Saudi Enaya Cooperative Insurance Co. announces its Annual Financial Results for the year ended on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 227,474 | 218,502 | 4.11 | ||
| Net Written Premiums (NWP) | 227,474 | 218,502 | 4.11 | ||
| Net Incurred Claims | -196,301 | -162,414 | 20.86 | ||
| Net Profit (Loss) of Policy Holders Investment | - | - | - | ||
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -10,337 | -62,660 | -83.5 | ||
| Net Profit (loss) of Shareholders Capital Investment | 5,324 | 8,990 | -40.78 | ||
| Net Profit (Loss) before Zakat | -8,135 | -57,985 | -85.97 | ||
| Total Comprehensive Income | -8,407 | -62,047 | -86.45 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 169,470 | 58,755 | 188.44 | ||
| Perpetrating Expenses (First Operation Year) | 0 | 0 | - | ||
| Profit (Loss) per Share | -0.7 | -4.13 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The major reasons for the Net Loss before Zakat amounting to SR8,135K for the year ended 31December 2022 compared to the Net Loss before Zakat amounting to SR 57,985K for the year ended 31December 2021 are as follows: -Favorable Increase in Underwriting results; Net Underwriting income of SR 17,826K compared to the Net Underwriting Loss of SR 21,746 in the previous year, a favorable movement of SR 39,572K. This was driven by a significant increase in Net Premiums Earned to SR227,647K in current year from SR177,279K in the previous year, an increase of 28.41%. Further, the release of premium deficiency reserve by SR 15,248K also contributed positively to the underwriting results, representing a change of 176.31% (2022: SR15,248K reversal of provision,2021: SR 19,982K provision). -Decrease in General and administrative expenses to SR38,734K compared with SR 47,948K in the previous year, a decrease of 19.22%. - Increase in other income by SR 7,201K (2022: SR 7,299K,2021: SR 98K), mainly driven by increase in share of Umrah income. The above improvements were partially offset with the following: -Decrease in investment by SR3,666K, representing a decrease of 40.78% (2022: SR 5,324K, 2021:SR 8,990K). |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | Certain of the prior year amounts have been reclassified to conform to the presentation in the current year. These changes were made for better presentation of balances and transactions in the annual financial statements of the Company. |
| Additional Information | '1- Total comprehensive loss for the year ended 31 December 2022 is SR 8,407K compared to a total comprehensive loss of SR 62,047K for the year ended 31 December 2021, representing an improvement of 86.45%.
2- Total shareholders' equity (there is no minority interest) as at 31 December 2022 amounted to SR 169,470K compared to SR 58,755K as at 31 December 2021, representing an increase of 188.44%.
3- Total accumulated losses as at 31 December 2022 is SR 60,530K, representing 26.32% of share capital, as compared to SR 91,245K accumulated loss as at 31 December 2021, representing 60.83% of share capital.
4- Loss Per Share is calculated on net loss after Zakat, and before Comprehensive income. Loss per share for the year ended 31 December 2022 is SR (0.70) per share based on 13,642K weighted average number of outstanding shares, as compared to SR (4.13) per share for the year ended 31 December 2021 based on 15,000K weighted average number of outstanding shares. |
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