Al-Etihad Insurance Reports SAR 39.57M Net Loss in Three Months 2026
ALETIHAD 8170.SA | 0.00 |
On 2026-05-05 08:18:18 (Saudi Time), Al-Etihad Cooperative Insurance Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 301,439 | 288,317 | 4.551 | 323,351 | -6.776 |
| Result of Insurance Services | -24,568 | 886 | - | -98,019 | -74.935 |
| Net Profit (Loss) of The Insurance Results | -44,142 | -23,403 | 88.616 | -130,153 | -66.084 |
| Net Profit (Loss) of The Investment Results | 9,427 | 16,667 | -43.439 | -1,004 | - |
| Net Insurance Financing Expenses | 791 | -916 | - | 1,023 | -22.678 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -39,565 | -11,918 | 231.976 | -135,285 | -70.754 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -39,565 | -9,410 | 320.456 | -125,421 | -68.454 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 410,020 | 702,247 | -41.613 |
| Profit (Loss) per Share | -0.79 | -0.24 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -201,637 | -40.3 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Insurance revenues increased 4.55% YoY to 301.44 million SAR, primarily due to decreased expected credit loss movements compared to the prior year quarter. However, net loss widened significantly to 39.57 million SAR from 11.92 million SAR in the previous year, driven by insurance service losses of 24.57 million SAR compared to profits of 0.89 million SAR in the comparative quarter, combined with reduced investment income which declined 43.44% to 9.43 million SAR.
Quarter-on-Quarter Performance Drivers
QoQ insurance revenues declined 6.78% to 301.44 million due to decreased gross earned premiums. Net loss improved significantly by 70.75% to -39.57 million from -135.29 million in the previous quarter, primarily driven by reduced insurance service expenses and increased investment income of 9.43 million compared to an investment loss of -1.00 million in the prior quarter.
Other Items
Auditors issued an unmodified conclusion for the interim period. Accumulated losses reached 201,637 thousand SAR, representing 40.3% of the Company's paid-up capital of 500,000 thousand SAR. The company states it is "currently implementing a comprehensive corrective plan to address its financial position and improve its operating results" including reviewing pricing efficiency, strengthening governance, optimizing operating costs, and diversifying the insurance portfolio. The Board previously recommended using statutory reserves to offset accumulated losses, pending General Assembly approval. Since accumulated losses exceeded 35% of paid-up capital, procedures for listed companies with losses of 20% or more will be implemented. Total shareholders equity declined 41.613% to 410,020 thousand SAR. Loss per share was -0.79 SAR compared to -0.24 SAR in the prior year quarter.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=94948&anCat=1&cs=8170&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.