SABB Takaful Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

15 August 2017 09:20 AM

SABB TAKAFUL 8080 -2.87% 11.50 -0.34

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	1,787	2,829	-36.83	2,116	-15.55
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	254	730	-65.21	284	-10.56
Gross written premiums (GWP)	40,435	47,309	-14.53	47,169	-14.28
Net written premiums (NWP)	33,835	38,798	-12.79	37,532	-9.85
Net incurred claims	2,846	3,742	-23.94	4,046	-29.66
Net profit (loss) of policy holders investment	489	440	11.14	344	42.15
Net profit (loss) of shareholders capital investment	1,806	2,213	-18.39	2,166	-16.62
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	3,903	6,594	-40.81
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	538	3,058	-82.41
Gross written premiums (GWP)	87,604	93,499	-6.3
Net written premiums (NWP)	71,367	76,038	-6.14
Net incurred claims	6,892	6,977	-1.22
Net profit (loss) of policy holders investment	833	873	-4.58
Net profit (loss) of shareholders capital investment	3,972	4,079	-2.62
Earning or loss per share, Riyals	0.11	0.19	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year	Decrease NWP by 12.8%, decrease in Fees and commission income by 25% (due to decrease in commission and surplus from Reinsurers) and decrease in investment income by 13.5%. This is despite the decrease in surrenders & maturities by 27.3%, decrease in policy acquisition costs by 42.2% and decrease in net claims incurred by 23.9%.
Reasons of increase (decrease) for the period compared with same period last year	Decrease NWP by 6.1%, decrease in Fees and commission income by 27.4% (due to decrease in commission and surplus from Reinsurers) and decrease in investment income by 3%. This is despite the decrease in surrenders & maturities by 38.6%, decrease in policy acquisition costs by 35% and marginal decrease in net claims incurred by 1.2%.
Reasons of increase (decrease) for the quarter compared with the previous quarter	Decrease NWP by 9.9%, increase in surrenders & maturities by 60%, marginal increase in policy acquisition costs by 4.7%, increase in G&A by 3.4% and decrease in investment income by 8.6%. This is despite the increase in Fees and commission income by 24.4 (due to increase in commission and surplus from Reinsurers) and decrease in net claims incurred by 29.7%.
Reclassifications in quarterly financial results	Certain of the prior period amounts have been reclassified to conform with the presentation in the current period. These changes were made for better presentation of balances and transactions in the interim condensed financial statements of the Company.
Other notes	The total Policyholders comprehensive income during the quarter is SAR 74 thousand compared with SAR 117 thousands for the same quarter previous year with a decrease of 36.8% and SAR 63 thousands for the previous quarter with an increase of 17.5%. The total Shareholders comprehensive income during the quarter is SAR 1,787 thousands compared with SAR 2,829 thousands for the same quarter previous year with a decrease of 36.8% and SAR 2,116 thousands for the previous quarter with a decrease of 15.5%. The total Policyholders comprehensive income during the period is SAR 137 thousand compared with SAR 393 thousands for the same period previous year with a decrease of 65.1%. The total Shareholders comprehensive income during the period is SAR 3,903 thousands compared with SAR 6,594 thousands for the same period previous year with a decrease of 4.81%. The total shareholder's equity (no minority interest) during the current period is SAR 362,557 thousand, compared to SAR 358,710 thousand for the same period of prevouis year with an increase of 1.1%. Earnings Per share was calculated before Zakat and Income Tax.

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