Al -Rajhi Takaful profits increased to 332.3 million riyals in 2024

The net profit of Al -Rajhi Insurance Company (Al -Rajhi Takaful) increased in 2024 by 1.3% to 332.3 million riyals, compared to 328 million riyals in 2023.
According to the company’s statement on Saudi Arabia’s circulation, this improvement is due to the following main reasons:
• The results of insurance services before the restoration of the current year amounted to 728,122 million riyals, compared to 696,503 million riyals for the previous year, an increase of 4.54%, and this is mainly due to the growth of insurance operations.
• The results of insurance services for the current year amounted to 221,992 million riyals, compared to 318,750 million riyals for the previous year, a decrease of -30.36%, and this is mainly due to the increase in claims and registration operations that were partly compensated by the amounts recovered for the Re -solidarity demands.
• The net insurance financing expenses of (384,690) million riyals, returning on the investments of the unit holders, in addition to the fair value movements due to the unit holders.
• The total investment results for the current year amounted to 605,063 million riyals (2023: 268,862 million riyals), including 352,713 million riyals (2023: 114,009 million riyals) related to the fair value movement of unit holders investments in the fund. The net investment results (with the exception of the share of the unit holders) for the current year amounted to 252,350 million riyals, compared to 154,853 million riyals during the previous year, an increase of 62.96%, as a result of the improvement of investment returns and the increase of invested assets.
• Other operational expenses for the current year amounted to (126,150 million riyals) compared to (103,975 million riyals) for the previous year, an increase of 21.33%, as a result of increasing operational expenses to support the growth of operations.
• The total comprehensive income for the current year amounted to 357,639 million riyals, compared to 395,426 million riyals during the previous year, a decrease of -9.56% due to the movements of fair value in the investments listed by fair value through the other comprehensive income.
• Also, the total insurance premiums of the current year amounted to 10,909,089 million riyals, compared to 6,022,857 million riyals for the previous year, an increase of 81.13%