| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 5,044,134 | 4,552,195 | 10.806 | 4,715,717 | 6.964 |
| Result of Insurance Services | 295,089 | 358,696 | -17.732 | 231,115 | 27.68 |
| Net Profit (Loss) of The Insurance Results | 308,673 | 343,785 | -10.213 | 229,078 | 34.745 |
| Net Profit (Loss) of The Investment Results | 187,312 | 173,687 | 7.844 | 184,571 | 1.485 |
| Net Insurance Financing Expenses | - | - | - | - | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 364,005 | 356,282 | 2.167 | 286,253 | 27.161 |
| Total Comprehensive Income | 442,193 | 513,431 | -13.874 | 257,374 | 71.809 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Insurance Revenues | 14,169,615 | 13,488,667 | 5.048 |
| Result of Insurance Services | 916,012 | 1,087,759 | -15.789 |
| Net Profit (Loss) of The Insurance Results | 888,937 | 1,042,713 | -14.747 |
| Net Profit (Loss) of The Investment Results | 558,100 | 514,688 | 8.434 |
| Net Insurance Financing Expenses | - | - | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 1,030,490 | 1,120,309 | -8.017 |
| Total Comprehensive Income | 1,150,700 | 1,189,202 | -3.237 |
| Total Shareholders Equity (after Deducting Minority Equity) | 5,662,460 | 5,151,013 | 9.929 |
| Profit (Loss) per Share | 6.9 | 7.48 | |
| 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 revenue for the current quarter amounted to SR 5,044,134K, compared to SR 4,552,195K during the similar quarter of the previous year, an increase of 10.81%, which was principally driven by business growth and increase in insured lives. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Profit before zakat and income tax attributable to shareholders for the current quarter amounted to SR 402,243K, compared to SR 421,386K during the similar quarter of the previous year, a decrease of 4.54%. |
Net profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR 364,005K, compared to SR 356,282K during the similar quarter of the previous year, an increase of 2.17%, which was due to the following main reasons:
• Net investment results for the current quarter amounted to SR 187,312K, compared to SR 173,687K during the similar quarter of the previous year, an increase of 7.84%.
• Other operating expenses for the current quarter amounted to SR 108,013K compared to SR 109,387K during the similar quarter of the previous year, a decrease of 1.26%.
• Net other revenue for the current quarter amounted to SR 14,271K, compared to SR 13,301K during the similar quarter of the previous year, an increase of 7.29%.
Furthermore, the current quarter results included positive impact of reversal of zakat provision arising from the settlement of prior years’ assessments.
These favorable movements were partially offset by the following:
• Insurance service result for the current quarter amounted to SR 295,089K compared to SR 358,696K during the similar quarter of the previous year, a decrease of 17.73%, which was principally driven by increased inflationary trends, adversely affecting margins during the current quarter.
• Net insurance service result for the current quarter amounted to SR 308,673K, compared to SR 343,785K during the similar quarter of the previous year, a decrease of 10.21%, which was principally driven by increased inflationary trends, adversely affecting margins during the current quarter.
Total comprehensive income for the current quarter amounted to SR 442,193K compared to SR 513,431K during the similar quarter of the previous year, a decrease of 13.87%.
Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SR 4,639,106K compared to SR 4,181,449K during the similar quarter of the previous year, an increase of 10.94%.
Net profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR 364,005K, compared to SR 286,253K during the previous quarter, an Increase of 27.16%, which was due to the following main reasons:
• Insurance service result for the current quarter amounted to SR 295,089K, compared to SR 231,115K during the previous quarter, an increase of 27.68%, primarily due to business growth, claims seasonality and improved inflation management.
• Net insurance service result for the current quarter amounted to SR 308,673K, compared to SR 229,078K during the previous quarter, an increase of 34.75%, primarily due to business growth, claims seasonality and improved inflation management.
• Net investment results for the current quarter amounted to SR 187,312K, compared to SR 184,571K during the previous quarter, an increase of 1.49%.
• Net other revenue for the current quarter amounted to SR 14,271K, compared to SR 13,502K during the previous quarter, an increase of 5.70%.
These favorable movements were partially offset by the following:
• Other operating expenses for the current quarter amounted to SR 108,013K compared to SR 95,322K during the previous quarter, an increase of 13.31%.
Total comprehensive income for the current quarter amounted to SR 442,193K compared to SR 257,374K during the previous quarter, an increase of 71.81%.
Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SR 4,639,106K compared to SR 5,593,789K during the previous quarter, a decrease of 17.07%.
Net profit after zakat and income tax attributable to shareholders for the current period amounted to SR 1,030,490K, compared to SR 1,120,309K during the similar period of the previous year, a decrease of 8.02%, which was due to the following main reasons:
• Insurance service result for the current period amounted to SR 916,012K, compared to SR 1,087,759K during the similar period of the previous year, a decrease of 15.79%, which was principally driven by increased inflationary trends affecting margins during the current period.
• Net insurance service result for the current period amounted to SR 888,937K, compared to SR 1,042,713K during the similar period of the previous year, a decrease of 14.75%, which was principally driven by increased inflationary trends affecting margins during the current period.
• Other operating expenses for the current period amounted to SR 309,755K compared to SR 293,487K during the similar period of the previous year, an increase of 5.54%, arising from increased expenditure to support business growth.
These unfavorable movements were partially offset by the following:
• Net investment results for the current period amounted to SR 558,100K, compared to SR 514,688K during the similar period of the previous year, an increase of 8.43%.
• Net other revenue for the current period amounted to SR 40,488K, compared to SR 38,401K during the similar period of the previous year, an increase of 5.43%.
Total comprehensive income for the current period amounted to SR 1,150,700K compared to SR 1,189,202K during the similar period of the previous year, a decrease of 3.24%.
Moreover, Gross Written Premiums (GWP) for the current period amounted to SR 16,673,853K compared to SR 15,047,593K during the similar period of the previous year, an increase of 10.81%.
Total shareholders’ equity (no minority interest) as at end of current period is SR 5,662,460K versus SR 5,151,013K as at end of the similar period of the previous year, an increase of 9.93%.
Total equity at end of current period is SR 5,709,960K versus SR 5,211,596K as at end of the similar period of the previous year, an increase of 9.56%.
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