ACIG losses decreased to SR21 million during 2022, by 80%‎

The Allied Cooperative Insurance Group “ACIG” recorded losses before zakat of 21 million riyals during the year 2022 AD, compared to losses of 104 million riyals in the year 2021 AD, a decline of 80%. This came after the announcement today of the annual financial results ending in 12-31-2022.

The net profit of shareholders’ money investments amounted to 4 million riyals during the year ending in 2022, compared to 2.4 million riyals in the previous year, an increase of 83%.

The deficit of insurance operations, minus the return on investments of policyholders (the results of operational operations), amounted to 32 million riyals in the current year, compared to a deficit of 106 million riyals in the previous year, a decrease of 70%.

The loss per share in the current year amounted to 0.47 riyals, compared to a loss of 6.07 riyals in the previous year.

The reason for the decrease in the net loss during the current year compared to the previous year is due to the increase in the total written insurance premiums by 40%, the increase in the net written insurance premiums by 42%, the increase in the net earned insurance premiums by 20%, and the increase in the net profits generated from investments Policyholders’ funds increased by 305%, and the increase in net profits resulting from the investments of shareholders’ funds increased by 83%.

The company said that some comparative figures for the previous year have been reclassified to be in line with its presentation in the current year. This re-classification did not have any impact on the results of the declared operations.

The loss per share for the period was also calculated by dividing the net income for the period by the weighted average number of issued and outstanding shares for the period. The company increased its capital through priority rights, and as a result, the weighted average number of ordinary shares issued and outstanding in the previous year was restated to 29.1 million shares, and thus the income per share was restated.

The (loss) earnings per share was calculated based on the (loss) profit after zakat and tax. The accumulated losses at the end of the current year amounted to 132,191 thousand Saudi riyals, or 45.43% of the capital.