Allied Cooperative Insurance Group announces the interim financial results for the period ending on 30-06-2017 (Six Months)

02 August 2017 08:03 AM

ACIG 8150 4.02% 11.90 0.46

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	6,613	4,405	50.12	4,904	34.85
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	5,568	5,184	7.41	3,850	44.62
Gross written premiums (GWP)	102,296	146,772	-30.3	81,773	25.1
Net written premiums (NWP)	87,717	119,626	-26.67	67,129	30.67
Net incurred claims	59,224	81,234	-27.09	71,875	-17.6
Net profit (loss) of policy holders investment	463	1,048	-55.82	566	-18.2
Net profit (loss) of shareholders capital investment	1,696	-427	-	1,392	21.84
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	11,517	8,186	40.69
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	9,418	8,840	6.54
Gross written premiums (GWP)	184,069	294,046	-37.4
Net written premiums (NWP)	154,846	249,999	-38.06
Net incurred claims	131,099	165,540	-20.81
Net profit (loss) of policy holders investment	1,029	1,892	-45.61
Net profit (loss) of shareholders capital investment	3,088	-571	-
Earning or loss per share, Riyals	0.58	0.41	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year	the company has increasing in the net profit during the current quarter compared the same quarter of the previous year this is due to decrease in net claims incurred by 27% , decrease in policy acquisition cost by 18 % , increase in other underwriting income by 41 %, increase in other income by 8% , besides the profit in shareholders investments in amount SR 1,696 thousands during the current quarter comparing to the loss of shareholders investments in amount SR 427 thousands during the same quarter of the previous year although decrease in gross premiums written by 30% , decrease in net written premiums by 27%, decrease in net premiums earned by 16% , decrease in insurance commission earned by 49%, , increase in general and administrative expenses by 13 %, decrease in profit of policyholders investments by 56% .
Reasons of increase (decrease) for the period compared with same period last year	the company has increasing in the net profit during the current period compared the same period of the previous year this is due to decrease in net claims incurred by 21% , decrease in policy acquisition cost by 12 % , besides the profit in shareholders investments in amount SR 3,088 thousands during the current period comparing to the loss of shareholders investments in amount SR 571 thousands during the same period of the previous year although decrease in gross premiums written by 37% , decrease in net written premiums by 38%, decrease in net premiums earned by 12% , decrease in insurance commission earned by 37%, , increase in general and administrative expenses by 6 %, decrease in other underwriting income by 9 % , decrease in other income by 90% , decrease in profit of policyholders investments by 46% .
Reasons of increase (decrease) for the quarter compared with the previous quarter	The company has increasing in the net profit during the current quarter compared the previous quarter of current year due to increase in gross premiums written by 25 % , increase in net premiums written by 31% , decrease in net claims incurred by 18%, decrease in policy acquisition cost by 15% and increase in net profit of shareholders investments by 22 % ,increase in other underwriting income by 104% , increase in other income by 251% , although decrease net premiums earned by 12% , increase in general and administrative expenses by 11% , decrease in reinsurance commission earned by 10% , decrease in net profit of policyholders investments by 18%.
Reclassifications in quarterly financial results	There is classification in some items.
Other notes	The total comprehensive income during the current quarter is SR 6,031 thousand comparing SR 5,722 thousands during the same quarter of the previous year increasing by 5 % , And comparing SR 3,551 thousands during the previous quarter increasing by 70%. The total comprehensive income during the current period is SR 9,582 thousand comparing SR 7,801 thousands during the same period of the previous year increasing by 23 %. the total of shareholders equity are SR 133,826 thousand during the current period comparing SR 124,144 thousands during the same period of the previous year increasing by 8 % ( There are not minority interest ). The accumulated loss by the end of current period is SR 63,186 thousand represent 31.59 % of the capital.

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