Saudi Arabia: Al Rajhi Takaful's 2023 net profit jumps by over 350%
Source: Middle East Insurance Review | Apr 2024
The net profit after zakat attributable to shareholders of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful), one of the largest providers in Saudi Arabia, surged 353.18% y-o-y to SAR328.06m ($87.5m) in 2023 from SAR72.39m.
The insurance revenues jumped 44.37% to SAR4.23bn last year from SAR2.93bn in 2022, according to the annual financial results filed by the company with the Saudi stock exchange. Al Rajhi Takaful said that the increase was due to growth in all lines of business.
Gross written contributions jumped by 73.60% y-o-y to SAR6.02bn last year, compared to SAR3.47bn in 2022.
The following table summarises the 2023 financial results of Al Rajhi Takaful: