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SABB Takaful Co. announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

SABB TAKAFUL 8080 -2.87% 11.50 -0.34
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 2,746 6,374 -56.92 2,829 -2.93
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 451 6,107 -92.62 730 -38.22
Gross written premiums (GWP) 43,944 50,030 -12.16 47,309 -7.11
Net written premiums (NWP) 36,200 42,747 -15.32 38,798 -6.7
Net incurred claims 5,172 -1,263 - 3,742 38.21
Net profit (loss) of policy holders investment 421 364 15.66 440 -4.32
Net profit (loss) of shareholders capital investment 2,544 1,217 109.04 2,213 14.96
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 9,340 13,621 -31.43
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 3,509 11,514 -69.52
Gross written premiums (GWP) 137,443 148,954 -7.73
Net written premiums (NWP) 112,238 129,506 -13.33
Net incurred claims 12,149 2,617 364.23
Net profit (loss) of policy holders investment 1,294 1,061 21.96
Net profit (loss) of shareholders capital investment 6,623 3,647 81.6
Earning or loss per share, Riyals 0.27 0.4 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
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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