The Company for Cooperative Insurance (Tawuniya), one of Saudi Arabia's biggest insurers, has posted a net income after zakat of SAR1.02bn ($272.5m) in 2024, compared to SAR616.4m in the previous year, an increase of 65.8%, according to a company statement lodged with Tadawul.
Gross written premiums in 2024 increased by almost 8% to SAR19.8bn from SAR18.36bn in the previous year.
Tawuniya attributed the profit achieved in 2024 to a notable 137% increase in insurance services results to SAR2.84bn compared to SAR1.20bn in the previous year, as a result of the growth in insurance revenue supplemented by an improvement in the loss ratio.
In addition, the company saw growth in net profits of insurance results in 2024 which amounted to SAR1.11bn, up from SAR681m in the past year, an increase of 63.16%, due to the improvement in results of insurance services.
Moreover, Tawuniya’s net investment income climbed by 56.23% to SAR680.45m in 2024 versus SAR435.54m in 2023, as a result of the increase in the size of the company’s investment portfolio, which amounted to almost SAR11.6bn at the end of 2024 compared to SAR8.504bn at the end of 2023, an increase of 35.98%.
Net insurance finance expenses for 2024 amounted to SAR70.41m compared to SAR68.31m in the previous year, a 3.07% increase, due to an increase in liabilities for incurred claims.
Key financial indicators: 2024 and 2023
|
Metric
|
2024 (SAR’000)
|
2023 (SAR’000)
|
Change %
|
|
Net profit
|
1,022,025
|
616,426
|
65.8
|
|
Insurance Revenue
|
18,272,957
|
15,265,424
|
19.7
|
|
GWP
|
19,821,546
|
18,359,520
|
7.96
|
|
Insurance service results
|
2,838,754
|
1,197,931
|
136.97
|
|
Insurance (technical) income
|
1,111,429
|
681,172
|
63.2
|
|
Net investment income
|
680,445
|
435,540
|
56.2
|
|
Total comprehensive income
|
1,035,029
|
614,257
|
68.5
|