United Cooperative Assurance Co. announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

17 January 2017 06:15 AM

UCA 8190 26.24% 11.16 2.32

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	11,277	-89,088	-	26,089	-56.77
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	8,589	-96,499	-	22,977	-62.62
Gross written premiums (GWP)	147,337	350,664	-57.98	63,731	131.19
Net written premiums (NWP)	54,209	222,394	-75.62	25,470	112.83
Net incurred claims	70,045	263,856	-73.45	98,148	-28.63
Net profit (loss) of policy holders investment	5,683	2,711	109.63	5,791	-1.86
Net profit (loss) of shareholders capital investment	-912	1,887	-	700	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	99,768	-52,975	-
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	91,814	-64,906	-
Gross written premiums (GWP)	819,595	1,271,736	-35.55
Net written premiums (NWP)	323,307	891,631	-63.74
Net incurred claims	445,061	688,199	-35.33
Net profit (loss) of policy holders investment	20,168	4,777	322.19
Net profit (loss) of shareholders capital investment	1,306	9,534	-86.3
Earning or loss per share, Riyals	2.04	-1.15	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year	The reasons of net profits for the current quarter compared with net losses in the same quarter last year due to the surplus of insurance operations and decrease in net claims incurred and decrease in net technical reserves and increase in income from policyholders’ investments in the current quarter.
Reasons of increase (decrease) for the period compared with same period last year	The reasons of net profits in the current period compared to the net losses in same period last year due to the surplus of insurance operations and decrease in net claims incurred and decrease in net technical reserves and increase in income from policyholders’ investments in the current period.
Reasons of increase (decrease) for the quarter compared with the previous quarter	The reasons of decrease in net profits in the current quarter compared to the net profits in the last quarter same year due to the decrease in the surplus of insurance operations and due to the net losses in shareholders investments in the current quarter.
External auditor's report containing reservation	The company has prepared the financial statements in accordance with international standards for financial reporting (IFRS) IAS 34 and not in accordance with SOCPA standards recognized in the Kingdom of Saudi Arabia.
Other notes	United Cooperative Assurance Company announces EPS was calculated for the current period before Zakat by dividing the net income for the period by the weighted average number of shares amounting to 49,000 thousand shares, LPS was calculated for the same period last year before Zakat by dividing the net losses for the period by the weighted average number of shares amounting to 46,238 thousand shares. Total of shareholders’ equity (There are no minority rights) 31 December 2016 amounted SR 389,610 thousands comparing with SR 294,711 thousands as of 31 December 2015 with increase by 32.20%

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