Allied Cooperative Insurance Group announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

18 January 2017 05:19 AM

ACIG 8150 67.73% 19.96 8.06

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	-4,547	154	-	4,705	-
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	-8,948	1,311	-	6,627	-
Gross written premiums (GWP)	80,094	105,414	-24.02	136,478	-41.31
Net written premiums (NWP)	65,845	91,275	-27.86	114,128	-42.31
Net incurred claims	99,227	86,745	14.39	79,275	25.17
Net profit (loss) of policy holders investment	3,120	133	2,245.86	-90	-
Net profit (loss) of shareholders capital investment	828	-1,034	-	-1,025	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	8,344	11,133	-25.05
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	6,519	9,986	-34.72
Gross written premiums (GWP)	510,618	549,441	-7.07
Net written premiums (NWP)	429,202	456,191	-5.92
Net incurred claims	344,042	290,990	18.23
Net profit (loss) of policy holders investment	4,922	869	466.4
Net profit (loss) of shareholders capital investment	-768	2,960	-
Earning or loss per share, Riyals	0.42	0.56	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year	the company has net loss during the current quarter compared net profit in the same quarter of the previous year this is due to decrease in gross premiums written by 24% , decrease in net written premiums by 28%, decrease in net premiums earned by 1% , decrease in insurance commission earned by 9%, decrease in other underwriting income by10 % , increase in net claims incurred by 14%, increase in general and administrative expenses by 14%, although decrease in policy acquisition cost by 2%, increase in profit of policyholders investments by 2246% , besides the profit in shareholders investments in amount SR 828 thousands during the current quarter comparing to the loss of shareholders investments in amount SR 1,034 thousands during the same quarter of the previous year.
Reasons of increase (decrease) for the period compared with same period last year	The company has decreasing of net profit during the current period compared to the same period of the previous year due to decrease in gross premiums written by 7% , decrease in net written premiums by 6%, increase policy acquisition cost by 11% , increase general and administrative expenses by 18% ,increase in net claims incurres by 18% , decrease in other underwriting income by 2 % besides to the loss in shareholders investments in amount SR 768 thousands during the current period comparing to the profit of shareholders investments in amount SR 2,960 thousands during the same period of the previous year. although increase in reinsurance commission earned by 5% , increase in net premiums earned by 13% , increase in other income by 36% , increase in net profit of policy holders investments by 466% .
Reasons of increase (decrease) for the quarter compared with the previous quarter	The company has net loss during the current quarter compared to net profit in the previous quarter of current year due to decrease in gross premiums written by 41 % , decrease in net premiums written by 42% , increase in net claims incurred by 25%, increase in policy acquisition cost by 4 % although increase net premiums earned by 4% , increase other underwriting income by 12%, decrease in general and administrative expenses by 6% ,decrease in other loss by 48% , decrease in reinsurance commision earned by 20% , besides profit of policyholders investments in amount SR 3,120 thousands during the current quarter comparing the loss of policyholders investments in amount SR 90 thousand during the previous quarter of current year and net profit of shareholders investments in amount SR 828 thousands during the current quarter comparing the loss of shareholders investments in amount SR 1,025 thousand during the previous quarter of current year
External auditor's report containing reservation	the external auditor issued his report with an Explanatory Paragraphs We draw attention to the fact that these interim condensed financial statements are prepared in accordance with IAS 34 and not in accordance with Standard on Interim Financial Reporting issued by SOCPA.
Other notes	the total of shareholders equity are SR 125,151 thousand during the current period comparing SR 116,959 thousands during the same period of the previous year increasing by 7 % ( There are not minority interest )

Comments