| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 271,765 | 267,512 | 1.589 | 541,591 | -49.82 |
| Net Written Premiums (NWP) | 242,267 | 228,745 | 5.911 | 488,614 | -50.417 |
| Net Incurred Claims | 242,518 | 221,876 | 9.303 | 214,905 | 12.848 |
| Net Profit (Loss) of Policy Holders Investment | 9,457 | 11,019 | -14.175 | 10,120 | -6.551 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 22,123 | 23,930 | -7.551 | 34,206 | -35.324 |
| Net Profit (loss) of Shareholders Capital Investment | 7,183 | 3,929 | 82.82 | 4,230 | 69.81 |
| Net Profit (Loss) before Zakat | 34,964 | 34,994 | -0.085 | 43,775 | -20.127 |
| Total Comprehensive Income | 38,143 | 65,693 | -41.937 | 29,105 | 31.053 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 813,356 | 811,778 | 0.194 |
| Net Written Premiums (NWP) | 730,881 | 739,797 | -1.205 |
| Net Incurred Claims | 457,423 | 449,420 | 1.78 |
| Net Profit (Loss) of Policy Holders Investment | 19,577 | 21,627 | -9.478 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 56,330 | 48,553 | 16.017 |
| Net Profit (loss) of Shareholders Capital Investment | 11,412 | 7,891 | 44.62 |
| Net Profit (Loss) before Zakat | 78,739 | 70,305 | 11.996 |
| Total Comprehensive Income | 67,250 | 56,572 | 18.875 |
| Total Share Holders Equity (after Deducting Minority Equity) | 938,145 | 766,485 | 22.395 |
| Profit (Loss) per Share | 1 | 1 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| 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 decrease in net profit before zakat by SR 30 thousand can be attributed to overall decrease in surplus from insurance operation. Increase in net claims incurred by SR 20,642 thousand (mainly in Health & medical segment) has contributed to the decrease in net profit before zakat and tax compared to same quarter in the previous year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The decrease in net profit before zakat by SR 8,811 thousand can be attributed to overall decrease in the operations results of the company which is decreased from SR 34,206 thousand in previous period to SR 22,123 thousand in current period. This decrease is mainly due to deterioration in loss ratio in motor segments. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The Increase in net profit before zakat by SR 8,434 thousand is attributed mainly to improvement in insurance results of the company which increased from SR 48,553 thousand in previous period to SR 56,330 thousand in current period. This increase is mainly due to improvement in loss ratio of Health segments. In addition investment income which is increased by SR 1,471 thousand (Policy holders & Shareholders combined) in current period as compared to corresponding period of last year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | The external auditors interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” as endorsed in the Kingdom of Saudi Arabia. |
| Reclassification of Comparison Items | None |
| Additional Information | Earnings per share has been calculated based on net income after zakat. The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 938,145 thousands compared with SAR 766,485 thousands for the same period last year , which is increase of 22.40%. The retained earnings as at the end of the period is SAR 301,432 thousands which is 60.29% of the paid up capital. |
The total comprehensive income for policyholders for the current quater is SAR 6,658 thousands , compared to SAR 27,872 thousands for the same quarter last year,compared to loss of SAR (6,290) thousands for the previous quarter.
The total comprehensive income for policyholders for the current period is SAR 368 thousands, compared to SAR 9,221 thousands for the same period last year. The total comprehensive income for shareholders for the current quarter is SAR 34,644 thousands, compared to SAR 41,316 thousands for the same quarter last year, compared to SAR 39,827 thousands for the previous quarter. The total comprehensive income for the shareholders for the current period is SAR 74,473 thousands, compared to SAR 54,370 thousands for the same period last year. The profits after Zakat and Income Tax for the current year increased to reach SR 64,643 tousand compared to SR 57,966 thousand for same period of last year , an increase of 11.52%. The External Auditor reviewed the financial statements and issued an Unqualified Audit Report.
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