EXECUTIVES
Majed A. Al-Suwaigh
Chairman
Abdulmohsen N. Jaber
Board Member
Ahmad K. A. Al-Bugshi
Board Member
Majid A. Al-Suwaigh
Board Member
Mohammad A. A. Al-Naeem
Board Member
Rasheid S. Al-Rasheed
Board Member
Sami A. S. Al-Babtain
Board Member
Saud S. Al-Arifi
Board Member
Sultan A. A. Al-Suwaidi
Board Member
Masoud A. Bhati
Chief Financial Officer (CFO)
SHAREPRICE
52 - Week High
17.96 (19/02/2025)
52 - Week Low
9.03 (28/12/2025)
FINANICALS
Yearly Income Data(SAR '000)
| 31/12/2024 | 31/12/2023 | 31/12/2022 | 31/12/2021 | 31/12/2020 | |
|---|---|---|---|---|---|
| Underwriting Income (T) | |||||
Gross Premiums
|
503,656 | 486,225 | 473,348 | 438,300 | 379,114 |
|
Premium ceded to reinsurers
|
473,240 | 465,400 | 513,006 | 45,752 | 39,915 |
|
Excess of loss reinsurance premium
|
- | - | 19,565 | 25,031 | - |
|
Net premium written
|
30,416 | 20,825 | -39,658 | 372,983 | 314,168 |
|
Net changes in unearned premium (IS)
|
- | - | -66,534 | 63,154 | - |
|
Movement in additional Reserve (IS)
|
- | - | - | - | - |
|
Net Premium
|
30,416 | 20,825 | -39,658 | 306,450 | 377,322 |
|
Insurance commission income
|
- | - | 4,628 | 6,315 | - |
|
Share of surplus from insurance pool (IS)
|
3,365 | 14,105 | 18,748 | - | - |
|
Total underwriting revenues
|
33,781 | 34,930 | -20,910 | 311,078 | 383,637 |
|
Gross claims paid
|
- | - | 373,258 | 495,300 | - |
|
Other expenses (Ins.)
|
- | - | 20,704 | 17,036 | - |
|
Reinsurance share of outstanding claims
|
- | - | 16,772 | 85,390 | - |
|
Net claims settled
|
- | - | 377,190 | 426,946 | - |
|
Movement in outstanding claims
|
- | - | 54,865 | 5,152 | - |
|
Net claims incurred
|
- | - | 322,325 | 421,794 | - |
|
Policy acquisition costs
|
- | - | 19,686 | 23,345 | - |
|
Additional premium reserves (Ins.IS)
|
- | - | -2,185 | 3,290 | - |
|
Other technical reserves (Ins.IS)
|
- | - | 995 | -4,084 | - |
|
Other underwriting expenses
|
- | - | 10,514 | 9,620 | - |
|
Net underwriting results
|
33,781 | 34,930 | -20,910 | -42,637 | -71,915 |
|
Interest Income
|
27,102 | 20,460 | 3,683 | - | - |
|
Gain (Loss) from investments carried at fair value through profit or loss
|
278 | 13,436 | -2,900 | - | - |
|
Investment income attributable to underwriting
|
27,380 | 33,896 | 783 | - | - |
|
Finance (expense) / income from insurance contracts issued (IS)
|
-2,002 | 321 | 2,343 | - | - |
|
Finance income / (expense) from reinsurance contracts held (IS)
|
1,475 | 688 | -1,760 | - | - |
|
Net insurance finance expense (IS)
|
-527 | 1,009 | 584 | - | - |
|
Underwriting surplus (Deficit)
|
60,634 | 69,835 | -19,544 | -42,637 | -71,915 |
|
Investment Income (Loss)
|
- | - | - | 46,300 | 30,273 |
|
Other Income
|
- | - | 2,462 | 5,126 | - |
|
Provision for premium deficiency (Ins.)
|
- | - | 3,209 | 83 | - |
|
General and administrative expenses (IS)
|
19,949 | 20,308 | 29,254 | 75,486 | 69,381 |
|
Finance costs over lease liabilities (IS)
|
13 | 27 | 62 | 129 | - |
|
Net income for the year before attribution and zakat (IS)
|
40,672 | 49,500 | -48,860 | -72,701 | -105,979 |
|
Net income for the year attributed to the insurance operations (IS)
|
- | - | - | - | - |
|
Pre Zakat Profit
|
40,672 | 49,500 | -48,860 | -72,701 | -105,979 |
|
Zakat
|
8,814 | 7,200 | 4,600 | 1,770 | 6,500 |
|
Net Profit
|
31,858 | 42,300 | -53,460 | -74,471 | -112,479 |
|
Total Dividends
|
- | - | - | - | - |
|
BASIC EPS
|
1.26 | 1.99 | -3.82 | -5.32 | -2.81 |
|
Diluted EPS
|
1.26 | 1.99 | -3.82 | -5.32 | -2.81 |
Balance Sheet Data(SAR '000)
| 31/12/2024 | 31/12/2023 | 31/12/2022 | 31/12/2021 | 31/12/2020 | ||
|---|---|---|---|---|---|---|
| Assets | ||||||
|
Term deposits (Ins.)
