Saudi Re profit up 6% to SAR 75.3M in H1 2024; Q2 at SAR 43.5M

04/08/2024 Argaam Exclusive

Saudi Reinsurance Co. (Saudi Re) posted a 6% rise in H1 2024 net profit to SAR 75.3 million, from SAR 71.2 million in the year-earlier period



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 1,217.09 1,445.92 18.8 %
Insurance Revenues 286.63 482.69 68.4 %
Net Profit Before Zakat & Tax 81.93 89.81 9.6 %
Net Income 71.16 75.28 5.8 %
Average Shares 89.10 89.10 -
EPS (Riyals) 0.80 0.84 5.8 %

The profit rise was attributed to growth in the company's business according to its strategy and business plan.

 

Net insurance results climbed 20% year-on-year (YoY) on a 68% surge in insurance revenue.

 

Investment results also increased by 13% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 146.31 254.42 73.9 %
Insurance Revenues 157.34 275.75 75.3 %
Net Profit Before Zakat & Tax 66.02 52.25 (20.8 %)
Net Income 59.96 43.48 (27.5 %)
Average Shares 89.10 89.10 -
EPS (Riyals) 0.67 0.49 (27.5 %)

The second-quarter net earnings dropped 27.5% to SAR 43.5 million, from SAR 59.9 million in Q2 2023. The second quarter of 2023 included a profit share from equity accounted investee (Probitas Holdings) amounting to SAR 21 million, while the current quarter did not include any profit after the sale of Probitas.

 

Saudi Re generated £123 million, or nearly SAR 578 million, from the sale of Probitas, excluding the costs associated with the deal. The book value of the asset as of the second quarter of 2024 was SAR 211 million and will be included in the company's financial statements in the third quarter of 2024.

 

Net insurance results dropped 10% YoY.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 1,217.09 1,445.92 18.8 %
Insurance Revenues 286.63 482.69 68.4 %
Insurance Services Income 72.59 87.08 20.0 %
Investment Income 24.50 27.60 12.7 %
Net Profit of Insurance Services and Investment 70.41 103.27 46.7 %

On the other hand, net earnings jumped 36.8% from SAR 31.8 million in Q1 2024 backed by the company’s business growth in line with its strategy. Net insurance results and revenue leapt 80% and 33% quarter-on-quarter, respectively.

 

Shareholders’ equity, after minority interest, rose to SAR 1.21 billion by June 30, 2024, compared to SAR 1.09 billion in the prior-year period.

 

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Share Price

Saudi Reinsurance Co.
45.25
(0.85) (1.84 %)

Saudi Reinsurance Co. (SAUDI RE)

