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Al-Rajhi Company for Cooperative Insurance announces the annual financial results for the period ending on 31-12-2016

ALRAJHI TAKAFUL 8230 9.88% 71.20 6.40
Element Current year Previous year % Change
Net profit (loss) before Zakat 99,027 42,542 132.77
Earning or loss per share, Riyals 2.22 1.04 -
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 200,665 187,341 7.11
Gross written premiums (GWP) 1,948,650 1,361,890 43.08
Net written premiums (NWP) 1,856,353 1,228,083 51.16
Net incurred claims 1,284,885 791,475 62.34
Net profit (loss) of policy holders investment 21,786 4,737 359.91
Net profit (loss) of shareholders capital investment 18,804 -6,623 -
Pre operating expenses (first operation year) - - -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of annual financial results The increase in Profit Before Zakat results from an increase in policyholder investment income of 359.91% and recognition of shareholder investment income of SAR 18,804 (thousands) compared to losses of SAR 6,623 (thousands) for the previous year. In addition, net underwriting surplus increased by 7.11% due to an increase in the Company's underlying business volumes.
External auditor's report containing reservation We draw attention to the fact that these financial statements are prepared in accordance with IAS 34 and not in accordance with the Standard on Financial Reporting issued by SOCPA. The company hereby confirms that there are no material changes in the financial results due to the change of standards
Reclassifications in annual financial results The comparative figures of previous periods have been reclassified to conform with the current presentation format.
Other notes The company's share capital increased from SR 200 million to SR 400 million on 10/03/2015 consequently increasing the number of shares issued from 20 Million to 40 million. The profit per share was calculated after Zakat and income tax, for the current year and for the previous year as per the weighted average number of shares of 36,625, The total shareholder's equity (no minority interest) for the current period is SAR 429,363 thousand, compared to SAR 340,495 thousand for the previous year with an increase of 26.1 %

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