“United Insurance” turns into a loss of 15 million riyals in 2024

The United Cooperative Insurance Company turned to the loss in 2024, registering a net loss, 15 million riyals, compared to profits of 5.3 million riyals in 2023.
According to the company’s statement on Saudi Arabia’s circulation, this transformation is mainly due to the following factors:
• The net results of insurance services for the current year amounted to 266,442 million riyals, compared to 436,449 million riyals in the previous year, a decrease of 39%, as a result of increasing insurance services expenses by 25% driven by business growth.
• Other revenues related to the surplus share of the insurance portfolio amounted to 246 million riyals, compared to 13,833 million riyals in the previous year, which reflects a decrease of 98%.
The net investment results for the current year amounted to 14,563 million riyals, an increase of 43% compared to 10,154 million riyals in the previous year. This improvement is mainly due to the high investment returns.
The total comprehensive income for the current year was 3,159 million riyals, registering a decrease of 65% compared to 9,004 million riyals in the previous year.
The total assigned insurance premiums (GWP) for the current year amounted to 1,156,692 billion riyals, which reflects an increase of 12% compared to 1,029,420 billion riyals in the previous year.