Saudi Re for Cooperative Reinsurance Company announces the interim financial results for the period ending on 30-09-2014 (Nine Months)
| Element | Current quarter | Similar quarter for previous year | % Change Current | Previous quarter | % Change Previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat | 1,207,016 | -22,959,593 | - | -7,207,749 | - |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | -9,498,738 | -40,915,940 | 76.78 | -19,691,854 | 51.76 |
| Gross written premiums (GWP) | 131,960,148 | 105,328,035 | 25.28 | 90,919,747 | 45.14 |
| Net written premiums (NWP) | 124,424,712 | 91,466,352 | 36.03 | 77,635,413 | 60.27 |
| Net incurred claims | 113,209,347 | 92,658,761 | 22.18 | 109,176,099 | 3.69 |
| Net profit (loss) of policy holders investment | 454,763 | 521,568 | -12.81 | 784,579 | -42.04 |
| Net profit (loss) of shareholders capital investment | 15,313,138 | 20,272,246 | -24.46 | 17,073,309 | -10.31 |
| Element | Current period | similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat | 17,493,159 | -9,391,714 | - |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | -20,106,486 | -37,468,980 | 46.34 |
| Gross written premiums (GWP) | 522,323,527 | 371,916,044 | 40.44 |
| Net written premiums (NWP) | 493,329,016 | 342,919,451 | 43.86 |
| Net incurred claims | 317,988,965 | 178,873,839 | 77.77 |
| Net profit (loss) of policy holders investment | 2,080,100 | 284,513 | 631.11 |
| Net profit (loss) of shareholders capital investment | 51,698,239 | 37,904,222 | 36.39 |
| Earning or loss per share, Riyals | 0.17 | -0.09 | - |
| All figures are in Saudi Arabia, Riyals |
|---|
| Element | Explaination |
|---|---|
| Reasons of increase (decrease) for the quarter compared with same quarter last year | The reason for the net income is increase in the Net earned premiums by 76% which had a major impact on the underwriting results . |
| Reasons of increase (decrease) for the period compared with same period last year | The reason for the net income is increase in the net earned premium by 76% which had a major impact on the underwriting results improvement and increase in shareholders investments by 36% . |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The reason for the net income is increase in the Net earned premiums by 19% which had a major impact on the underwriting results . |
| External auditor's report containing reservation | The Auditors report draws attention to the fact that the interim condensed financial statements are prepared in accordance with International Accounting Standard (IAS34) and not in accordance with the standards on Interim Financial Reporting issued by (SOCPA). |
| Reclassifications in quarterly financial results | Certain comparative figures have been reclassified to conform to the presentation of current period |
| Other notes | The earnings per share have been calculated before Zakat and Tax . |
Comments