Allied Cooperative Insurance Group (ACIG) reported a profit of SAR 63.4 million in 2023, against a loss of SAR 17.3 million a year before.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 830.70 | 1,047.40 | 26.1 % |
| Insurance Revenues | 672.81 | 974.68 | 44.9 % |
| Net Profit Before Zakat & Tax | (24.78) | 72.21 | 391.4 % |
| Net Income | (17.34) | 63.41 | 465.6 % |
| Average Shares | 29.10 | 29.10 | - |
| EPS (Riyals) | (0.60) | 2.18 | 465.6 % |
The improved results were due to higher revenues on the increase in motor policies sales and net profits from investments.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 257.03 | - | - |
| Insurance Revenues | 187.26 | 244.10 | 30.4 % |
| Net Income | 9.85 | 17.04 | 73.1 % |
| Average Shares | 29.10 | 29.10 | - |
| EPS (Riyals) | 0.34 | 0.59 | 73.1 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 830.70 | 1,047.40 | 26.1 % |
| Insurance Revenues | 672.81 | 974.68 | 44.9 % |
| Insurance Services Income | (32.92) | 47.07 | 243.0 % |
| Investment Income | 10.82 | 38.25 | 253.5 % |
| Net Profit of Insurance Services and Investment | (18.49) | 85.50 | 562.4 % |
The insurer's Q4 2023 earnings soared 73% to SAR 17 million from SAR 9.85 million in Q4 2022.
Sequentially, the Q4 earnings dropped 47.2% from SAR 32.30 million in Q3 2023.
Shareholders' equity, no minority interest, reached SAR 254.34 million at the end of 2023, compared with SAR 188.94 million a year earlier.
Accumulated losses reached SAR 73.99 million at the end of the current period, representing 25.43% of the company's capital.
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