Wataniya Insurance Co. announces its Interim Financial Results for the period ending on 2024-03-31 ( Three Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Insurance Revenues	409,829	257,682	59.044	439,946	-6.845
Result of Insurance Services	153,267	-36,938	-	96,529	58.778
Net Profit (Loss) of The Insurance Results	22,933	12,410	84.794	24,962	-8.128
Net Profit (Loss) of The Investment Results	16,540	8,057	105.287	16,500	0.242
Net Insurance Financing Expenses	-1,314	-3,708	-64.563	-737	78.29
Net Profit (Loss), After Zakat, Attributable To Shareholders	27,281	14,637	86.383	31,504	-13.404
Total Comprehensive Income	27,265	14,739	84.985	34,907	-21.892
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (After Deducting the Minority Equity)	515,543	414,777	24.294
Profit (Loss) per Share	0.68	0.37
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Percentage of the capital (%)	Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
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	Insurance revenues for the current quarter amounted to SR. 409,829 thousand, compared to the same quarter of the last year amounted SR. 257,682 thousand , an increase of 59.04%, which was principally driven by business growth.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Net profit before zakat and income tax attributable to shareholders for the current quarter amounted to SR. 31,531 thousand, compared to the same quarter of the last year amounted SR. 17,387 thousand which represent an increase of 81.35%

Net profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR. 27,281 thousand, to the same quarter of the last year amounted SR. 14,637 thousand, which represent an increase 86.38%. which was due to the following main reasons:

1. Increase in insurance revenue by SR. 152,147 thousand which represent an increase of 59.04%.

2. Increase in Insurance service result from the Company's directly written

business by SR. 10,523 thousand which represent an increase of 85%

3. Increase in investment return by SR. 8,483 thousand, which represent an increase 105%The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is Insurance revenues for the current quarter amounted to SR. 409,829 thousand, compared to the previous quarter amounted SR 439,946 thousand , an decrease of 6.84%, which was principally due to allowance for expected premium receipts of SR 20,000 thousand .The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is Net profit before zakat and income tax attributable to shareholders for the current quarter amounted to SR. 31,531 thousand, compared to the previous quarter amounted SR. 35,006 thousand, which represent an decrease of 9.92%

Net profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR. 27,281 thousand, compared to the previous quarter amounted SR. 31,504 thousand, which represent a decrease of 13.40%. This was due to decrease in insurance revenue by SR. 30,117 thousand which represent an decrease of 6.84%. due to seasonality of the business.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) N/AStatement of the type of external auditor's report Unmodified conclusionReclassification of Comparison Items The insurance pool arrangements, in which the Company is a participant, and shares the net surplus were presented for the year ended December 31, 2023 as part of the net insurance results as part of transition to IFRS 17 and not in other income, as previously presented in the condensed statement of income for the prior periods. Given that the rights and obligations from the arrangements are managed and settled on a net basis, the Company has accordingly presented the results on a net basis in the condensed statement of income.

Accordingly, the Company has presented the share of net surplus from insurance pools amounting to SAR 4.8 million for the three-month period ended March 31, 2023 in the condensed statement of income. As a result, the “Total insurance service result” and “Net insurance and investment result” line items for comparative period have increased respectively by the same amount.Additional Information The total comprehensive income for the current quarter is SR. 27,265 thousand compared to the total comprehensive income for the same quarter from last year of SR. 14,739 thousand, which is an increase of 84.99%.

Total Shareholder Equity (no minority interest) as at the end of the current quarter is SR. 515,543 thousand versus SR. 414,777 thousand for the same quarter from last year, which is an increase of 24.29%.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.