United Cooperative Assurance 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 | 34,220 | 19,243 | 77.83 | 11,277 | 203.45 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | 35,998 | 16,944 | 112.45 | 8,589 | 319.12 |
| Gross written premiums (GWP) | 108,913 | 347,597 | -68.67 | 147,337 | -26.08 |
| Net written premiums (NWP) | 20,402 | 153,533 | -86.71 | 54,209 | -62.36 |
| Net incurred claims | 4,411 | 153,266 | -97.12 | 70,045 | -93.7 |
| Net profit (loss) of policy holders investment | 1,198 | 3,965 | -69.79 | 5,683 | -78.92 |
| Net profit (loss) of shareholders capital investment | 1,253 | 1,031 | 21.53 | -912 | - |
| Earning or loss per share, Riyals | 0.7 | 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 reasons of increase in net profits for the current quarter compared with net profits in the same quarter last year due to increase in the surplus of insurance operations and decrease in net claims incurred and decrease in net technical reserves and increase in income from shareholders’ investments in the current quarter. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The reasons of increase in net profits for the current quarter compared with net profits in the last quarter due to increase in the surplus of insurance operations and decrease in net claims incurred and decrease in net technical reserves and income from shareholders’ investments in the current quarter. |
| External auditor's report containing reservation | The company has prepared the financial statements in accordance with international standards for financial reporting (IFRS) IAS 34 and not in accordance with SOCPA standards recognized in the Kingdom of Saudi Arabia. |
| Other notes | EPS was calculated for the period before Zakat by dividing the net income for the period by the weighted average number of shares amounting to 49,000 thousand shares Total of shareholders’ equity (There are no minority rights) 31 March 2017 amounted SR 423,272 thousands comparing with SR 310,737 thousands as of 31 March 2016 with increase by 36.32% and comparing with SR 389,610 thousands as of 31 December 2016 with increase by 8.64 % Accumulated Losses as of 31 March 2017 amounted SR 95,400 thousands by 19.47 % of capital amounted SR 490,000 thousands. Total Comprehensive income for the current quarter amounted SR 35,162 thousands comparing with SR 17,026 thousands for the same quarter last year with increase by 106.25 % and comparing with SR 13,630 thousands of last quarter with increase by 157.97 % |
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