Al Alamiya for Cooperative Insurance Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

11 May 2017 10:25 AM

LIVA 8280 25.51% 19.58 3.98

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	16,543	15,740	5.1	4,937	235.08
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	16,095	16,107	-0.07	3,153	410.47
Gross written premiums (GWP)	86,321	109,045	-20.84	87,680	-1.55
Net written premiums (NWP)	58,593	61,649	-4.96	46,466	26.1
Net incurred claims	7,182	29,937	-76.01	22,467	-68.03
Net profit (loss) of policy holders investment	934	623	49.92	892	4.71
Net profit (loss) of shareholders capital investment	1,638	1,026	59.65	2,010	-18.51
Earning or loss per share, Riyals	0.41	0.39	-	-	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year	The increase in the profit for the quarter compared with the same quarter of the previous year is due to lower claims incurred, lower plicy acquisition cost, lower general and administration expenses and higher investment income. This is partly offset by lower net earned premium and lower reinsurance commission.
Reasons of increase (decrease) for the quarter compared with the previous quarter	The increase in the profit for the quarter compared with the previous quarter is due to lower claims incurred, lower general and administration expenses and higher reinsurance commissions and investment income. This is partly offset by lower net earned premiums and higher policy acquisition costs.
Reclassifications in quarterly financial results	As per the guidance issued by SAMA, split of zakat and income tax charges has been provided in 'Statement of changes in shareholders equity' and additional note added in the interim financial statements which contains details of Zakat and income tax (note 14).
Other notes	Total shareholders equity (there is no minority equity) for the current period reached SAR 345,263 thousands, compared to SAR 306,395 thousands for the same period last year, with an increase of 12.69%. The total comprehensive income for the current period is SAR 16,790 thousands, compared to SAR 16,268 thousands for the same period last year which an increase of 3.21% and 4,311 thousands for the previous quarter with an increase of 289.47%.

Comments