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Salama Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

SALAMA 8050 -13.27% 29.75 -4.55
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 16,159 3,031 433.12 14,177 13.98
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 14,504 830 1,647.47 13,103 10.69
Gross written premiums (GWP) 201,968 141,488 42.75 227,878 -11.37
Net written premiums (NWP) 194,419 135,683 43.29 217,757 -10.72
Net incurred claims 128,700 79,810 61.26 104,749 22.87
Net profit (loss) of policy holders investment 1,753 999 75.48 2,207 -20.57
Net profit (loss) of shareholders capital investment 2,274 1,490 52.62 744 205.65
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 30,336 5,529 448.67
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 27,607 3,915 605.16
Gross written premiums (GWP) 429,847 283,205 51.78
Net written premiums (NWP) 412,177 269,503 52.94
Net incurred claims 233,450 155,615 50.02
Net profit (loss) of policy holders investment 3,960 1,965 101.53
Net profit (loss) of shareholders capital investment 3,017 670 350.3
Earning or loss per share, Riyals 1.21 0.22 -
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 in current quarter compared to same quarter previous year is due to increase in net earned premium by 68% partly offset by increase in net claims incurred by 61% and increase in general and administration expenses by 15%.
Reasons of increase (decrease) for the period compared with same period last year The reason for increase in profit in current period compared to same period previous year is due to increase in net earned premium by 61% and increase in total investment income from policyholder and shareholders' fund by 165% partly offset by increase in net claims incurred by 50% and increase in operating and general and administration expenses and provision for doubtful debts in aggregate by 48%.
Reasons of increase (decrease) for the quarter compared with the previous quarter The reason for increase in net profit in current quarter compared to previous quarter is due to increase in net earned premium by 14% and decrease in other operating expenses by 54% partly offset by increase in net claims incurred by 23%.
Other notes 1. Total comprehensive income for the current quarter is SR 16,159 thousand compared to SR 3,031 thousand for the same quarter last year, an increase of 433% and compared to SR 14,177 thousand in previous quarter, an increase of 14%.

2. Total comprehensive income for the current period is SR 30,336 thousand compared to SR 5,529 thousand for the same period last year, an increase of 449%.

3. The accumulated losses as at the end of 30/06/2017 is SR 28,988 thousands which is 11.6% of the paid up capital.

4. Total shareholders' equity (there is no minority interest) for the current period reached SAR 221,012 thousand compared to SAR 174,901 thousand for the same period last year, an increase of 26%.

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