| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat |
16,650
|
15,705
|
6.02
|
13,118
|
26.92
|
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
20,316
|
17,972
|
13.04
|
14,429
|
40.8
|
| Gross written premiums (GWP) |
268,111
|
266,347
|
0.66
|
78,202
|
242.84
|
| Net written premiums (NWP) |
142,364
|
137,415
|
3.6
|
33,793
|
321.28
|
| Net incurred claims |
43,961
|
41,953
|
4.79
|
51,609
|
-
|
| Net profit (loss) of shareholders capital investment |
25
|
818
|
-
|
543
|
-
|
| Earning or loss per share, Riyals |
0.83
|
0.79
|
-
|
-
|
-
|
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for the quarter compared with same quarter last year | The increase in the net profit for the first quarter of 2018 compared to the profit of the first quarter of 2017 was the due to increase in the net earned premiums by SR 3,620 thousand. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The increase in the net profit in the first quarter of 2018 as compared to the profit in the last quarter of 2017 was due to the decrease in the net claims incurred by SR 7,648 thousand |
| Reclassifications in quarterly financial results | Certain of the comparative figures have been reclassified and regrouped to conform to the in the current period presentation. These changes as summarized below, were mainly to conform with the SAMA requirements: 1.Previously interim condensed statement of financial position, statement of income, and cash flows were presented separately for insurance operations and shareholders operations, which are now combined together to present the Company level interim condensed statement of financial position, statement of income and statement of cash flows 2.The amounts due to/from shareholders and insurance operations which were previously reported separately in the respective statement of financial position, are now eliminated. 3.Share of insurance operations surplus split in the ratio of 90/10 between shareholders and insurance operations and presented separately is now presented as an expense in statement of income. |
| Other notes | The total of shareholders equity (there are no minority rights) for the current period amounted to SR. 240,736 thousand compared with SR. 200,242 thousand for the same period last year which is an increase of 20%. The total comprehensive income for the current period is SAR 16,650 thousand compared to SAR 15,705 thousand for the same period last year which represents an increase of 6% and as compared to SAR 13,118 thousand to the previous quarter which represents an increase of 27%. During the current period, SAMA issued illustrative financial statements for the insurance sector in the Kingdom of Saudi Arabia. Following the illustrative financial statements, this is the first period where the Company issued its interim condensed financial statements after combining shareholders and insurance operations to prepare the Company level interim condensed financial statements. In preparing the Company level financial statements in compliance with IFRS, the balances and transactions of the insurance operations are combined with those of the shareholders operations. Interoperation balances, transactions and unrealized gains or losses, if any, are eliminated in full. The accounting policies adopted for the insurance operations and shareholders operations are uniform for like transactions and events in similar circumstances. In preparing these interim condensed financial statements, comparative amounts, which in the most recent annual financial statements were presented separately for shareholders and insurance operations, were also combined together to conform with the current period presentation and SAMA requirements. However, notes to these interim condensed financial statements provide statement of financial position, statements of income, comprehensive income and cash flows of the insurance operations and shareholders operations, separately |
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.