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Al-Etihad Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2026-03-31 ( Three Months ) | premargin

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

Element List	Explanation
The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is	The increase of 5% in insurance revenue during the current quarter, compared to the similar quarter of last year, is primarily attributable to the decrease in expected credit loss (ECL movement) in the current quarter compared to similar quarter of last year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The increase in reported losses is primarily attributable to reporting losses in insurance service results of current quarter (SAR 24.6 million) compared to profits of SAR 886K in the comparative quarter. In addition to the decrease in investment income.
The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is	The decrease in insurance revenues by 7% in the current quarter compared to previous quarter is mainly attributed to the decrease in gross earned premiums.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is	The decrease in net losses after Zakat of current quarter compared to previous quarter is due to the decrease of losses reported as net insurance service losses during the current quarter compared to previous quarter which is primarily attributable to the decrease in insurance service expenses. In addition to the increase in investment income during the current quarter compared to previous quarter.
Statement of the type of external auditor's report	Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)	NA
Reclassification of Comparison Items	NA
Additional Information	Earnings (Losses) per share was calculated based on Net losses after zakat amounted to SAR (39,565K) for current quarter compared to SAR (11,918K) for similar quarter of last year divided by the number of issued shares of 50 million shares. Gross Written Premiums (GWP) for the current quarter is amounted to SAR 312,112K compared SAR 318,358K for similar quarter of last year. Accumulated losses as at the end of the first quarter of 2026 amounted to SAR 201,637 thousand, representing 40.3% of the Company’s paid-up capital of SAR 500,000 thousand, as per the financial statements for the three-month period ended 31 March 2026. The increase in accumulated losses is primarily attributable to losses recognized in net insurance results. The Company is currently implementing a comprehensive corrective plan to address its financial position and improve its operating results. The key initiatives include reviewing and enhancing pricing efficiency, strengthening governance, particularly in relation to pricing practices, optimizing operating costs, and diversifying the insurance portfolio. The Board of Directors has previously recommended to the General Assembly the use of the Company’s statutory reserve to offset a portion of the accumulated losses. This recommendation will be submitted to the General Assembly for approval. Considering that accumulated losses have exceeded 35% of paid-up capital, the procedures and instructions for companies listed on the stock market that have accumulated losses of 20% or more of their capital will be implemented.