Allianz Saudi Fransi Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 862,625.07 | 735,650.28 | 17.26 | ||
| Result of Insurance Services | 157,771.79 | 253,054.55 | -37.65 | ||
| Net Profit (Loss) of The Insurance Results | 30,203.71 | 19,929.25 | 51.55 | ||
| Net Profit (Loss) of The Investment Results | 96,896.52 | 27,771.26 | 248.91 | ||
| Net Insurance Financing Expenses | -54,112.22 | -6,515.07 | 730.57 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 36,986.89 | 8,575.8 | 331.29 | ||
| Total Comprehensive Income | 59,180.86 | -10,151.17 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 786,488.75 | 779,546.28 | 0.89 | ||
| Profit (Loss) per Share | 0.62 | 0.14 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | The reason behind the increase in insurance revenue during this year compared to previous is the increase in business from Medical and Motor segment during this year comparing to previous year. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason behind the increase in net profit during this year compared to previous is the increase in net insurance result by 52% due to improvement in technical result for motor segment and significant increase in insurance result for Medical segment compared to previous year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | The company has restated the financial statements for the comparative figures for the previous year to be in line with the requirements of IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments). |
| 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.
For the year end 2023 earnings per share has been calculated based on net profit after Zakat and income Tax for the period divided by weighted average number of shares 59,766,666. For the year end 2022 earnings per share has been calculated based on net profit after Zakat and income Tax for the period divided by total number of shares outstanding of 60,000,000 shares.
The comprehensive income for this year amounted to SAR 59.2Mn compared to comprehensive loss amounted to SAR (10.2)Mn for the previous year. |
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