United Cooperative Assurance Co. announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

18 October 2016 04:54 AM

UCA 8190 40.27% 12.40 3.56

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	26,089	12,066	116.22	43,160	-39.55
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	22,977	11,633	97.52	43,304	-46.94
Gross written premiums (GWP)	63,731	313,529	-79.67	260,930	-75.58
Net written premiums (NWP)	25,470	222,415	-88.55	90,095	-71.73
Net incurred claims	98,148	153,983	-36.26	123,602	-20.59
Net profit (loss) of policy holders investment	5,791	1,281	352.07	4,729	22.46
Net profit (loss) of shareholders capital investment	700	958	-26.93	488	43.44
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	88,491	36,113	145.04
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	83,225	31,593	163.43
Gross written premiums (GWP)	672,258	921,072	-27.01
Net written premiums (NWP)	269,098	669,237	-59.79
Net incurred claims	375,016	424,343	-11.62
Net profit (loss) of policy holders investment	14,485	2,066	601.11
Net profit (loss) of shareholders capital investment	2,218	7,647	-71
Earning or loss per share, Riyals	1.81	0.8	-
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 increase in net profits for the current quarter compared with net profits in the same quarter last year due to increase in the surplus of insurance operations and decrees in net claims incurred and decrees 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 increase in net profits in the current period compared to the net profits in same period last year due to the increase in surplus of insurance operations and decrees in net claims incurred and decrees 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 decrease is gross written premiums (GWP) and decrease is net written premiums (NWP) 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 Co announces addendum 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, EPS was calculated for the same period last year before Zakat by dividing the net income for the period by the weighted average number of shares amounting to 45,308 thousand shares.also the total of shareholders’ equity (There are no minority rights) for current period amounted SR 375,980 thousands comparing with SR 387,228 thousands for the same period last year with decrease by 2.9%

Comments