Al-Rajhi Takaful profits decrease to SR99.9 mln by 13.5% at the end of 2022

The net profit before zakat for Al-Rajhi Cooperative Insurance Company decreased during the year 2022 to SAR 99.9 mln, compared to SAR115 mln in the previous year, by 13.5%. This came after today’s announcement of the annual financial results ending on 12-31-2022.
The net profit of shareholders’ investments amounted to SAR 29 mln during the year ending on December 31, 2022, compared to SAR 23 mln in the previous year, an increase of 24%.
The net profit of policyholders’ investments amounted to SAR 61 mln during the year ending on December 31, 2022, compared to 59 million riyals in the previous year, a growth of 4%.
Earnings per share in the current year amounted to SAR 2.24, compared to SAR 2.46 in the previous year.
The Net Profit before Zakat has decreased by SAR 15,515 thousand (13.45%) primarily due to the increase in net claims incurred by SAR 96,402 thousand (5.60%), policy acquisition costs by SAR 150,857 thousand (78.98%). The above impact is partially offset by an increase in net contributions earned by SAR 182,791 thousand (8.09%), a decrease in allowance for doubtful debts by SAR 15,098 thousand (262.67)%, a decrease in General and administrative expenses by SAR 30,264 thousand (10.44)% and increase in Other income by SAR 11,698 thousand (1,137.94%).
The company said that the comparative amounts of the previous year have been reclassified to match the current presentation. The Company hereby confirms that there are no classification changes in the net underwriting surplus or net profit before Zakat.
Additional Information: Earnings per share (EPS) for the periods were calculated based on the Profit after Zakat.