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

METLIFE AIG ANB 8011 -2.00% 15.21 -0.31
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat -10,366 -4,213 -146.05 -3,242 -219.74
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) -12,022 -5,868 -104.87 -4,516 -166.21
Gross written premiums (GWP) 103,053 36,108 185.4 87,983 17.13
Net written premiums (NWP) 89,105 26,077 241.7 63,116 41.18
Net incurred claims -65,965 -35,591 -85.34 -41,835 -57.68
Net profit (loss) of policy holders investment 599 380 57.63 478 25.31
Net profit (loss) of shareholders capital investment 1,371 1,637 -16.25 1,383 -0.87
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat -20,476 -15,480 -32.27
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) -24,736 -19,442 -27.23
Gross written premiums (GWP) 294,356 147,946 98.96
Net written premiums (NWP) 239,882 99,414 141.3
Net incurred claims -145,882 -90,656 -60.92
Net profit (loss) of policy holders investment 1,380 1,005 37.31
Net profit (loss) of shareholders capital investment 4,134 4,027 2.66
Earning or loss per share, Riyals -0.59 -0.46 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year Net Losses before Zakat for the third quarter 2017 have increased over the third quarter 2016 by SR 6,154 thousand (146.08%) mainly due to:
1- decrease in net underwriting result by SR 5,867 thousand due to higher Net Claim Incurred for Health Insurance,
2- increase in doubtful debt expense by SR 918 thousand due to growth of business, offset by:
3- reduction in General and Administrative Expenses.
Reasons of increase (decrease) for the period compared with same period last year Net Losses before Zakat for the period ended 2017 have increased over the same period 2016 by SR 4,996 thousand (32.28%) mainly due to:
1- increase in general and administration expense by SR 2,666 thousand due to growth in operations size to support the growth in business volume,
2- increase in Doubtful debt expense by SR 2,918 thousand, offset by:
3- increase in investments returns for Policyholders' and Shareholders' operations together by SR 482 thousand.
Reasons of increase (decrease) for the quarter compared with the previous quarter Net Losses before Zakat for the third quarter 2017 have increased over the previous quarter by SR 7,125 thousand (219.78%) mainly due to:
1- decrease in net underwriting result by SR11,369 thousand due to higher net claims incurred for Health Insurance, offset by:
2- reduction in Doubtful debt expense,
3- reductions in general and administration expense, and
4- increase in investments returns for both Policyholders' and Shareholders' operations.
External auditor's report containing reservation It was mentioned in the auditors' review report that based on their review, nothing has come to their attention that causes them to believe that the accompanying interim condensed financial statements are not presented fairly, in all material respects, in accordance with International Accounting Standard 34, Interim Financial Reporting and Saudi Arabian Monetary Authority SAMA guidance on accounting for Zakat and Income Tax.
Other notes 1- Loss per share has been computed for the current period by using 35,000,000 shares which is the weighted average number of shares outstanding as at 30 September 2017.
The weighted average number of ordinary shares for the same period 2016 was 33,562,956 computed using an adjustment factor of 1.7 which is a ratio of the theoretical ex-rights price of SR 33.52 per share and the closing price per share of SR 57.04 on 22 February 2016, the last day on which the shares were traded before the rights issue.
2- Total equity ( there is no minority interest ) as of end of the current period is SR 214,989 thousands versus SR 243,727 thousands for similar period of previous year with a decrease of 11.79%.
3- Total comprehensive losses after zakat for current quarter is SAR 10,906 thousands compared to SAR 4,213 thousands for same quarter last year with an increase of 158.88%, and compared to SAR 3,782 thousand in previous quarter which represents an increase in losses by 188.40%. The comprehensive losse for the period is SAR22,096 thousand compared to SAR 15,603 thousand for the previous period last year with increase of 41.61%
4- Accumulated losses as at 30 September 2017 is SAR 135,011 thousand representing 38.57 % of share capital.

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