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Financial Ratios
Current
Market Cap (M) 4,031.78
Shares Outstanding (M) 89.10
EPS ( Riyal) (TTM) 5.55
Book Value (BV) ( Riyal) 18.13
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 31.45
P/E (TTM) 8.16
Price/Book 2.50
Return on Average Assets (%) (TTM) 17.3
Return on Average Equity (%) (TTM) 36.1
Return on Market Cap (%) 15.4
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 (12.48) (169.0 %) (0.14) (9.32) (141.4 %)
Q2 2015 18.36 268.0 % 0.21 22.61 413.7 %
Q3 2015 (59.70) (3,986.4 %) (0.67) (57.24) (4846.0 %)
Q4 2015 38.54 449.0 % 0.43 44.05 762.0 %
Q1 2016 (20.74) (66.1 %) (0.23) (17.70) (90.0 %)
Q2 2016 (12.55) (168.4 %) (0.14) (8.93) (139.5 %)
Q3 2016 (0.68) 98.9 % (0.01) 2.71 104.7 %
Q4 2016 37.13 (3.7 %) 0.42 42.38 (3.8 %)
Q1 2017 3.88 118.7 % 0.04 7.48 142.3 %
Q2 2017 9.39 174.9 % 0.11 13.41 250.2 %
Q3 2017 (3.63) (436.8 %) (0.04) (0.27) (110.0 %)
Q4 2017 15.76 (57.5 %) 0.18 18.22 (57.0 %)
Q1 2018 4.61 18.8 % 0.05 7.60 1.5 %
Q2 2018 3.29 (65.0 %) 0.04 6.44 (52.0 %)
Q3 2018 6.89 289.9 % 0.08 10.03 3799.4 %
Q4 2018 (13.97) (188.6 %) (0.16) (10.34) (156.8 %)
Q1 2019 21.44 365.3 % 0.24 24.83 226.9 %
Q2 2019 14.09 328.5 % 0.16 17.74 175.7 %
Q3 2019 10.33 50.0 % 0.12 13.59 35.5 %
Q4 2019 (0.41) 97.1 % 0.00 3.16 130.6 %
Q1 2020 7.37 (65.6 %) 0.08 10.29 (58.6 %)
Q2 2020 5.50 (61.0 %) 0.06 9.03 (49.1 %)
Q3 2020 12.21 18.1 % 0.14 15.76 16.0 %
Q4 2020 20.84 5185.2 % 0.23 25.62 710.3 %
Q1 2021 16.23 120.4 % 0.18 19.58 90.3 %
Q2 2021 13.24 140.7 % 0.15 16.89 87.2 %
Q3 2021 8.09 (33.7 %) 0.09 11.42 (27.5 %)
Q4 2021 0.75 (96.4 %) 0.01 5.42 (78.9 %)
Q1 2022 25.90 59.6 % 0.29 29.53 50.8 %
Q2 2022 2.21 (83.3 %) 0.02 5.36 (68.3 %)
Q3 2022 39.85 392.6 % 0.45 43.46 280.4 %
Q4 2022 8.09 978.5 % 0.09 12.97 139.4 %
Q1 2023 11.20 (56.8 %) 0.13 15.91 (46.1 %)
Q2 2023 59.96 2607.3 % 0.67 66.02 1132.7 %
Q3 2023 34.07 (14.5 %) 0.38 39.58 (8.9 %)
Q4 2023 19.19 137.4 % 0.22 37.06 185.7 %
Q1 2024 31.79 183.9 % 0.36 37.55 136.0 %
Q2 2024 43.48 (27.5 %) 0.49 52.25 (20.8 %)

Insurance Operations Performance (M)

