Wataniya Insurance Co. announces its Interim Financial Results for the period ending on 2024-06-30 ( Six Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Insurance Revenues	433,472	313,731	38.166	409,829	5.768
Result of Insurance Services	108,549	94,207	15.223	153,267	-29.176
Net Profit (Loss) of The Insurance Results	16,744	4,795	249.197	22,933	-26.987
Net Profit (Loss) of The Investment Results	13,858	9,803	41.364	16,540	-16.215
Net Insurance Financing Expenses	-1,613	-4,281	-62.321	-1,314	22.754
Net Profit (Loss), After Zakat, Attributable To Shareholders	28,402	4,455	537.53	27,281	4.109
Total Comprehensive Income	28,564	3,831	645.601	27,265	4.764
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Insurance Revenues	843,301	571,413	47.581
Result of Insurance Services	261,816	57,269	357.168
Net Profit (Loss) of The Insurance Results	39,677	17,205	130.613
Net Profit (Loss) of The Investment Results	30,398	17,860	70.201
Net Insurance Financing Expenses	-2,927	-7,989	-63.362
Net Profit (Loss), After Zakat, Attributable To Shareholders	55,683	19,092	191.656
Total Comprehensive Income	55,829	18,570	200.64
Total Shareholders Equity (after Deducting Minority Equity)	544,107	418,608	29.98
Profit (Loss) per Share	1.39	0.48
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	-	-
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. 433,472 thousand, compared to the same quarter of the last year amounted SR. 313,731 thousand , an increase of 38.17%, 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. 32,802 thousand, compared to the same quarter of the last year amounted SR. 6,721 thousand which represent an increase of 388.05%

Net profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR. 28,402 thousand, to the same quarter of the last year amounted SR. 4,455 thousand, which represent an increase of 537.53%. which was due to the following main reasons:

1. Increase in insurance revenue by SR. 119,741 thousand which represent an increase of 38.17%.

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

business by SR. 11,949 thousand which represent an increase of 249.20%

3. Increase in investment return by SR. 4,055 thousand, which represent an increase of 41.36%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. 433,472 thousand, compared to the previous quarter amounted SR 409,829 thousand , an increase of 5.77% which is attributable to the premiums earning pattern.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. 32,802 thousand, compared to the previous quarter amounted SR. 31,531 thousand, which represent an increase of 4.03%

Net profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR. 28,402 thousand, compared to the previous quarter amounted SR. 27,281 thousand, which represent a increase of 4.11%.

This was due to increase in insurance revenue by SR. 23,643 thousand which represent an increase of 5.77%. due to seasonality of the business.The reason of the increase (decrease) in the revenues during the current period compared to the same period of the last year is Insurance revenues for the current period amounted to SR. 843,301 thousand, compared to the same period of the last year amounted SR. 571,413 thousand , an increase of 47.58%, which was principally driven by business growth and earning pattern of the company.The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Net profit before zakat and income tax attributable to shareholders for the current period amounted to SR. 64,333 thousand, compared to the same period of the last year amounted SR. 24,108 thousand which represent an increase of 166.85%

Net profit after zakat and income tax attributable to shareholders for the current period amounted to SR. 55,683 thousand, compared to the same period of the last year amounted SR. 19,092 thousand, which represent an increase 191.66%. which was due to the following main reasons:

1. Increase in insurance revenue by SR. 271,888 thousand which represent an increase of 47.58%.

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

business by SR. 22,472 thousand which represent an increase of 130.61%

3. Increase in investment return by SR. 12,538 thousand, which represent an increase 70.20%Statement of the type of external auditor's report Unmodified conclusionComment 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/AReclassification 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 9.01 million for the six-month period ended June 30, 2023 and SAR 4.25 million for the three-month period ended June 30, 2023 respectively 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. 28,564 thousand compared to the total comprehensive income for the same quarter from last year of SR. 3,831 thousand, which is an increase of 645.60%.

The total comprehensive income for the current period is SR. 55,829 thousand compared to the total comprehensive income for the same period from last year of SR. 18,570 thousand, which is an increase of 200.64%.

Total Shareholder Equity (no minority interest) as at the end of the current period is SR. 544,107 thousand versus SR. 418,608 thousand for the same period from last year, which is an increase of 29.98%.

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.