Items | The Company has reclassified and restated comparative figures to meet the requirements of the newly implemented standards IFRS 17 and IFRS 9. Please refer to note 4 of the interim condensed financial statements for more details. |
| Additional Information | The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards
Earning per share was calculated based on Net Income after zakat amounted to SAR 93,896K for current year compared to SAR 12,702K for previous year.
Retained Earnings at the end of period are amounted to SAR 150,065K
Gross Written Premiums (GWP) for the current year is amounted to SAR 1,489,053K compared to SAR 1,176,701K during the previous year, an increase of 26.5% |
Comments