Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
7,998
10,740
-25.53
6,520
22.67
Gross written premiums (GWP)
57,162
64,228
-11
48,117
18.8
Net written premiums (NWP)
21,458
27,101
-20.82
25,587
-16.14
Net incurred claims
11,819
24,705
-52.16
12,489
-5.36
Net profit (loss) of policy holders investment
649
889
-27
602
7.81
Net profit (loss) of shareholders capital investment
1,451
2,080
-30.24
1,122
29.32
All figures are in (Thousands) Saudi Arabia, Riyals
Element
Current period
Similar period for previous year
% Change
Net profit (loss) before Zakat
32,467
41,410
-21.6
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
30,612
40,210
-23.87
Gross written premiums (GWP)
191,600
223,071
-14.11
Net written premiums (NWP)
105,638
114,133
-7.44
Net incurred claims
31,491
79,232
-60.25
Net profit (loss) of policy holders investment
2,185
2,171
0.64
Net profit (loss) of shareholders capital investment
4,210
4,287
-1.8
Earning or loss per share, Riyals
0.81
1.04
-
All figures are in (Thousands) Saudi Arabia, Riyals
Element
EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year
The decrease in the profit for the quarter compared with the same quarter of the previous year is due to lower net premium earned, higher general and administration expenses, higher policy acquisition costs, lower reinsurance commission income and lower investment income. This decrease in profit is partly offset by lower net claims incurred.
Reasons of increase (decrease) for the period compared with same period last year
The decrease in the profit for the period compared with the same period of the previous year is due to lower net premium earned and lower reinsurance commission income, higher general and administration expenses and higher policy acquisition costs.This decrease in 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 increase in the profit for the quarter compared with the previous quarter is due to lower general and administration expenses, lower policy acquisition costs, lower net claims incurred and higher investment income. This increase in profit is partly offset by lower net premium earned.
Other notes
The total shareholders' equity (there is no minority equity) for the current period reached SAR 356,261 thousands compared to SAR 328,342 thousands for the same period last year reflecting an increase of 8.50%. The total comprehensive income for the current period is SAR 32,458 thousands compared to SAR 42,633 thousands for the same period last year with a decrease of 23.87%. The total comprehensive income for the current quarter is SAR 8,695 thousands compared to SAR 12,381 thousands for the same quarter last year (reflecting a decrease of 29.77 %) and 6,973 thousands for the previous quarter (reflecting an increase of 24.69%). Total accumulated losses at the end of current period are SAR 43,041 thousands (10.76 % of share capital) compared to accumulated losses of SAR 71,596 thousands (17.90 % of capital) for the same period last year reflecting a decrease of 7.14%.
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