Reasons of increase (decrease) for the quarter compared with same quarter last year |
Decrease in NWP by 15.3%, increase in Net Incurred Claims by 509.5% (due to increase in claims during the quarter and the release of a contingency reserve of 5.1 million during the third quarter of 2015 as announced on Tadawul website on 7 September 2015) and a marginal increase in surrenders & mautrities and G&A by 3.2% and 0.6% respectively. This is despite the increase in Fees and commission income by 136.2% (due to increase in commission and surplus from Reinsurers), decrease in policy acquisition costs by 17.9% and increase in Investment income by 87.5% (due to increase in profit margins for Murabaha deposits and Sukuks). |
Reasons of increase (decrease) for the period compared with same period last year |
Decrease in NWP by 13.3%, increase in the Net Incurred Claims by 364.2% (due to increase in claims during the period and the release of a contingency reserve of SAR 5.1 million during the third quarter of 2015 as announced on Tadawul website on 7 September 2015), increase in surrenders & mautrities by 34.8%, increase in policy acquisition costs by 8.2% and increase in G&A by 1.5%. This is despite the increase in Fees and commission income by 75.1% (due to increase in commission and surplus from Reinsurers) and increase in Investment income by 68.2% (due to increase in profit margins for Murabaha deposits and Sukuks). |
Reasons of increase (decrease) for the quarter compared with the previous quarter |
Decrease in NWP by 6.7%, decrease in Fees and commission income by 7.7% and increase in Net Incurred Claims by 38.2%. This is despite the decrease in surrenders & mautrities by 40.7%, decrease in policy acquisition costs by 55%, decrease in G&A by 2.6% and increase in Investment income by 11.8% (due to increase in profit margins for Murabaha deposits and Sukuks). |
External auditor's report containing reservation |
It was mentioned in the external auditor's review report that these interim condensed financial statements were prepared in accordance with International Accounting Standard IAS 34 - interim financial reporting and not in accordance with Accounting Standards issued by (SOCPA). The company assures that there are no any material differences or financial impact as a result of preparing the financial statements in accordance with the International Accounting Standards (IFRS) instead of Financial Reporting Standards issued by SOCPA. |
Reclassifications in quarterly financial results |
Certain of the prior period amounts have been reclassified to conform with the presentation in the current period. These changes were made for better presentation of balances and transactions in the interim condensed financial statements of the Company. |
Other notes |
The total shareholder's equity (no minority interest) for the current period is SAR 360,058 thousand, compared to SAR 355,070 thousand for the same period of prevouis year with an increase of 1.4%. Earnings Per share was calculated before Zakat and Income Tax. |
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