The Company for Cooperative Insurance (Tawuniya) reported a net profit of SAR 196.7 million in Q1 2024, compared to SAR 74.5 million in a year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 5,364.12 | 4,560.00 | (15.0 %) |
| Insurance Revenues | 3,407.31 | 4,385.96 | 28.7 % |
| Net Profit Before Zakat & Tax | 101.35 | 230.08 | 127.0 % |
| Net Income | 74.47 | 196.69 | 164.1 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 0.50 | 1.31 | 164.1 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 5,497.19 | 4,560.00 | (17.0 %) |
| Insurance Revenues | 4,199.95 | 4,385.96 | 4.4 % |
| Net Profit Before Zakat & Tax | 110.72 | 230.08 | 107.8 % |
| Net Income | 89.82 | 196.69 | 119.0 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 0.60 | 1.31 | 119.0 % |
This was driven by a significant improvement in insurance service results, which rose to SAR 345.68 million from SAR 312.30 million in Q1 2023, thanks to an increase in insurance revenues and better claims management.
Insurance revenues increased 28.72% year-on-year (YoY) to SAR 978.65 million.
The company posted 57.55% growth YoY in net profit of insurance results at SAR 93.40 million compared to the similar quarter of last year, driven by improvement in results of insurance services across main lines of business, health, motors, and general insurance.
The insurer’s investment results grew by 28.83%, or SAR 38.23 million, due to the strong growth in unrealized gains from improved equity market performance, coupled with an increase in yield on Murabaha deposits.
Net insurance finance expenses dropped 13.19% to SAR 30.87 million.
On a sequential basis, net profit increased more than twofold from SAR 86.08 million.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 5,364.12 | 4,560.00 | (15.0 %) |
| Insurance Revenues | 3,407.31 | 4,385.96 | 28.7 % |
| Insurance Services Income | 162.31 | 255.71 | 57.5 % |
| Investment Income | (0.56) | 49.93 | 9016.1 % |
| Net Profit of Insurance Services and Investment | 126.19 | 274.77 | 117.7 % |
Shareholders’ equity, no minority interest, stood at SAR 3.8 billion by the end of Q1 2024, compared to SAR 3.2 billion a year earlier.
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