Reasons of increase (decrease) for the quarter compared with same quarter last year |
The decrease in net profits before Zakat and Income Tax for the quarter compared with the same quarter last year was mainly due to the decrease in underwriting results by SR 78,431K which was driven by an increase in the net claims incurred for the quarter which totaled SR 1,475,339K compared with SR 1,398,649K for the same quarter last year, an increase of 5.5% and the decrease in net earned premium by SR 1,741K, a decrease of 0.1%, this was slightly offset by better investment income in the quarter which reached SR 35,032K, compared with SR 21,178K for the same quarter last year, an increase of 65.4%. Gross Written Premium (GWP) was lower by SR 56,032K in the quarter compared with the same quarter last year, a decrease of 2.2%. |
Reasons of increase (decrease) for the period compared with same period last year |
The decrease in net profits before Zakat and Income Tax for the period compared with the same period last year, was due to the drop in net underwriting results by SR 114,922K mainly driven by the increase in the net claims incurred which totaled SR 4,666,604K compared with SR 4,513,823K for the same period last year, an increase of 3.4%, this is despite the increase in net earned premium by SR 37,859K, an increase of 0.7%, and the increase in investment income by SR 48,372K, an increase of 71.5%. Gross Written Premium (GWP) was lower by SR 229,234K in the period compared with the same period last year, a decrease of 3.3%. |
Reasons of increase (decrease) for the quarter compared with the previous quarter |
The increase in net profits before Zakat and Income Tax for the quarter compared with the previous quarter of the current year was mainly due to an increase in net underwriting results of 19.3%, and a decrease in operating expenses of 3.8%. |
External auditor's report containing reservation |
The joint auditors interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34 and SAMA guidance on accounting for zakat and tax. |
Other notes |
Total Insurance Operations Comprehensive Income for the current quarter is SR 23,337K compared to SR 29,020K for the same quarter last year, a decrease of 19.6%, and SR 15,776K for the previous quarter of the current year, an increase of 48%. While total Shareholders Comprehensive Income for the current quarter is SR 215,539K compared to SR 260,534K for the same quarter last year, a decrease of 17.3%, and SR 144,255K for the previous quarter of the current year, an increase of 49.4%. Total Insurance Operations Comprehensive Income for the current period is SR 42,309K compared to SR 47,547K for the same period last year, a decrease of 11%. While total Shareholders Comprehensive Income for the current period is SR 397,693K compared to SR 437,216K for the same period of last year, a decrease of 9%. The Earnings per Share (EPS) for the current period is SR 5.01 per share versus SR 5.48 per share for the same period last year. Total Shareholder Equity (no minority interest) in the current period is SR 2,242 Million versus SR 1,921 Million for the same period last year, an increase of 16.7%. |
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