The Company for Cooperative Insurance (8010) Q3 2024 earnings summary

Executive summary

• Insurance revenue for the nine months ended September 30, 2024, reached SAR 13.49 billion, up from SAR 11.07 billion year-over-year.

• Net profit after zakat for the nine months was SAR 854 million, a significant increase from SAR 527 million in the prior year period.

• The company maintained strong liquidity with cash and cash equivalents at SAR 2.07 billion as of September 30, 2024.

• Total assets grew to SAR 20.91 billion from SAR 18.42 billion at year-end 2023.

Financial highlights

• Gross written premiums for the nine months totaled SAR 14.36 billion, with medical segment contributing SAR 10.08 billion.

• Insurance service result before reinsurance for the nine months was SAR 1.99 billion, up from SAR 374 million year-over-year.

• Net insurance finance income for the nine months was SAR 97.7 million, compared to a net expense of SAR 59.4 million in the prior year.

• Basic and diluted EPS for the nine months was SAR 5.70, up from SAR 3.51 year-over-year.

Outlook and guidance

• The company continues to focus on capital efficiency, maintaining solvency margins above regulatory requirements.

• Management expects continued growth in medical and motor segments, supported by regulatory changes and digital initiatives.