Saudi Arabian Cooperative Insurance Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat | 9,404 | 1,667 | 464.13 | 17,532 | -46.36 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | 7,006 | -505 | - | 15,504 | -54.81 |
| Gross written premiums (GWP) | 374,915 | 342,357 | 9.51 | 119,867 | 212.78 |
| Net written premiums (NWP) | 204,640 | 195,052 | 4.92 | 75,031 | 172.74 |
| Net incurred claims | 90,428 | 104,287 | -13.29 | 85,823 | 5.37 |
| Net profit (loss) of policy holders investment | 1,376 | 1,377 | -0.07 | 1,783 | -22.83 |
| Net profit (loss) of shareholders capital investment | 2,146 | 1,126 | 90.59 | 2,227 | -3.64 |
| Earning or loss per share, Riyals | 0.38 | 0.07 | - | - | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for the quarter compared with same quarter last year | The reason for increase in net profit before zakat during the first quarter in 2017 compared to the profit for the same quarter in previous year was due to a decrease in net claims incurred by 13% and increase in shareholders capital investment income by 91% and increase in commission income by 37% also an increase in other underwriting income by 59%, despite the decrease in net earned premiums by 1% and an increase in policy acquisition costs by 22% also an increase in general and administration expenses by 18%, an increase in provision for doubtful debts by 75 % also an increase in inspection and supervision fees by 11% and a decrease in other income by 40%. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The reason for decrease in net profit before zakat during the first quarter in 2017 compared to the previous quarter was due to an increase in net claims incurred by 5% and an increase in general and administration expenses by 25% also an increase in provision for doubtful debts by 15 % also an increase in inspection and supervision fees by 163%, decrease in shareholders capital investment income by 4% and a decrease in policy holders investment income by 23% , despite the increase in net earned premiums by 3% and increase in commission income by 31%, a decrease in policy acquisition costs by 4% and a decrease in other income by 65% |
| Reclassifications in quarterly financial results | Certain re classifications were made in comparative figures to confirm to the current presentation. |
| Other notes | Total Comprehensive Income before zakat for the current quarter is SR 9,405 thousand compared to SR 1,667 thousand in the same quarter in previous year, increased by 464% and compared to SR 17,532 thousand in the previous quarter, decreased by 46%. The retained earnings as at the end of the period is SAR 46,331 thousands which is 18.5% of the paid up capital. Earnings per share before zakat and reflects the increase in share capital of the Company which was agreed on the Extraordinary General Assembly dated 31-05-2015 (Corresponding to 13 Shabaan1436H). The share capital was increased from SR 100 million to SR 250 million that leads to an increase in number of shares from 10 million to 25 million. Basic and diluted earnings per share Which was calculated based on weighted average number of shares which are 25,000 thousand shares for three Months period ended March 31, 2017. Accordingly shares for three Months period ended March 31, 2016 has also been reclassified and is calculated by dividing net earnings with weighted average number of shares which are 25,000 thousand shares. The total shareholder equity (no minority rights) at current period is 305,955 thousand versus 298,117 thousand riyals for the same period of 2016 with an increase of 2.63%. |
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