The Company for Cooperative Insurance announces its Interim Financial Results for the period ending on 2025-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 5,225,943 | 4,412,228 | 18.442 | 5,121,418 | 2.04 |
| Result of Insurance Services | 1,104,421 | 993,284 | 11.188 | 737,743 | 49.702 |
| Net Profit (Loss) of The Insurance Results | 485,039 | 491,950 | -1.404 | 290,161 | 67.162 |
| Net Profit (Loss) of The Investment Results | 173,399 | 154,742 | 12.056 | 195,188 | -11.163 |
| Net Insurance Financing Expenses | -41,281 | -38,007 | 8.614 | -42,337 | -2.494 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 467,417 | 459,813 | 1.653 | 261,692 | 78.613 |
| Total Comprehensive Income | 467,291 | 459,813 | 1.626 | 262,033 | 78.332 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Insurance Revenues | 10,347,361 | 8,798,189 | 17.607 |
| Result of Insurance Services | 1,817,101 | 1,300,746 | 39.696 |
| Net Profit (Loss) of The Insurance Results | 761,940 | 728,336 | 4.613 |
| Net Profit (Loss) of The Investment Results | 368,587 | 325,629 | 13.192 |
| Net Insurance Financing Expenses | -70,358 | -49,553 | 41.985 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 729,109 | 656,505 | 11.059 |
| Total Comprehensive Income | 729,324 | 656,761 | 11.048 |
| Total Shareholders Equity (after Deducting Minority Equity) | 4,963,139 | 4,111,505 | 20.713 |
| Profit (Loss) per Share | 4.86 | 4.38 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is | Insurance revenues increased during the current quarter amounted to 5,225,943K Saudi Riyals, compared to 4,412,228K Saudi Riyals in the same quarter of the previous year, A revenues growth of 18.44% driven by the addition of new clients and growth in the company's main business sectors. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The company achieved a net income before Zakat of 499,989K Saudi Riyals during the current quarter, compared to 491,695K Saudi Riyals in the same quarter of the previous year, an increase of 1.69%.
The company achieved a net income after Zakat of 467,417K Saudi Riyals during the current quarter, compared to 459,813K Saudi Riyals in the same quarter of the previous year, an increase of 1.65 %, due to the following main reasons:
- The result of insurance services for the current quarter achieved a significant increase, reaching 1,104,421K Saudi Riyals compared to 993,284K Saudi Riyals in the same quarter of the previous year, an increase of 11.19 %, as a result of the increase of the insurance revenue and better claims management.
- Net profits from insurance operations for the current quarter amounted to SAR 485,039K Saudi Riyals, compared to SAR 491,950K Saudi Riyals in the same quarter of the previous year — representing a slight decrease of 1.40%.
- The company's investment portfolio achieved strong growth, which led to an increase in net investment income by 173,399K Saudi Riyals during the current quarter compared to 154,742K Saudi Riyals in the same quarter of the previous year, an increase of 12.06%, as a result of the increase in the size of the investment portfolio, which amounted to 12,158,549K Saudi Riyals. driven by the company's significant strides in diversifying its investment portfolio have been accompanied by marked improvement in return rates.
The total gross written premiums during the current quarter amounted to 5,370,916 K Saudi Riyals, compared to 5,732,090K Saudi Riyals compared to the same quarter of the previous year, with a decrease of 6.30%. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Insurance revenues for the current quarter grew by 5,225,943 K Saudi Riyals compared to 5,121,418K Saudi Riyals in the previous quarter, an increase of 2.04%. as a result of growth in the company's main sectors. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | The company achieved a net income before Zakat of 499,989 K Saudi Riyals during the current quarter, compared to 294,358 K Saudi Riyals in the previous quarter, an increase of 69.86%.
The company achieved a net income after Zakat of 467,417 K Saudi Riyals during the current quarter, compared to 261,692 K Saudi Riyals in the previous quarter, an increase of 78.61%, due to improvement in the collection and better claims management.
Total gross written premiums during the current quarter amounted to 5,370,916 K Saudi Riyals compared to 6,551,690 K Saudi Riyals in the previous quarter, an decrease of 18.02 %. |
| The reason of the increase (decrease) in the revenues during the current period compared to the same period of the last year is | Increase in insurance revenues during the current period, reaching 10,347,361 K Saudi Riyals, compared to 8,798,189 K Saudi Riyals in the same period of the previous year. A revenues growth of 17.61% driven by the addition of new clients and growth in the company's main business sectors. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The company achieved a net income before Zakat of 794,347K Saudi Riyals during the current period, compared to 721,777 K Saudi Riyals in the same period of the previous year, an increase of 10.05 %.
The company achieved a net income after Zakat of 729,109 K Saudi Riyals during the current period, compared to 656,505 K Saudi Riyals in the same period of the previous year, an increase of 11.06 %. due to the following main reasons:
- The result of insurance services for the current period witnessed a significant increase, reaching 1,817,101 K Saudi Riyals compared to 1,300,746 K Saudi Riyals in the same period of the previous year, an increase of 39.70%, as a result of the decrease in claims and their better management.
- Growth in net profits of insurance results for the current period, which amounted to 761,940 K Saudi Riyals compared to the same period of the previous year 728,336 K, an increase of 4.61%, due to the improvement in the results of insurance services through the main business.
- The company's investment portfolio achieved strong growth, which led to an increase in net investment income by an amount of 368,587 K Saudi Riyals during the current period compared to 325,629 K Saudi Riyals in the same period of the previous year, an increase of 13.19%, as a result of the increase in the size of the investment portfolio, which amounted to 12,158,549 K Saudi Riyals, driven by the company's significant strides in diversifying its investment portfolio have been accompanied by marked improvement in return rates.
Total gross written premium during the current period amounted to 11,956,467 K Saudi Riyals, compared to 10,292,086 K Saudi Riyals compared to the same period of the previous year, with an increase of 16.17%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | None |
| Additional Information | The earnings per share (EPS) calculated based on Net Profit after Zakat.
Earnings per share for the first half of 2025 amounted to 4.86 Saudi Riyals, compared to 4.38 Saudi Riyals for the first half of 2024, after adjusting the earnings per share due to the issuance of bonus shares during 2024 and share buybacks during 2025.
The adjustment was made by dividing the net income attributable to shareholders after Zakat, which amounted to 729,109 K Saudi Riyals for the current period, by the weighted average number of outstanding ordinary shares of 149,964,596 shares, compared to 656,505 K Saudi Riyals for the same period of the previous year, which was divided by 149,989,128 shares.
Total shareholders’ equity as at end of the current period amounted to 4,963,139 K Saudi Riyals, compared to 4,111,505K Saudi Riyals as at 30 June 2024, an increase of 20.71%. |
Comments