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

GIG 8250 31.74% 38.60 9.30
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 14,828 9,528 55.63 16,273 -8.88
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 8,145 6,112 33.26 9,144 -10.93
Gross written premiums (GWP) 219,933 200,542 9.67 721,242 -69.51
Net written premiums (NWP) 194,875 182,862 6.57 597,186 -67.37
Net incurred claims 267,436 219,495 21.84 252,695 5.83
Net profit (loss) of policy holders investment 5,823 4,260 36.69 5,489 6.08
Net profit (loss) of shareholders capital investment 2,612 659 296.36 3,441 -24.09
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 31,101 22,770 36.59
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 17,289 15,756 9.73
Gross written premiums (GWP) 941,175 651,295 44.51
Net written premiums (NWP) 792,061 613,492 29.11
Net incurred claims 520,131 426,847 21.85
Net profit (loss) of policy holders investment 11,312 6,781 66.82
Net profit (loss) of shareholders capital investment 6,053 3,303 83.26
Earning or loss per share, Riyals 0.69 0.51 -
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 net profit before zakat by SR 5.3 million (55.63%) can be attributed to increase in surplus from insurance operations and investment income which increased by SR 3.5 million (Policy holders & Shareholders combined) in current quarter compared to same quarter of last year .
Reasons of increase (decrease) for the period compared with same period last year The Increase in net profit before zakat by SR 8.3 million (36.59%) is attributed to increase surplus from insurance operations and investment income which increased by SR 7.2 million (Policy holders & Shareholders combined) in current period as compared to corresponding period of last year.
Reasons of increase (decrease) for the quarter compared with the previous quarter The current quarter profits are less by SR 1.445 million (8.88%) compared to previous quarter of the year, which is mainly attributable to slight increase in loss ratio from 81.91% in Q 1 2017 to 82.91% in Q 2 2017.
Reclassifications in quarterly financial results In comparative period 2016 related to Shareholders' Statement of Financial Position, an amount of SR 1.149 million was reclassified from Prepayment and other receivable to investment return on statutory deposit to show accumulated amount of return on statutory deposit.
Other notes The total comprehensive income during the current quarter is SR 15,293 thousand comparing SR 13,060 thousands during the same quarter of the previous year increasing by 17% , and comparing SR 16,222 thousands during the previous quarter decreasing by 5.7%. The total comprehensive income during the current period is SR 31,515 thousand comparing SR 24,284 thousands during the same period of the previous year increasing by 29.7 %. the total of shareholders equity are SR 523,267 thousand during the current period comparing SR 486,516 thousands during the same period of the previous year increasing by 7.6 % ( There are not minority interest ). The retained earnings as at the end of the period is SAR 55,493 thousands which is 12.3 % of the paid up capital.

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