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United Cooperative Assurance Co. announces its Annual Financial Results for the Period Ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 1,049,578 | 1,061,771 | -1.15 | ||
| Result of Insurance Services | 266,442 | 436,449 | -38.95 | ||
| Net Profit (Loss) of The Insurance Results | 21,471 | 27,117 | -20.82 | ||
| Net Profit (Loss) of The Investment Results | 14,563 | 10,154 | 43.42 | ||
| Net Insurance Financing Expenses | -2,508 | -2,693 | -6.87 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -15,055 | 5,292 | - | ||
| Total Comprehensive Income | 3,159 | 9,004 | -64.92 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 268,314 | 265,155 | 1.19 | ||
| Profit (Loss) per Share | -0.38 | 0.13 | |||
| 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 | - | - | |
| Accumulated Losses | -195,617 | 48.9 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | Insurance revenues for the current year amounted to SR 1,049,578 thousand, compared to SR 1,061,771 thousand during the previous year, a decrease of 1%, which was principally driven by the earned premiums patterns. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The net loss before zakat for the current year amounted to SR 11,055 thousand, compared to a net profit of SR 9,562 thousand during the previous year. The net loss after zakat for the current year amounted to SR 15,055 thousand, compared to net profit after zakat amounted to SR 5,292 thousand during the previous year. This shift was primarily due to the following factors: • Net insurance service results for the current year amounted to SR 266,442 thousand compared to SR 436,449 during the previous year, a decrease of 39%, as a result of the increase in insurance service expenses by 25% driven by business growth. • Other revenues related to the share of the surplus from the insurance pool amounted to SR 246 thousand, compared to SR 13,833 thousand in the previous year, reflecting a decrease of 98%. Net investment results for the current year reached SR 14,563 thousand, up 43% from SR 10,154 thousand in the previous year. This improvement was primarily due to higher investment returns. Total comprehensive income for the current year was SR 3,159 thousand, a 65% decrease compared to SR 9,004 thousand in the previous year. Gross Written Premiums (GWP) for the current year amounted to SR 1,156,692 thousand, reflecting a 12% increase compared to SR 1,029,420 thousand in the previous year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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) | The external auditors’ report draws attention to Note 1 to the financial statements which indicates that the Company had accumulated losses of Saudi Riyals 195.61 million as of 31 December 2024. Further, the Company’s solvency margin is 45% as of 31 December 2024, which is below the minimum solvency requirements as mandated by the Insurance Authority (“IA”). The ability of the Company to improve its financial performance and meet the minimum solvency margin requirements is dependent on the favourable outcome and realisation of the Company’s planned measures and actions detailed further in Note 1. These events and conditions, along with other matters as set forth in Note 1 to the financial statements, indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform with the presentation of the current year. These reclassifications do not have a financial impact on net income and equity. |
| Additional Information | EPS/(LPS) has been calculated based on net profit/loss after zakat and income tax for the year divided by the weighted average number of outstanding shares during the year. The loss per share for the current year is SR 0.38 versus earnings per share of SR 0.13 for the previous year which is calculated by dividing the net loss after zakat amounting of SR 15,055 over the weighted average number of ordinary outstanding shares of 40,000K for the current year, and a net profit after zakat amounting of SR 5,292K over 40,000K shares for the previous year. Total shareholders’ equity as of the end of the current year is SR 268,314 thousand, an increase of 1% from SR 265,155 thousand at the end of the previous year. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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