|
219,951 | 203,206 | 127,000 | 86,250 | 86,250 | |
|
Due from insurance and reinsurance companies
|
19,955 | 37,480 | 34,509 | 94,626 | 63,839 | |
|
Reinsurers share of unearned premiums
|
- | - | 27,492 | 18,949 | - | |
|
Reinsurer share of outstanding claims
|
- | - | 42,688 | 38,904 | - | |
|
Deferred policy acquisition costs (IA)
|
- | - | 12,522 | 9,025 | - | |
|
Due from Shareholders (Ins.)
|
- | - | - | - | - | |
|
Investments held for trading
|
- | - | - | - | - | |
|
Unit linked investments (Ins. A)
|
- | - | - | - | - | |
|
Properties under construction (Ins)
|
- | - | - | - | - | |
|
Fixed Assets (Ins)
|
6,248 | 4,173 | 5,248 | 5,210 | 3,984 | |
|
Right of use assets (NCA)
|
402 | 938 | 2,687 | 4,405 | - | |
|
Intangible Assets
|
9,478 | 5,114 | 6,053 | 5,721 | 1,863 | |
|
Cash and cash equivalents
|
262,560 | 155,748 | 222,967 | 288,218 | 343,337 | |
|
Investments
|
146,150 | 93,874 | 90,057 | 57,192 | 100,465 | |
|
Available for sale Investments
|
- | - | 30,567 | 44,085 | - | |
|
Held to maturity investments
|
- | - | - | - | - | |
|
Prepayments and other assets
|
22,612 | 25,096 | 26,833 | 27,537 | 22,213 | |
|
Due from Insurance operations
|
- | - | - | - | - | |
|
Due from related Parties
|
- | - | - | - | - | |
|
Goodwill
|
25,514 | 25,514 | 25,514 | 25,514 | 25,514 | |
|
Accrued income on statutory deposit (A)
|
640 | 1,814 | 6,026 | 5,841 | 5,574 | |
|
Statutory deposit
|
30,000 | 21,000 | 21,000 | 40,000 | 40,000 | |
|
Total Assets
|
743,509 | 573,956 | 567,895 | 753,782 | 804,001 | |
| Liabilities & Shareholders' Equity | ||||||
| Liabilities | ||||||
|
Accounts Payable (Ins.)
|
- | - | 5,855 | 7,792 | - | |
|
Due to insurance and reinsurance companies
|
284,410 | 308,173 | 325,881 | 17,935 | 2,702 | |
|
Unearned commissions (IL)
|
- | - | 2,776 | 3,195 | - | |
|
End of service indemnities (Ins.)
|
8,869 | 9,062 | 8,032 | 9,204 | 9,207 | |
|
Unearned premium
|
- | - | 246,505 | 171,429 | - | |
|
Gross outstanding claims
|
- | - | 131,594 | 182,674 | - | |
|
Insurance premium reserve (Ins.L)
|
- | - | 16,210 | 14,025 | - | |
|
Other technical provisions (IL)
|
- | - | 5,134 | 6,129 | - | |
|
Due to shareholders operations (Ins)
|
- | - | - | - | - | |
|
Distributable surplus
|
- | - | 19,177 | 35,219 | - | |
|
Zakat payable
|
30,409 | 40,186 | 42,654 | 42,652 | 46,858 | |
|
Accrued dividends for shareholders
|
369 | 370 | 370 | 370 | 371 | |
|
Due to Insurance operations
|
- | - | - | - | - | |
|
Return payable on statutory deposit (L)
|
640 | 1,814 | 6,026 | 5,841 | 5,574 | |
|
Lease liabilities
|
790 | 1,442 | 2,617 | 3,806 | - | |
|
Due to related parties
|
- | 1,124 | 1,124 | 1,124 | 1,124 | |
|
Accruals and other liabilities
|
17,112 | 13,587 | 27,734 | 32,321 | 29,921 | |
|
Total Liabilities
|
342,599 | 375,759 | 414,437 | 540,505 | 516,219 | |
| Shareholders' equity | ||||||
|
Capital
|
300,000 | 140,000 | 140,000 | 400,000 | 400,000 | |
|
Cumulative change in fair values
|
58,608 | 41,561 | 37,780 | 6,945 | 8,058 | |
|
Statutory Reserves
|
8,982 | 2,611 | - | - | - | |
|
Re-measurement of defined benefit obligations (SE)
|
4,479 | 3,583 | 4,925 | 3,375 | 2,297 | |
|
Retained Earnings
|
28,840 | 10,443 | -29,247 | -197,043 | -122,572 | |
|
Owners Equity
|
400,910 | 198,198 | 153,458 | 213,277 | 287,782 | |
|
Total Liabilities & Shareholders Equity
|
743,509 | 573,956 | 567,895 | 753,782 | 804,001 | |
(SAR '000)
| 31/12/2024 | 31/12/2023 | 31/12/2022 | 31/12/2021 | 31/12/2020 | ||
|---|---|---|---|---|---|---|
| Cash flow (Insurance operations) | ||||||
| Cash flows from operating activities: (Ins) | ||||||
|
Depreciation (Ins)
|
1,635 | 2,703 | 3,565 | 3,077 | 1,249 | |
|
Net cash from operating activities (Ins.)
