Wataniya Insurance Co. announces its Interim Financial Results for the Period Ending on 2022-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 318,566 | 178,012 | 78.96 | 194,277 | 63.98 |
| Net Written Premiums (NWP) | 137,856 | 104,246 | 32.24 | 121,277 | 13.67 |
| Net Incurred Claims | 72,562 | 101,621 | -28.59 | 96,492 | -24.8 |
| Net Profit (Loss) of Policy Holders Investment | 1,877 | 422 | 344.79 | 895 | 109.72 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 7,568 | -23,384 | - | -10,001 | - |
| Net Profit (loss) of Shareholders Capital Investment | 1,988 | 24 | 8,183.33 | -1,473 | - |
| Net Profit (Loss) before Zakat | 9,375 | -26,075 | - | -12,856 | - |
| Total Comprehensive Income | 7,956 | -27,189 | - | -13,950 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 780,577 | 713,192 | 9.45 |
| Net Written Premiums (NWP) | 412,941 | 416,828 | -0.93 |
| Net Incurred Claims | 271,272 | 279,268 | -2.86 |
| Net Profit (Loss) of Policy Holders Investment | 3,259 | 1,075 | 203.16 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -23,784 | -46,453 | -48.8 |
| Net Profit (loss) of Shareholders Capital Investment | 1,366 | 2,461 | -44.49 |
| Net Profit (Loss) before Zakat | -27,573 | -51,677 | -46.64 |
| Total Comprehensive Income | -30,664 | -55,029 | -44.28 |
| Total Share Holders Equity (after Deducting Minority Equity) | 368,579 | 210,803 | 74.84 |
| Profit (Loss) per Share | -1 | -2 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -46,775 | 400,000 | -0.12 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The profit in the current quarter compared to the loss in the same quarter last year is due to the increase in the Net Written Premiums by SR. 33,610 thousand (increase 32%) and the decrease in the Net Incurred Claims by SR. 29,059 thousand (decrease 28%). |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The profit in the current quarter compared to the loss in the previous quarter is due to the decrease in the net incurred claims by SR. 23,930 thousand (decrease 24%) and other operating expenses by SR. 3,517 thousand (decrease 11%). |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The decrease in loss in the current period compared to the loss in the same period last year is due to the decrease in the Net Claims Incurred by SR. 7,996 thousand ( decrease 3%) and the decrease in the allowance for impairment of doubtful premiums, reinsurers and other receivables by SR. 13,009 (decrease 85%). |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | The auditors have reviewed the financial statements and have issued an unmodified report thereon.
The financial statements of the Company for the nine-month period ended September 30, 2021 and for the year ended December 31, 2021 were respectively reviewed and audited jointly by Ernst & Young & Co. Public Accountants and PricewaterhouseCoopers Public Accountants who had expressed an unqualified conclusion and opinion thereon vide their reports dated November 10, 2021 (corresponding to Rabi al-Thani 5, 1443 H) and March 20, 2022 (corresponding to Sha’ban 17, 1443 H) respectively. |
| Reclassification of Comparison Items | Following comparative figures have been reclassified and regrouped on the face of statement of income to confirm to the current year presentation
1. Changes in unearned premiums which was previously reported as SR 24,169 thousand has been now restated as SR 37,588 thousand for the three months period ended 30 September 2021.
2. Changes in reinsurers’ share of unearned premiums which was previously reported as nil has now been restated as SR. (13,419) thousand for the three months period ended 30 September 2021.
3. Changes in outstanding claims which was previously reported as SR 11,110 thousand has been now restated as SR (317,702) thousand for the three months period ended 30 September 2021.
4. Changes in reinsurance share of outstanding claims which was previously reported as nil has now been restated as SR. 328,812 thousand for the three months period ended 30 September 2021.
5. Changes in claims incurred but not reported which was previously reported as SR (9,152) thousand has been now restated as SR (26,692) thousand for the three months period ended 30 September 2021.
6. Changes in reinsurance share of claims incurred but not reported which was previously reported as nil has now been restated as SR. 17,540 thousand for the three months period ended 30 September 2021.
7. Changes in unearned premiums which was previously reported as SR (50,810) thousand has been now restated as SR (101,587) thousand for the nine months period ended 30 September 2021.
8. Changes in reinsurers’ share of unearned premiums which was previously reported as nil has now been restated as SR. 50,777 thousand for the nine months period ended 30 September 2021.
9. Changes in outstanding claims which was previously reported as SR 21,369 thousand has been now restated as SR (262,444) thousand for the nine months period ended 30 September 2021.
10. Changes in reinsurance share of outstanding claims which was previously reported as nil has now been restated as SR. 283,813 thousand for the nine months period ended 30 September 2021.
11. Changes in claims incurred but not reported which was previously reported as SR (10,923) thousand has been now restated as SR (32,080) thousand for the nine months period ended 30 September 2021.
12. Changes in reinsurance share of claims incurred but not reported which was previously reported as nil has now been restated as SR. 21,157 thousand for the nine months period ended 30 September 2021.
Such reclassifications have not resulted in any additional impact on equity, income, or total comprehensive income for comparative the period. |
| Additional Information | The total of shareholders’ equity (there are no minority rights) as at the end of the current period is SR. 368,579 thousand compared with SR. 210,803 thousand for the same period last year (75% increase)
The accumulated losses as at the end of the current period is SR. (46,775) thousands which is 12% of the paid up capital.
The total comprehensive profit for the current quarter is SR. 7,956 thousand compared to the total comprehensive loss for same quarter last year of SR. (27,189) thousand.
The total comprehensive loss for the current period is SR (30,664) thousand compared to the total comprehensive loss for same period last year of SR. (55,029) thousand (44% decrease) |
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