LIVA Insurance Co. announces its Interim Financial Results for the period ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 125,136 | 110,543 | 13.201 | 117,801 | 6.226 |
| Result of Insurance Services | 23,172 | 15,908 | 45.662 | 35,527 | -34.776 |
| Net Profit (Loss) of The Insurance Results | -3,548 | 4,424 | - | 3,776 | - |
| Net Profit (Loss) of The Investment Results | 8,886 | 7,703 | 15.357 | 8,019 | 10.811 |
| Net Insurance Financing Expenses | -861 | -1,149 | -25.065 | 927 | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 1,842 | 4,645 | -60.344 | 10,796 | -82.938 |
| Total Comprehensive Income | 4,351 | 4,645 | -6.329 | 28,594 | -84.783 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 444,902 | 394,637 | 12.737 |
| Profit (Loss) per Share | 0.05 | 0.12 | |
| 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 | -20,545 | 5.1 | |
| 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 | The insurance revenues during the current quarter increased by SAR 14,593 thousand with an increase of 13.2 compared to same quarter for previous year, This is mainly driven by business growth in saving and protection, and property and Casualty business. |
| 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 after zakat of SAR 1,842 thousand during the current quarter compared to SAR 4,645 thousand of the same quarter for the previous year. This was mainly due to the following reasons:
• Increase of the insurance service expenses during the current quarter by SAR 7,329 thousand, driven by business growth. • The net expense from reinsurance contracts held during the current quarter (SAR 26,720 thousand) increased by SAR 15,236 thousand compared to the same quarter for previous year (SAR 11,484 thousand), mainly due to the reinsurance share of premiums ceded in for large business written during the period. • Share of profit in Hajj & Umrah scheme decreased by SAR 1,265 thousand, due to discontinuation of the scheme.
The overall decrease has been partially offset by an improvement in the following accounts: • Zakat provision during the current quarter decreased by SAR 1,299. • Net investment income grew during the current quarter by 15.4% and amounted to SAR 8,886 thousand compared to SAR 7,703 thousands in the same quarter for previous year. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | The insurance revenues during the current quarter increased by SAR 7,335 thousand with an increase of (6.2%) compared to the previous quarter. This is mainly driven by the issuance of new policies in the Company's group life and commercial line business. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | The Company achieved net income after zakat of SAR 1,842 thousand during the current quarter compared to SAR 10,796 thousand of the previous quarter. This was mainly due to the Decrease of the insurance service results during the current quarter by SAR 7,324 thousand, mainly driven by an increase in the reinsurance expenses. |
| 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 | The management has re-evaluated the presentation of share of surplus from insurance pool in the interim condensed statement of income to determine if such amounts have been presented appropriately in line with the requirements of IFRS as endorsed in the Kingdom of Saudi Arabia. The share of surplus is amounting to SAR 1.6 million, which 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 results” line items for such period have increased by the same amount.
However, this change has had no impact on the interim condensed statements of changes in equity and cash flows for the three-month period ended 31 March 2024, net profit for the period attributable to the shareholders or the basic and diluted earnings per share for the three-month period ended 31 March 2024. |
| Additional Information | • The Earnings per share during the current quarter amounted to SAR 0.05 compared to SAR 0.12 during the same quarter of the previous year. The calculation of Earnings Per Share is based on the net income after zakat attributable to shareholders divided by the number of shares.
• The net profit after zakat attributable to shareholders for the current quarter amounted to SAR 1,842 thousand, with a total of 40,000 thousand shares as of 31-03-2025. In comparison, during the same quarter of previous year, the net profit after zakat attributable to shareholders was SAR 4,645 thousand, with the same number of shares, 40,000 thousand shares, as of 31-12-2024.
• The total shareholders’ equity amounted to SAR 444,902 thousand compared to SAR 440,551 thousand for the last year with an increase of 1%.
• The total accumulated losses at the end of the current quarter are SAR 20,545 thousand, compared to an accumulated loss of SAR 22,387 thousand for the last year. The total accumulated losses at the end of the current quarter represent (5.1%) of the capital compared to (5.6%) as at end of last year. |
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