Walaa Insurance Reports 57% Decline in Net Profit to SAR 64 Million in 2024

Walaa Cooperative Insurance Company’s net profit after Zakat fell to SAR 64 million for the year ended 2024, compared to SAR 148 million in 2023, reflecting a 57% decrease. This follows the company’s announcement of its annual financial results for the period ending December 31, 2024.

• Net investment profits stood at SAR 140 million, down 15% from SAR 165 million in the previous year.
• Total shareholders’ equity (excluding non-controlling interests) increased 44% to SAR 1.83 billion, up from SAR 1.27 billion in 2023.

• Earnings per share (EPS) declined to SAR 0.62, compared to SAR 1.45 in the previous year.

The company highlighted that insurance revenues for 2024 rose 15.82% to SAR 3,344.58 million, compared to SAR 2,887.64 million in 2023. This growth was primarily driven by higher revenues in the motor, property, and engineering insurance sectors.