Allianz Saudi Fransi sees higher profits in Q1-24; investment income surges 86%

Allianz Saudi Fransi sees higher profits in Q1-24; investment income surges 86%

Riyadh – Mubasher: Allianz Saudi Fransi Cooperative Insurance Company achieved net profits after Zakat attributable to the shareholders amounting to SAR 9.98 million in the first quarter (Q1) of 2024. The registered net profits were higher by 4.01% than SAR 9.60 million in Q1-23, driven by an 86% leap in net investment income, according to the interim financial results. Insurance revenues reached SAR 231.98 million as of 31 March 2024, up 25.52% year-on-year (YoY) from SAR 184.80 million. In the first three months (3M) of 2024, the earnings per share (EPS) went up to SAR 0.167 from SAR 0.160 a year earlier. Quarter-on-quarter (QoQ), the profits in Q1-24 plummeted by 25.41% from SAR 13.39 million in Q4-23, while the revenues dropped by 6.18% from SAR 247.28 million. In 2023, the insurance company witnessed 331.29% YoY higher net profits after Zakat attributable to owners at SAR 36.98 million, compared to SAR 8.57 million.

Allianz Saudi Fransi sees higher profits in Q1-24; investment income surges 86%