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Arabian Shield Cooperative Insurance Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

ARABIAN SHIELD 8070 20.80% 21.72 3.74
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 23,136 18,715 23.62 22,349 3.52
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 23,694 17,029 39.14 23,851 -0.66
Gross written premiums (GWP) 115,367 152,708 -24.45 165,349 -30.23
Net written premiums (NWP) 78,996 101,277 -22 113,778 -30.57
Net incurred claims 61,190 65,859 -7.09 70,264 -12.91
Net profit (loss) of policy holders investment 1,761 2,527 -30.31 1,411 24.81
Net profit (loss) of shareholders capital investment 696 1,619 -57.01 836 -16.75
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 66,162 36,216 82.69
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 67,800 31,281 116.74
Gross written premiums (GWP) 520,602 598,048 -12.95
Net written premiums (NWP) 342,108 376,404 -9.11
Net incurred claims 220,435 198,371 11.12
Net profit (loss) of policy holders investment 5,279 5,665 -6.81
Net profit (loss) of shareholders capital investment 2,910 4,434 -34.37
Earning or loss per share, Riyals 3.31 1.81 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year Increase in the net profits is due to the increase in the net earned premiums by 3%, increase in earned commission income by 24%, decrease in net incurred claims by 7%, negatively impacted by the decrease in investment income by 41%, increase in operating and administrative expenses by 5% and increase in other underwriting costs by 29%.
Reasons of increase (decrease) for the period compared with same period last year Increase in the net profits is due to the increase in the net earned premiums by 27%, increase in earned commission income by 16%, negatively impacted by the decrease in investment income by 19%, increase in operating and administrative expenses by 26%, increase in net incurred claims by 11% and increase in other underwriting costs by 40%.
Reasons of increase (decrease) for the quarter compared with the previous quarter Increase in the net profits is due mainly to the decrease in net incurred claims by 13%, decrease in operating and administrative expenses by 21%, increase in earned commission income by 20%, increase in investment income by 9%, negatively impacted by the decrease in net earned premium by 14% and increase in other underwriting costs by 4%,.
External auditor's report containing reservation The auditors' report draws attention to the fact that the Company have prepared the interim financial statements in accordance with International Financial Reporting Standards (IFRS) incorporating International Accounting Standard (IAS) 34 and not in accordance with the Standard on Interim Financial Reporting issued by SOCPA. The Company assures that there are no material differences or substantial impact on the interim financial statements as a result of preparation, according to the international standards over the accounting standards issued by SOCPA.
Other notes Total Comprehensive Income for the quarter was SR 20,079 thousand compared to SR 16,073 thousand for the equivalent quarter from the previous year, increased by 25% and compared to SR 19,423 thousand for the previous quarter, increased by 3%

Total Comprehensive Income for the period was SR 58,474 thousand compared to SR 29,085 thousand for the equivalent period from the previous year, increased by 101%

Total Shareholders Equity by end of the current period SR 368,637 thousand compared to SR 308,740 thousand for the equivalent period from the previous year, increased by 19% (No minority interest)

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