| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 326,716 | 271,765 | 20.22 | 538,776 | -39.36 |
| Net Written Premiums (NWP) | 306,161 | 242,267 | 26.37 | 478,413 | -36 |
| Net Incurred Claims | 255,232 | 242,518 | 5.24 | 231,874 | 10.07 |
| Net Profit (Loss) of Policy Holders Investment | 10,498 | 8,973 | 17 | 9,085 | 15.55 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 1,327 | 22,607 | -94.13 | 7,932 | -83.27 |
| Net Profit (loss) of Shareholders Capital Investment | 16,332 | 7,183 | 127.37 | 10,431 | 56.57 |
| Net Profit (Loss) before Zakat | 26,203 | 34,964 | -25.06 | 25,398 | 3.17 |
| Total Comprehensive Income | -23,258 | 38,143 | - | 4,768 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 865,492 | 813,356 | 6.41 |
| Net Written Premiums (NWP) | 784,574 | 730,881 | 7.35 |
| Net Incurred Claims | 487,106 | 457,423 | 6.49 |
| Net Profit (Loss) of Policy Holders Investment | 19,583 | 23,479 | -16.59 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 9,259 | 52,428 | -82.34 |
| Net Profit (loss) of Shareholders Capital Investment | 26,763 | 11,412 | 134.52 |
| Net Profit (Loss) before Zakat | 51,601 | 78,739 | -34.47 |
| Total Comprehensive Income | -28,026 | 67,250 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 917,993 | 938,145 | -2.15 |
| Profit (Loss) per Share | 0.85 | 1.29 | |
| 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 8,761 thousand can be attributed to overall decrease in surplus from insurance operation. Increase in net claims incurred by SR 12,714 thousand (mainly in Health & motor 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 quarter of the current year is | The increase in net profit before zakat by SR 804 thousand can be attributed to investment income which is increased by 7,314 thousand (policy holders & share holders combined) in current quarter as compared to previous quarter. |
| 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 decrease in net profit before zakat by SR 27,138 thousand can be attributed to overall decrease in insurance results of the company which is decreased from SR 78,739 thousand in previous period to SR 51,601 thousand in current period. This decrease is mainly due to deterioration in insurance results for motor insurance caused by unprescedent increase in frequency of accidents. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| 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 | "The earnings per share (“EPS”) for the current quarter is SR 0.44 per share versus SR 0.56 per share same quarter last year. EPS 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 917,993 thousands compared with SAR 938,145 thousands for the same period last year , which is increase of 2.15%. The retained earnings as at the end of the period is SAR 347,344 thousands which is 69.46% of the paid up capital. |
The total comprehensive income (loss) for policyholders for the current quater is SAR (18,706) thousands , compared to SAR 6,658 thousands for the same quarter last year,compared to loss of SAR (20,708) thousands for the previous quarter. The total comprehensive income (loss) for policyholders for the current period is SAR (37,712) thousands, compared to SAR 368 thousands for the same period last year.
The total comprehensive income(loss) for shareholders for the current quarter is SAR (3,370) thousands, compared to SAR 34,644 thousands for the same quarter last year, compared to SAR 15,940 thousands for the previous quarter. The total comprehensive income for the shareholders for the current period is SAR 12,570 thousands, compared to SAR 74,473 thousands for the same period last year.
The profits after Zakat and Income Tax for the current period decreased to SR 42,459 thousand compared to SR 64,643 thousand for same period of last year , a decrease of 34.32%. The External Auditor reviewed the financial statements and issued an Unqualified Audit Report."
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