Al-Rajhi Company for Cooperative Insurance’s (Al Rajhi Takaful) profits grew to SAR 328.1 million in the end of 2023, compared to profits of SAR 72.4 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 3,470.07 | 6,022.86 | 73.6 % |
| Insurance Revenues | 2,934.50 | 4,236.47 | 44.4 % |
| Net Profit Before Zakat & Tax | 82.64 | 337.50 | 308.4 % |
| Net Income | 72.39 | 328.06 | 353.2 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.72 | 3.28 | 353.2 % |
The rise in profits was attributed to higher revenues due to the growth of operations in all insurance activities.
Insurance services rose 57.2% in 2023 to SAR 696.5 million, while net insurance services leapt 442% to SAR 318.7 million, mainly due to the growth of operations.
The company logged a 246.5% hike in total investment income to SAR 268.8 million, including a SAR 114 million of fair value changes in the investments of the unitholders fund.
Net insurance financing expenses of SAR 146.2 million included return on the unitholders’ investment fund in addition to along with fair value changes payable to the unitholders.
Meanwhile, other operating expenses rose 5.6% in 2023 to SAR 103.97 million, as a result of higher expenses to support operations growth.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 895.72 | 1,729.52 | 93.1 % |
| Insurance Revenues | 744.39 | 1,273.51 | 71.1 % |
| Net Profit Before Zakat & Tax | 13.91 | 114.89 | 726.0 % |
| Net Income | 11.50 | 109.03 | 848.0 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.12 | 1.09 | 848.0 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 3,470.07 | 6,022.86 | 73.6 % |
| Insurance Revenues | 2,934.50 | 4,236.47 | 44.4 % |
| Insurance Services Income | 58.82 | 318.75 | 441.9 % |
| Investment Income | 77.59 | 268.86 | 246.5 % |
| Net Profit of Insurance Services and Investment | 168.42 | 441.39 | 162.1 % |
The fourth-quarter earnings surged to SAR 109 million from SAR 11.50 million.
Quarter-on-quarter, Q4 profit rose 33.1% from SAR 81.93 million.
Total shareholders’ equity increased to SAR 1.72 billion by the end of the 12-month period from SAR 1.32 billion a year earlier.
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