The Company for Cooperative Insurance (8010) Q2 2024 earnings summary

Executive summary

• Achieved strong growth in net profit after zakat to SAR 656.5 million for H1 2024, up 105% year-over-year.

• Insurance revenue rose to SAR 8.8 billion for H1 2024, a 24% increase compared to H1 2023.

• Maintained robust capital position and liquidity, with total assets reaching SAR 20.9 billion as of June 30, 2024.

Financial highlights

• Net profit after zakat for H1 2024: SAR 656.5 million (H1 2023: SAR 320.3 million).

• Insurance revenue for H1 2024: SAR 8.8 billion (H1 2023: SAR 7.1 billion).

• Basic and diluted EPS for H1 2024: SAR 4.38 (H1 2023: SAR 2.14).

• Total assets as of June 30, 2024: SAR 20.87 billion (Dec 31, 2023: SAR 18.42 billion).

• Gross written premiums for H1 2024: SAR 10.29 billion (H1 2023: SAR 9.99 billion).

Outlook and guidance

• Management continues to focus on profitable growth and maintaining strong solvency margins.

• Ongoing investments in digital transformation and partnerships to drive future growth.

• No material impact expected from pending zakat assessments.