Al-Rajhi Company for Cooperative Insurance announces the interim financial results for the period ending on 30-06-2017 (Six Months)

27 July 2017 04:21 AM

ALRAJHI TAKAFUL 8230 9.88% 71.20 6.40

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	41,094	24,433	68.19	34,113	20.46
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	76,328	47,159	61.85	64,397	18.53
Gross written premiums (GWP)	680,080	506,097	34.38	1,107,212	-38.58
Net written premiums (NWP)	648,704	485,582	33.59	1,076,006	-39.71
Net incurred claims	582,402	303,491	91.9	540,683	7.72
Net profit (loss) of policy holders investment	4,673	4,413	5.89	5,298	-11.8
Net profit (loss) of shareholders capital investment	3,247	8,302	-60.89	3,079	5.46
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	75,207	33,190	126.6
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	140,725	90,693	55.17
Gross written premiums (GWP)	1,787,292	1,039,278	71.97
Net written premiums (NWP)	1,724,710	986,578	74.82
Net incurred claims	1,123,085	574,702	95.42
Net profit (loss) of policy holders investment	9,971	6,415	55.43
Net profit (loss) of shareholders capital investment	6,325	4,894	29.24
Earning or loss per share, Riyals	1.88	0.83	-
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 Profit before Zakat is due to an increase in the Company's underlying business volumes. Gross contributions written increased by 34.38 %, net contributions earned increased by 89.78 %. As a result, net underwriting surplus increased by 61.85 %. Policyholder investment income increased by 5.89 % while shareholder investment income decreased by 60.89 %, General & Administration expenses increased by 17.75 %.
Reasons of increase (decrease) for the period compared with same period last year	The increase in Profit Before Zakat is due to increase in the Company's underlying business volumes. Gross contributions written increased by 71.97 %, net contributions earned increased by 91.25 %. As a result, net underwriting surplus increased by 55.17 % , Policyholder investment income increased by 55.43 %, shareholder investment income increased by 29.24 %, while General & Administration expenses increased by 14.83 %.
Reasons of increase (decrease) for the quarter compared with the previous quarter	The increase in Profit Before Zakat is due to an increase in net contributions earned by 9.45 %. As a result, net underwriting surplus increased by 18.53 %. Gross contributions written decreased by 38.58 % due to business seasonality. Net claims incurred increased by 7.72 % and General & Administration expenses increased by 10.72 %.
Reclassifications in quarterly financial results	The comparative amounts of previous periods have been reclassified to match with the current presentation. The company hereby confirms that there are no classification changes in the net underwriting surplus or net profit before Zakat.
Other notes	Comperhensive income of Takaful Operations for the current quarter is SAR 4,138 thousand, versus SAR 1,770 thousand for the same quarter of the previous year resulting in an increase of 133,79 %. Comprehensive income of Takaful Operations for the current quarter is SAR 4,138 thousand versus SAR 3,391 thousand for Q1-2017, or an increase of 22.03 %. Comprehensive income of Takaful Operations for year to date Q2-2017 is SAR 7,529 thousand versus SAR 3,308 thousand for the corresponding 2016 period or an increase of 127.60 %. Comperhensive income of Shareholders' Operations for the current quarter is SAR 41,320 thousand, versus SAR 24,511 thousand for the same quarter of the previous year an increase of 68.58 %. Comperhensive income of Shareholders' Operations for the current quarter is SAR 41,320 thousand, versus SAR 32,208 thousand of Q1-2017 or an increase of 28.30 %. Comprehensive income of Shareholders' Operation for year to date Q2-2017 is SAR 73,528 thousand versus SAR 33,118 thousand for the corresponding 2016 period or an increase of 122.02 %. The total shareholder's equity (no minority interest) for the current period is SAR 496,916 thousand compared to SAR 429,363 thousand or an increase of 15.74 % over the same period of the previous year. Profit per share for the period was calculated based on the Profit before Zakat.

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