Saudi Arabian Cooperative Insurance Co. (SAICO) narrowed H1 2022 net loss to SAR 23.6 million, compared to SAR 32.3 million in a year earlier period.
This was triggered by 1% year-on-year (YoY) increase in net premiums earned and higher net profit from investments.
The insurer widened Q2 2022 net loss to SAR 30.5 million from SAR 17.11 million a year earlier, driven by higher net claims incurred, and increased policy acquisition costs.
Current Quarter Comparison (M)
|Item||Q2 2021||Q2 2022||Change|
|Gross Written Premium (GWP)||
|Net Profit Before Zakat & Tax||
On a sequential basis, SAICO turned to loss from a profit of SAR 6.89 million in Q1 2022.
Total shareholders’ equity, excluding minority interest, stood at SAR 269.097 million by the end of H1 2022, compared to SAR 324.193 million in the year-earlier period.
Accumulated losses stood at SAR 59.3 million, accounting for 19.8% of capital by the end of H1 2022.
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Saudi Arabian Cooperative Insurance Company (SAICO)
|Market Cap (M)||466.80|
|Book Value (BV) ( Riyal)||8.97|
|Adjusted P/E (Last12)||Neg|
|Return on Average Assets (%) (TTM)||(3.49 )|
|Return on Average Equity (%) (TTM)||(18.19 )|
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