| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat |
27,855
|
18,047
|
54.35
|
| Earning or loss per share, Riyals |
0.64
|
0.54
|
-
|
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
15,960
|
5,112
|
212.21
|
| Gross written premiums (GWP) |
1,128,176
|
1,040,111
|
8.47
|
| Net written premiums (NWP) |
1,002,020
|
911,492
|
9.93
|
| Net incurred claims |
827,244
|
713,530
|
15.94
|
| Net profit (loss) of policy holders investment |
8,349
|
7,574
|
10.23
|
| Net profit (loss) of shareholders capital investment |
7,618
|
8,050
|
-5.37
|
| Pre operating expenses (first operation year) |
-
|
-
|
-
|
*All figures are in (Thousands) Saudi Arabia, Riyals
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | The main reason for increase in net profit is increase in net underwriting surplus(net of income from policyholders funds) which increased from SR 5,112 thousand to SR 15,960 thousand in 2015. This increase is mainly attributable to reduction in claims ratio in motor, property and health classes. Overall claims ratio has improved from 83.8% in2014 to 83% in 2015. |
| External auditor's report containing reservation | Attention is drawn to note 2 of the financial statements: The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and not in accordance with standards issued by the Saudi Organization for Certified Accountants and the Company stresses that there is no material financial impact on the financial statements as a result of preparation, in accordance with IFRS. |
| Other notes | Earnings Per Share (EPS) is calculated before zakat and reflects the increase in share capital of the Company which was agreed on the Extraordinary General Assembly dated 21-04-1436H corresponding on 10-02-2015. The share capital was increased from SR 200 million to SR 450 million that leads to an increase in number of shares from 20 million to 45 million. Calculations of EPS is based on weighted average number of shares which are 43,712 thousand shares for Twelve month period ended December 31, 2015. Accordingly shares for Twelve month period ended December 31, 2014 has also been reclassified and is calculated by dividing net earnings with weighted average number of shares which are 33,532 thousand shares. |
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.