Compared With The
Period Gross Written Premium (GWP) Change Insurance Services Income Change Net Profit of Insurance Services and Investment Change
Q1 2015 243.75 (18.6 %) - - - -
Q2 2015 102.83 13.1 % - - - -
Q3 2015 397.05 200.9 % - - - -
Q4 2015 61.19 80.1 % - - - -
Q1 2016 446.67 83.2 % - - - -
Q2 2016 448.89 336.5 % - - - -
Q3 2016 82.46 (79.2 %) - - - -
Q4 2016 7.50 (87.7 %) - - - -
Q1 2017 456.35 2.2 % - - - -
Q2 2017 120.91 (73.1 %) - - - -
Q3 2017 302.58 267.0 % - - - -
Q4 2017 62.16 729.0 % - - - -
Q1 2018 528.38 15.8 % - - - -
Q2 2018 62.19 (48.6 %) - - - -
Q3 2018 83.27 (72.5 %) - - - -
Q4 2018 47.76 (23.2 %) - - - -
Q1 2019 424.32 (19.7 %) - - - -
Q2 2019 82.21 32.2 % - - - -
Q3 2019 169.97 104.1 % - - - -
Q4 2019 116.35 143.6 % - - - -
Q1 2020 527.72 24.4 % - - - -
Q2 2020 131.34 59.8 % - - - -
Q3 2020 198.92 17.0 % - - - -
Q4 2020 77.14 (33.7 %) - - - -
Q1 2021 834.28 58.1 % - - - -
Q2 2021 120.81 (8.0 %) - - - -
Q3 2021 159.20 (20.0 %) - - - -
Q4 2021 1.59 (97.9 %) - - - -
Q1 2022 598.62 (28.2 %) 1.77 - 17.50 -
Q2 2022 321.48 166.1 % 12.84 - 5.16 -
Q3 2022 277.76 74.5 % 39.77 - 42.62 -
Q4 2022 205.14 12817.9 % 29.22 - 28.17 -
Q1 2023 1,070.78 78.9 % 10.45 491.0 % 12.98 (25.8 %)
Q2 2023 146.31 (54.5 %) 62.14 384.1 % 57.43 1012.5 %
Q3 2023 336.27 21.1 % 28.58 (28.1 %) 35.53 (16.6 %)
Q4 2023 - - 18.59 (36.4 %) 39.59 40.5 %
Q1 2024 1,190.00 11.1 % 31.09 197.4 % 42.57 227.9 %
Q2 2024 254.42 73.9 % 55.99 (9.9 %) 60.70 5.7 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 89.10 (0.40) (0.40) 9.03
Q2 2015 89.10 (0.07) (0.07) 9.24
Q3 2015 89.10 (0.73) (0.73) 8.57
Q4 2015 89.10 (0.17) (0.17) 9.00
Q1 2016 89.10 (0.26) (0.26) 8.77
Q2 2016 89.10 (0.61) (0.61) 8.63
Q3 2016 89.10 0.05 0.05 8.62
Q4 2016 89.10 0.04 0.04 9.04
Q1 2017 89.10 0.31 0.31 9.08
Q2 2017 89.10 0.56 0.56 9.19
Q3 2017 89.10 0.52 0.52 9.15
Q4 2017 89.10 0.29 0.29 9.30
Q1 2018 89.10 0.29 0.29 9.37
Q2 2018 89.10 0.22 0.22 9.37
Q3 2018 89.10 0.34 0.34 9.49
Q4 2018 89.10 0.01 0.01 9.35
Q1 2019 89.10 0.20 0.20 9.59
Q2 2019 89.10 0.32 0.32 9.73
Q3 2019 89.10 0.36 0.36 9.85
Q4 2019 89.10 0.51 0.51 9.84
Q1 2020 89.10 0.35 0.35 9.92
Q2 2020 89.10 0.26 0.26 9.98
Q3 2020 89.10 0.28 0.28 10.13
Q4 2020 89.10 0.52 0.52 10.39
Q1 2021 89.10 0.61 0.61 10.57
Q2 2021 89.10 0.70 0.70 10.73
Q3 2021 89.10 0.66 0.66 10.80
Q4 2021 89.10 0.43 0.43 10.86
Q1 2022 89.10 0.54 0.54 10.91
Q2 2022 89.10 0.41 0.41 10.84
Q3 2022 89.10 0.77 0.77 11.18
Q4 2022 89.10 0.85 0.85 11.42
Q1 2023 89.10 0.69 0.69 11.54
Q2 2023 89.10 1.34 1.34 12.28
Q3 2023 89.10 1.27 1.27 12.63
Q4 2023 89.10 1.40 1.40 12.87
Q1 2024 89.10 1.63 1.63 13.24
Q2 2024 89.10 1.44 1.44 13.65

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 NEG NEG
Q2 2015 NEG NEG
Q3 2015 NEG NEG
Q4 2015 NEG NEG
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 More than 100 More than 100
Q4 2016 More than 100 More than 100
Q1 2017 29.36 29.36
Q2 2017 13.07 13.07
Q3 2017 14.84 14.84
Q4 2017 30.16 30.16
Q1 2018 28.14 28.14
Q2 2018 35.91 35.91
Q3 2018 19.36 19.36
Q4 2018 More than 100 More than 100
Q1 2019 35.34 35.34
Q2 2019 22.50 22.50
Q3 2019 23.27 23.27
Q4 2019 16.58 16.58
Q1 2020 20.27 20.27
Q2 2020 28.72 28.72
Q3 2020 43.55 43.55
Q4 2020 26.67 26.67
Q1 2021 21.85 21.85
Q2 2021 26.33 26.33
Q3 2021 28.38 28.38
Q4 2021 38.61 38.61
Q1 2022 31.90 31.90
Q2 2022 37.23 37.23
Q3 2022 20.95 20.95
Q4 2022 16.05 16.05
Q1 2023 21.41 21.41
Q2 2023 13.48 13.48
Q3 2023 14.67 14.67
Q4 2023 13.32 13.32
Q1 2024 15.18 15.18
Q2 2024 19.30 19.30

Business Segments - Gross Premium Written (Million)