|
- | - | - | - | - | |
| Cash flow from investing activities: (Ins.) | ||||||
|
Net cash from investing activities (Ins.)
|
- | - | - | - | - | |
|
Net change in cash and cash equivalents (Ins.)
|
- | - | - | - | - | |
|
Cash and cash equivalents, beginning of year (Ins.)
|
- | - | - | - | - | |
|
Cash and cash equivalents, end of year (Ins.)
|
- | - | - | - | - | |
| Cash flow (Shareholders) | ||||||
| Operating Activities | ||||||
|
Cash Flow From Operating Activities
|
27,603 | -3,032 | -72,317 | -124,565 | -160,219 | |
| Investing Activities | ||||||
|
From Investing Activities
|
-73,051 | -63,249 | 8,357 | 72,359 | 248,452 | |
| Financing Activities | ||||||
|
From Financing Activities
|
152,259 | -939 | -1,291 | -2,913 | - | |
|
Increase (Decrease) in Cash
|
106,812 | -67,219 | -65,252 | -55,119 | 88,233 | |
|
Cash and cash equivalents at beginning of the year
|
155,748 | 222,967 | 288,218 | 343,337 | 255,104 | |
|
Cash and cash equivalents at end of the year
|
262,560 | 155,748 | 222,967 | 288,218 | 343,337 | |
Yearly Financial Statement 2023
BOARD REPORTS
GENERAL MEETINGS
ABOUT Al Sagr Cooperative Insurance Co.
Al Sagr Cooperative Insurance Co. (SCIC) initially operated as a branch of Al Sagr National Insurance Co., Dubai, in the Kingdom of Saudi Arabia since 1983. In December 1998, a collaboration between Al Sagr National Insurance Co. (Dubai) and a prominent Saudi business group led to the establishment of a new company in Bahrain called Al Sagr Saudi Insurance. SCIC continued operating under this banner until the promulgation of Royal Decree No. M/11 on 16/02/1428 (H). SCIC currently operates in Saudi Arabia through its Head Office and branches in Al Khobar, Dammam, Riyadh, and Jeddah. Insurance Products Offered by SCIC: contractors all risks and erection all risks insurance, marine hull insurance, marine cargo insurance (sea/air/land), machinery breakdown insurance, construction plant and equipment/energy insurance, motor insurance, etc. SCIC aims to promote new insurance products for both retail and corporate clients. Al-Saqr Insurance Company's approach is based on understanding customers' needs and identifying their potential risks, with the aim of insuring them and helping them maintain their financial position. Accordingly, the company provides integrated and appropriate insurance solutions, prepared in a scientific manner and supported by world-class reinsurance companies. The company is actively developing plans to train young Saudis for managerial and key positions within the organization.
Al Sagr Cooperative Insurance Co.
Investor.Relation@alsagr.com
www.alsagr.com
+966 38302294
+966 38302296
Paidup Capital: 300,000,000.00
Per Value Per Shares : 10.00
Outstanding Shares : 30,000.00
MEDIA
NEWS
19/02/2013
Al Sagr Cooperative Insurance Company announces its results
Al Sagr Cooperative Insurance Company announces its results as follows: 1. Net profit before zakat for the year ended Dec 31, 2012 is 33,122 thousand riyals, compared to 37,029 thousand riyals for the previous year, a decrease of 11%. 2. Earnings per.....
21/01/2013
SAGARINSURANCE Announces the Interim Financial Results
AL SAGR COOPERATIVE INSURANCE COMPANY ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE TWELVE MONTHS ENDED DEC 31, 2012 (TWELVE MONTHS) 1. Net profit before Zakat for the fourth quarter ended Dec 31, 2012 is 7,072 thousand riyals, compared to 11,436.....
22/02/2012
Al Sagr Cooperative Insurance Company announced its results
1. Net profit before zakat for the year ended Dec 31, 2011 is 37,029 thousand riyals, compared to 24,978 thousand riyals for the previous year, an increase of 48%. Net profit after zakat for the year ended Dec 31, 2011 is 32,029 thousand riyals, compared.....
19/07/2011
Al Sagr posts 253% jump in Q2 net profit
Al Sagr Cooperative Insurance Company's net profit skyrocketed 253 percent in the second quarter to SR8,697 thousands compared to SR2,466 thousand for the same quarter of previous year, and climbed 401 percent to SR1,735 thousand from the previous.....