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

11 May 2017 09:22 AM

GIG 8250 31.74% 38.60 9.30

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	16,273	13,242	22.89	8,713	86.77
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	9,144	9,644	-5.18	2,887	216.73
Gross written premiums (GWP)	721,242	450,753	60.01	115,626	523.77
Net written premiums (NWP)	597,186	430,630	38.68	100,323	495.26
Net incurred claims	252,695	207,352	21.87	217,576	16.14
Net profit (loss) of policy holders investment	5,489	2,521	117.73	4,464	22.96
Net profit (loss) of shareholders capital investment	3,441	2,644	30.14	2,585	33.11
Earning or loss per share, Riyals	0.36	0.29	-	-	-
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 net profit before zakat by SR 3.0 million (23%) can be attributed to increase in investment income (Policy holders & Shareholders combined) by SR 3.8 million in current quarter as compared to same quarter of last year .
Reasons of increase (decrease) for the quarter compared with the previous quarter	The current quarter increase in net profit before zakat by SR 7.5 million (86%) can be attributed to the decrease in net combined ratio by 2%, from 99% in Q 4 2016 to 97% in Q 1 2017 .Increase in current quarter profit from quartner Q 4 2016 is also due to increase in investment income (Policy holders & Shareholders combined) by 25% in current quarter as compared to previous quarter contributed in improved profitabilty .
Other notes	The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 512,023 thousands compared with SAR 476,481 thousands for the same period last year, which is an increase of 7.5 %. The retained earnings as at the end of the period is SAR 46,949 thousnds which is 10.4 % of the paid up capital. The total comprehansive income for the current period is SAR 16,222 thousnds, compared to SAR 11,224 thousnds for the same period last year which represents an increase of 45 %, compared to SAR 9,510 thousnds for the previous quarter which represents a increase of 70.6 %.

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