Al-Rajhi Company for Cooperative Insurance announces its Interim Financial Results for the period ending on 2024-03-31 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 1,302,714 | 865,298 | 50.55 | 1,273,511 | 2.293 |
| Result of Insurance Services | 434,706 | -34,969 | - | 203,627 | 113.481 |
| Net Profit (Loss) of The Insurance Results | 113,229 | 97,616 | 15.994 | 32,410 | 249.364 |
| Net Profit (Loss) of The Investment Results | 159,451 | 45,086 | 253.659 | 130,450 | 22.231 |
| Net Insurance Financing Expenses | -125,204 | -49,887 | 150.975 | -60,755 | 106.08 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 111,376 | 61,282 | 81.743 | 109,025 | 2.156 |
| Total Comprehensive Income | 103,079 | 111,918 | -7.897 | 122,884 | -16.116 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,830,200 | 1,467,482 | 24.717 |
| Profit (Loss) per Share | 1.114 | 0.613 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is | Insurance revenues for the current quarter amounted to SR 1,302,714K, compared to SR 865,298K during the similar quarter for previous year, an increase of 50.6%, driven by growth in overall business volume. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit after zakat attributable to shareholders for the current quarter amounted to SR 111,376K, compared to SR 61,282K during the similar quarter in previous year, an increase of 81.7%. The improvement was due to the following main reasons:
• Net insurance service result for the current quarter amounted to SR 113,229K, compared to SR 97,616K during the similar quarter in the previous year, an increase of 16.0%, which was mainly driven by the business growth.
• Total investment income for the quarter SR 159,451K (Q1 2023: SR 45,086K) includes SR 101,331K (Q1 2023: SR 15,341K) pertain to fair value movement in unit holders' fund investments. Net investment income (excluding unit holders share) for the current quarter is amounted to SR 58,120K, compared to SR 29,745K during the previous quarter, an increase of 95.4%%, driven by improved yield and increase in investible assets.
The net insurance finance expenses of SR (-125,204K), includes return on unit holders fund investments along with fair value movements payable to the unit holders.
• Total comprehensive income for the current quarter amounted to SR 103,079K compared to SR 111,918K during the similar quarter in previous year, a decrease of (-7.9%) .
• Moreover, Gross Written Premiums (GWP) for the current quarter is amounted to SR 2,032,218K compared to SR 1,207,650K during the the similar quarter previous year, an increase of 68.3%. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Insurance revenues for the current quarter amounted to SR 1,302,714K, compared to SR 1,273,511K during the previous quarter, an increase of 2.3%, which was driven by business growth in all lines of business. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | Net profit after zakat attributable to shareholders for the current quarter amounted to SR 111,376K, compared to SR 109,025K during the previous quarter, an increase of 2.2%. The improvement was due to the following main reasons:
• Net insurance service result for the current quarter amounted to SR 113,229K, compared to SR 32,410K during the previous quarter, an increase of 249.4%, which was mainly driven by the business growth.
• Total investment income for the quarter SR 159,451K (previous quarter: SR 130,450K) includes SR 101,331K (previous quarter: SR 86,436K) pertain to fair value movement in unit holders' fund investments. Net investment income (excluding unit holders share) for the current quarter is amounted to SR 58,120K, compared to SR 44,014K during the previous quarter, an increase of 32.0%, driven by improved yield and increase in investible assets.
The net insurance finance expenses of SR (-125,204K) includes return on unit holders fund investments along with fair value movements payable to the unit holders.
• Total comprehensive income for the current quarter amounted to SR 103,079K compared to SR 122,884K during the previous quarter, a decrease of (-16.1%) primarily due to adverse fair value movement in equity investment through OCI.
• Moreover, Gross Written Premiums (GWP) for the current quarter is amounted to SR 2,032,218K compared to SR 1,724,996K during the previous quarter, an increase of 17,8%. |
| 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) | None. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | None. |
| Additional Information | The earnings per share (EPS) for the current quarter is SR 1.11 per share versus SR 0.61 per share for the similar quarter previous year.
Total Shareholders’ Equity as at end of current quarter is SR 1,830,200k compared to SR 1,467,482k for the similar quarter previous year, an increase of 24.7%.
Total Equity as at end of current quarter is SR 1,825,865k compared to SR 1,722,786k for the similar quarter previous year, an increase of 6.0%. |
Comments