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

UCA 8190 15.38% 10.20 1.36
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 27,430 43,160 -36.45 34,220 -19.84
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 25,715 43,304 -40.62 35,998 -28.57
Gross written premiums (GWP) 251,433 260,930 -3.64 108,913 130.86
Net written premiums (NWP) 60,845 90,095 -32.47 20,402 198.23
Net incurred claims -4,070 123,602 - 4,411 -
Net profit (loss) of policy holders investment 3,580 4,729 -24.3 1,198 198.83
Net profit (loss) of shareholders capital investment 1,629 488 233.81 1,253 30.01
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 61,650 62,403 -1.21
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 61,713 60,248 2.43
Gross written premiums (GWP) 360,346 608,527 -40.78
Net written premiums (NWP) 81,247 243,628 -66.65
Net incurred claims 341 276,868 -99.88
Net profit (loss) of policy holders investment 4,778 8,694 -45.04
Net profit (loss) of shareholders capital investment 2,882 1,519 89.73
Earning or loss per share, Riyals 1.26 1.27 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The reasons of decrease in net profits for the current quarter compared with net profits in the same quarter last year due to decrease in the surplus of insurance operations and decrease in gross written premiums (GWP) and in decrease net written premiums (NWP) and decrease in income from policyholders’ investments in the current quarter.
Reasons of increase (decrease) for the period compared with same period last year The reasons of decrease in net profits in the current period compared to the net profits in same period last year due to decrease gross written premiums (GWP) and decrease in net written premiums (NWP) and decrease in income from policyholders’ investments in the current period.
Reasons of increase (decrease) for the quarter compared with the previous quarter The reasons of decrease in net profits in the current quarter compared to the net profits in the last quarter same year due to the decrease in the surplus of insurance operations the current quarter
Other notes The company has prepared the financial statements in accordance with International Accounting Standard 34 – “Interim Financial Reporting” (IAS 34) and SAMA guidance on accounting for Zakat and Tax.
United Cooperative Assurance Company announces addendum EPS was calculated for EPS was calculated for the period before Zakat by dividing the net income for the period by the weighted average number of shares amounting to 49,000 thousand shares
Total of shareholders’ equity (There are no minority rights) 30 June 2017 amounted SR 449,630 thousands comparing with SR 354,812 thousands as of 30 June 2016 with increase by 26.72% and comparing with SR 423,272 thousands as of 31 March 2017 with increase by 6.23 %
Accumulated Losses as of 30 June 2017 amounted SR 69,470 thousands by 14.18 % of capital amounted SR 490,000 thousands.
Total Comprehensive income for the current quarter amounted SR 27,858 thousands comparing with SR 45,075 thousands for the same quarter last year with decrease by 28.20 % and comparing with SR 35,165 thousands of last quarter with decrease by 20.77 %.
Total Comprehensive income for the current period amounted SR 63,020 thousands comparing with SR 62,101 thousands for the same period last year with increase by 1.48 %.

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