“Al Rajhi Takaful” profits 328 million riyals in 2023, an increase of 353%

“Al Rajhi Takaful” profits 328 million riyals in 2023, an increase of 353%


The reason for the increase (decrease) in revenues during this year compared to the previous year Insurance revenues in the current year amounted to 4,236,470 thousand Saudi riyals, compared to 2,934,503 thousand Saudi riyals for the previous year, an increase of 44.4%. This is due to the growth of operations in all insurance activities.
The reason for the increase (decrease) in net profit during this year compared to the previous year is due to: Net profit after Zakat attributable to shareholders in the current year amounted to 328,061 thousand Saudi riyals, compared to 72,391 thousand Saudi riyals for the previous year, an increase of 353.2%, and this is due to the following main reasons:

• The results of insurance services in the current year amounted to 696,503 thousand Saudi riyals, compared to 443,009 thousand Saudi riyals for the previous year, an increase of 57.2%, mainly due to the growth of operations.

• The net results of insurance services in the current year amounted to 318,750 thousand Saudi riyals, compared to 58,815 thousand Saudi riyals for the previous year, an increase of 442.0%, mainly due to the growth of operations and net reinsurance expenses.

• The total investment results for the current year amounted to 268,862 thousand Saudi riyals, compared to 77,587 thousand Saudi riyals for the previous year, i.e. an increase of 246.5% and includes 114,009 thousand Saudi riyals related to fair value changes in the investments of the Unit Holders Fund. The net investment results for the current world, without the share of unit holders, amounted to 154,853 thousand riyals, compared to 90,068 thousand riyals for the previous year, an increase of 71.9% as a result of improved investment returns and an increase in invested assets.

The amount of net insurance financing expenses (146,223 thousand riyals) contains the return on the unitholders’ investment fund in addition to changes in the fair value of the receivables paid to unitholders.

• These positive changes were partially reduced by other operating expenses for the current year (103,975) thousand Saudi riyals compared to (98,501) thousand Saudi riyals for the previous year, i.e. an increase of 5.6%, as a result of increased expenses to support the growth of operations.

• Total comprehensive income for the current year amounted to 395,426 thousand Saudi riyals, compared to 484 thousand Saudi riyals for the previous year, an increase of 81,599.6%.

• Total written premiums amounted to 6,022,857 thousand Saudi riyals, compared to 3,470,070 thousand Saudi riyals for the previous year, an increase of 73.6%.

additional information The company applied International Financial Reporting Standard 17 (Insurance Contracts), in accordance with the standards adopted in Saudi Arabia, starting from January 1, 2023 and retroactively, which led to a radical change in the presentation of financial results for all periods starting from the first quarter of 2023 and the re-measurement of similar periods of years. precedent according to the new standards.

Earnings per share during the current year amounted to 3.28 Saudi riyals per share, compared to 0.72 Saudi riyals per share in the previous year.

Total shareholders’ equity at the end of the current year amounted to 1,726,215 thousand Saudi riyals, compared to 1,346,447 thousand Saudi riyals at the end of the previous year, an increase of 28.2%.

The total rights at the end of the current year amounted to 1,722,786 thousand Saudi riyals, compared to 1,327,360 thousand Saudi riyals at the end of the previous year, an increase of 29.8%.

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