Gulf Insurance Group announces its Annual Financial Results for the Period Ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 1,463,521 | 1,564,749 | -6.47 | ||
| Result of Insurance Services | 232,695 | 4,507 | 5,062.97 | ||
| Net Profit (Loss) of The Insurance Results | 110,738 | 134,325 | -17.56 | ||
| Net Profit (Loss) of The Investment Results | 92,353 | 95,640 | -3.44 | ||
| Net Insurance Financing Expenses | -30,579 | -39,285 | -22.16 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 98,195 | 128,526 | -23.6 | ||
| Total Comprehensive Income | 103,867 | 150,806 | -31.12 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 1,089,957 | 1,064,840 | 2.36 | ||
| Profit (Loss) per Share | 2 | 2 | |||
| 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 | - | - | |
| 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 | The reduction in revenue as compared to last year due to lower insurance revenue mainly in Motor segment. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The decrease in net profit by SR 30 million in current year as compared to last year is driven by:
Unfavourable movements:
1.Reduction in insurance revenue by SR 101M mainly driven by reduction in Motor segment by SR 90M 2.Lower share of surplus from insurance pool by SR 19M as compared to last year. 3.Increase in other operating expenses by SR 13M mainly driven by increase in overall expenses
Favourable movements:
Above impacts were partially offset by the following: 1.Reduction in net insurance service expense by SR 96M mainly driven by Property & Casualty segment 2.Reduction in net insurance finance expense by SR 9M. |
| 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) | None |
| Reclassification of Comparison Items | The co-insurance arrangements, in which the Company is a participant, are insurance contracts as defined in IFRS 17 and the Company shares the surpluses and losses, if applicable, from the insurance pool of such co-insurance arrangements. Accordingly, the financial results of the co-insurance arrangements should have been shown as part of the net insurance results and not in other income, as previously shown in the statement of income for the prior periods. Given the rights and obligations from the co-insurance arrangements are managed and settled on a net basis and the bespoke nature of these arrangements, the Company has presented the results from these arrangement on a net basis as part of insurance service results as a separate line item named ‘share of surplus from insurance pool’ in the statement of income.
Accordingly, the Company has restated the comparative information for the year ended 31 December 2023 and the share of surplus from insurance pool amounting to Saudi Riyals 24 million has been presented separately from ‘other income’ in the interim condensed statement of income. As a result, the “Total insurance service result” and “Net insurance and investment result” line items for such year have increased respectively by the same amount.
However, this change has no impact on the statement of financial position as at 31 December 2023 and the related statements of changes in equity and cash flows for the year ended 31 December 2023, net profit for the year attributable to the shareholders or the basic and diluted earnings per share for the year ended 31 December 2023.
Kindly refer note 32 to the financial statements for the year ended 31 December 2024. |
| Additional Information | The earnings per share (EPS) for the current period is SR 1.87 per share versus SR 2.45 for the same period of the previous year which is calculated by dividing the net profit of SR 98,195 thousand for current period over the weighted average number of ordinary outstanding shares of 52,500 thousand for the current period and the net income of SR 128,526 thousand over 52,500 thousand weighted average number of ordinary shares outstanding for the same period of the previous year.
During the last year 2023, the Company has issued bonus shares which resulted in increase in number of shares by 2.5 million. This resulted in increase in number of shares from 50 million to 52.5 million during 2023.
Total comprehensive income for the current period is SR 103,867 thousand compared to total comprehensive income of SR 150,806 thousand for the same period of the previous year, a decrease of 31%.
Total Shareholder Equity as at the end of the current period is SR 1,089,957 thousand versus SR 1,064,840 thousand as at the end of the same period in the previous year, an increase of 2%. |
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