LIVA Insurance Co. reported a net profit of SAR 4.7 million in Q1 2024, versus a net loss of SAR 867,000 in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Insurance Revenues | 130.43 | 110.54 | (15.2 %) |
| Net Income | (0.87) | 4.65 | 635.8 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.02) | 0.12 | 635.8 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Insurance Revenues | 130.73 | 110.54 | (15.4 %) |
| Net Income | 6.65 | 4.65 | (30.2 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.17 | 0.12 | (30.2 %) |
The profit rose on improved insurance service results driven by decreased insurance expenses.
Q1 2024 net expense from reinsurance contracts amounted to SAR 11.48 million, compared to SAR 16.44 million a year earlier. Investment income reached SAR 7.7 million, rising 36.55%, compared to SAR 5.64 million in the same quarter last year.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Insurance Revenues | 130.43 | 110.54 | (15.2 %) |
| Insurance Services Income | (4.29) | 4.42 | 203.0 % |
| Investment Income | 5.64 | 7.70 | 36.5 % |
| Net Profit of Insurance Services and Investment | 0.35 | 10.98 | 3037.1 % |
On a quarterly basis, net earnings dropped 30.2% from SAR 6.65 million in Q4 2023.
Shareholders’ equity, after minority interest, reached SAR 394.63 million as of March 31, 2024, compared to SAR 374.29 million a year earlier.
Accumulated losses reached SAR 50.50 million, accounting for 12.63% of capital, as of March 31, 2024.
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