On 2026-08-05 09:24:14 (Saudi Time), Gulf Union Alahlia Cooperative Insurance Co. announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the six-month period ending 30 June 2026, insurance revenues declined 8.556% YoY to SAR 464.73 million (from SAR 508.22 million), driven by a SAR 124.8 million or 21.7% drop in gross written premium across all major segments — health insurance fell SAR 39.9 million (15.7%), motor insurance fell SAR 61.8 million (30%), and P&C insurance fell SAR 23 million (20%). Despite the revenue decline, the company swung to a net profit attributable to shareholders of SAR 1.68 million from a net loss of SAR 67.83 million in the same period of the prior year, primarily due to a turnaround in insurance services results to a surplus of SAR 2.4 million from a deficit of SAR 68.9 million, supported by an SAR 96.7 million (18%) reduction in insurance service expenses, an SAR 18.1 million (43.5%) decrease in net reinsurance contract expenses, and an SAR 6.4 million (40%) reduction in other operating expenses.

Quarter-on-Quarter Performance Drivers

QoQ, insurance revenues declined 7.51% to SAR 223.3M (from SAR 241.4M in the prior quarter), driven by a rise in unearned premium reserves to SAR 449.4M from SAR 411.2M (up SAR 38.2M or 9.3%), despite gross written premiums actually increasing by SAR 56.9M or 29% to SAR 253.2M. The net result swung to a loss of SAR 2.514M(currency not specified in original) from a profit of SAR 4.196M(currency not specified in original) in the prior quarter, primarily due to a sharp drop in investment income to SAR 1.3M from SAR 11.7M (down SAR 10.4M or 88.8%), a rise in reinsurance contract expenses to SAR 13.1M from SAR 10.4M (up SAR 2.7M or 26%), and higher other operating expenses of SAR 5.5M versus SAR 3.9M in the prior quarter (up SAR 1.6M or 39.8%).

Other Items

The external auditor issued an unmodified conclusion with no additional comments, reservations, or other matters noted. Accumulated losses at the end of the current period stood at SAR 45,179 thousand, representing 9% of capital. Total shareholders' equity at the end of the current period was SAR 570,625 thousand, compared to SAR 563,950 thousand for the same period of the previous year, an increase of 1.18%. Net profit before zakat for the current period amounted to SAR 5,478 thousand, compared to net losses before zakat of SAR 62,429 thousand for the same period of the previous year. Earnings per share was SAR 0.04, calculated based on net profit after zakat of SAR 1,683 thousand divided by 45,895 thousand shares, compared to a loss per share of SAR 1.48 in the same period of the previous year.

Original announcement:

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