The Company for Cooperative Insurance (8010) Q4 2024 earnings summary

Executive summary

• Achieved record net profit after Zakat of SAR 1,022 million in 2024, a 66% increase year-over-year, driven by strong growth across health, life, mobility, and general insurance segments.

• Gross Written Premiums (GWP) reached SAR 19.82 billion, up 8% from the previous year, with insurance revenue rising 19.7% to SAR 18.3 billion.

• Investment income surged 56% to SAR 680 million, reflecting effective portfolio management and higher interest rates.

• Operational excellence, digital transformation, and customer-centric innovation were key strategic pillars, supported by robust ESG initiatives and talent development.

Financial highlights

• Total assets grew 14% to SAR 21.0 billion; total equity increased to SAR 4.5 billion.

• Insurance service result (net) rose 63% to SAR 1,111 million; combined ratio improved to 97.8%.

• Earnings per share increased 66% to SAR 6.82.

• Return on equity reached 25.2% for 2024.

• Paid-up capital stood at SAR 1.5 billion.

Outlook and guidance

• Strategy 2025 targets sustained profitable growth, digital leadership, and operational excellence.

• Focus on expanding digital ecosystem, product innovation, and regional market share, especially in health, mobility, and SME segments.

• Plans to further integrate ESG principles and pursue international partnerships.