Compared With The
Period Insurance - Engineering Fire insurance Marine Insurance Comprehensive Motor Insurance property and others Life Insurance Medical Insurance Specialized Other classes inherent defects insurance
Q1 2014 41.87 111.59 35.61 12.92 21.76 59.77 - - 15.92 -
Q2 2014 14.25 34.28 3.29 3.33 (21.76) 16.24 - - 41.29 -
Q3 2014 27.87 53.07 17.37 7.29 - 15.91 35.88 - (25.43) -
Q4 2014 3.42 13.37 (1.04) 1.44 - 5.10 1.56 - 10.13 -
Q1 2015 34.21 68.38 32.53 10.23 25.58 8.86 - 44.88 19.10 -
Q2 2015 13.24 28.43 4.55 10.36 5.22 20.75 - - 20.27 -
Q3 2015 27.70 41.18 15.49 278.02 (0.74) 7.08 - - 28.32 -
Q4 2015 8.23 21.62 1.62 32.29 8.87 6.00 - - (17.45) -
Q1 2016 51.84 85.75 27.76 140.31 31.56 13.45 - 58.56 37.43 -
Q2 2016 7.86 18.57 (1.38) 379.25 6.17 20.37 - - 18.05 -
Q3 2016 19.51 38.71 8.72 10.67 3.37 10.24 - (11.79) 3.03 -
Q4 2016 2.14 (0.24) (2.24) 0.71 0.96 4.40 - (2.18) 3.94 -
Q1 2017 45.07 119.89 30.02 103.76 45.86 20.64 - 57.26 33.85 -
Q2 2017 9.00 27.57 11.38 (3.69) 22.70 20.07 - 3.93 29.94 -
Q3 2017 18.87 43.38 5.64 10.21 7.98 3.52 - 9.22 203.75 -
Q4 2017 4.60 10.36 0.22 3.31 (0.57) 11.91 - (2.30) 34.63 -
Q1 2018 36.25 128.91 34.85 101.33 59.68 20.17 25.33 91.96 29.89 -
Q2 2018 7.84 28.24 (10.31) 7.85 8.52 9.51 5.77 (17.49) 22.26 -
Q3 2018 20.88 36.36 19.97 (18.76) (1.21) 6.26 1.01 (1.37) 20.15 -
Q4 2018 10.89 13.91 2.17 3.86 2.54 9.63 1.23 (5.86) 9.40 -
Q1 2019 40.82 108.58 36.57 47.23 44.24 11.66 25.25 61.18 48.80 -
Q2 2019 9.91 28.46 3.41 5.31 5.44 20.78 (5.85) (8.66) 23.40 -
Q3 2019 19.10 49.33 39.39 6.60 3.87 9.82 0.15 19.31 22.40 -
Q4 2019 9.29 17.90 10.49 0.71 2.63 7.62 3.22 24.92 39.58 -
Q1 2020 120.38 82.56 39.94 54.23 27.96 10.35 14.09 114.85 63.36 -
Q2 2020 9.88 37.25 30.61 3.72 5.23 15.44 7.01 (2.06) 24.27 -
Q3 2020 30.11 67.14 22.70 5.08 7.31 11.19 4.04 35.85 15.52 -
Q4 2020 6.91 5.90 0.89 4.34 3.46 13.78 2.09 12.45 27.32 -
Q1 2021 41.14 119.56 44.20 95.90 40.53 37.58 182.22 192.92 80.24 -
Q2 2021 10.59 58.37 38.89 4.30 (0.60) 4.78 0.62 (19.10) 22.96 -
Q3 2021 30.66 63.60 27.69 (0.17) 1.37 3.73 0.01 5.87 26.44 -
Q4 2021 6.13 6.42 0.95 (3.28) (1.06) 3.49 (50.19) 1.42 37.70 -
Q1 2022 37.14 128.23 33.02 57.22 21.09 5.09 38.87 207.45 70.50 -
Q2 2022 22.65 82.97 4.49 3.83 13.05 3.98 4.93 (72.85) 35.47 222.97
Q3 2022 21.14 59.55 13.50 32.21 8.56 9.78 (2.93) (9.97) 25.74 120.19
Q4 2022 6.16 24.35 12.40 6.44 4.72 3.61 (5.09) 34.07 67.38 51.37

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