Wataniya Insurance Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 342,838 | 318,566 | 7.62 | 421,247 | -18.61 |
| Net Written Premiums (NWP) | 242,555 | 137,855 | 75.95 | 261,797 | -7.35 |
| Net Incurred Claims | - | - | - | - | - |
| Net Profit (Loss) of Policy Holders Investment | - | - | - | - | - |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | - | - | - | - | - |
| Net Profit (loss) of Shareholders Capital Investment | - | - | - | - | - |
| Net Profit (Loss) before Zakat | 37,378 | 12,322 | 203.34 | 6,721 | 456.14 |
| Total Comprehensive Income | 34,763 | 10,903 | 218.84 | 3,831 | 807.41 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 1,274,631 | 780,577 | 63.29 |
| Net Written Premiums (NWP) | 840,486 | 412,941 | 103.54 |
| Net Incurred Claims | - | - | - |
| Net Profit (Loss) of Policy Holders Investment | - | - | - |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | - | - | - |
| Net Profit (loss) of Shareholders Capital Investment | - | - | - |
| Net Profit (Loss) before Zakat | 61,487 | -11,792 | - |
| Total Comprehensive Income | 53,333 | -14,883 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 453,371 | 410,499 | 10.44 |
| Profit (Loss) per Share | 1.33 | -0.42 | |
| 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 increase in profit for the current quarter compared to the profit in the same quarter last year is due to increase in gross written premiums by SR. 24,272 thousand, and an increase in investment return by SR. 6,800 thousand. |
| 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 increase in the net profit in the current quarter compared to the previous quarter is due to increase in the insurance service results SR. 17,668 thousand, and increase in net insurance finance income SR. 7,804 thousand. |
| 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 profit in current period compared to the loss in same period last year is due to increase in the gross written premium by SR.494,054 thousand and increase in investment return by SR.23,900 thousand. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Reclassification of Comparison Items | The Company has reclassified and restated comparative information to meet the requirements of the newly implemented standards IFRS 17 and IFRS 9. |
| Additional Information | The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9.
Refer to the attachment for further details on the financial results items that are relevant under the newly implemented financial reporting standards for insurance companies.
Total comprehensive income for the current quarter is SR 34,763 thousand compared to comprehensive income of SR 10,903 thousand for the same quarter of the last year, which is an increase of 219%.
The total comprehensive income for the current period is SR 53,333 thousand compared to the total comprehensive loss for same period last year of SR. 14,883 thousand.
Total Shareholder Equity (no minority interest) as at the end of the current period is SR 453,371 thousand versus SR 410,499 thousand as at the end of the same period in the last year, which is an increase of 10.44%. |
| Attached Documents |  |
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