Al Alamiya for Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat | 7,111 | 13,456 | -47.15 | 16,543 | -57.02 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | 6,520 | 13,362 | -51.2 | 16,095 | -59.49 |
| Gross written premiums (GWP) | 48,117 | 49,798 | -3.38 | 86,321 | -44.26 |
| Net written premiums (NWP) | 25,587 | 25,383 | 0.8 | 58,593 | -56.33 |
| Net incurred claims | 12,489 | 24,591 | -49.21 | 7,182 | 73.89 |
| Net profit (loss) of policy holders investment | 602 | 660 | -8.79 | 934 | -35.55 |
| Net profit (loss) of shareholders capital investment | 1,122 | 1,180 | -4.92 | 1,638 | -31.5 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat | 23,654 | 29,196 | -18.98 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | 22,614 | 29,469 | -23.26 |
| Gross written premiums (GWP) | 134,437 | 158,842 | -15.36 |
| Net written premiums (NWP) | 84,180 | 87,032 | -3.28 |
| Net incurred claims | 19,671 | 54,528 | -63.92 |
| Net profit (loss) of policy holders investment | 1,535 | 1,283 | 19.64 |
| Net profit (loss) of shareholders capital investment | 2,759 | 2,207 | 25.01 |
| Earning or loss per share, Riyals | 0.59 | 0.73 | - |
| 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 of the decrease in the net profit for the quarter compared with the same quarter of the previous year is due to lower premium earned, higher general and administration expenses and higher policy acquisition costs.This decrease in net profit is partly offset by lower net claims incurred and higher reinsurance commission income. |
| Reasons of increase (decrease) for the period compared with same period last year | The reason of the decrease in the net profit for the period compared with the same period of the previous year is due to lower premium earned and lower reinsurance commission income, higher general and administration expenses and higher policy acquisition costs.This decrease in net profit is partly offset by lower net claims incurred and higher investment income. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The reason of the decrease in the net profit for the quarter compared with the previous quarter is due to higher general and administration expenses, higher policy acquisition costs ,higher net claims incurred, lower reinsurance commission income and lower investment income.This decrease in net profit is partly offset by higher premium earned. |
| Reclassifications in quarterly financial results | As per the guidance issued by SAMA, split of zakat and income tax charges has been provided in 'Statement of changes in shareholders equity' and additional note added in the interim financial statements which contains details of Zakat and income tax (note 14). |
| Other notes | Total shareholders' equity (there is no minority equity) for the current period reached SAR 351,531 thousands, compared to SAR 330,956 thousands for the same period last year, with an increase of 6.22%. The total comprehensive income for the current quarter is SAR 6,973 thousands, compared to SAR 13,985 thousands for the same quarter last year with a decrease of 50.14 % and compared to 16,790 thousands for the previous quarter with the decrease of 58.47%. The total comprehensive income for the current period is SAR 23,763 thousands, compared to SAR 30,252 thousands for the same period last year with a decrease of 21.45%. Total accumulated losses at the end of current period are SAR 47,890 thousands representing 11.97 % of the capital, compared to accumulated losses of SAR 68,356 thousands representing 17.09 % of capital for the same period last year with a decrease of 5.12%. |
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