Salama Cooperative Insurance Co. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat | 15,151 | 16,084 | -5.8 | 22,028 | -31.22 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | 14,669 | 10,406 | 40.97 | 21,836 | -32.82 |
| Gross written premiums (GWP) | 161,860 | 156,098 | 3.69 | 158,984 | 1.81 |
| Net written premiums (NWP) | 152,288 | 148,788 | 2.35 | 148,361 | 2.65 |
| Net incurred claims | 136,730 | 91,483 | 49.46 | 127,708 | 7.06 |
| Net profit (loss) of policy holders investment | 1,408 | 2,582 | -45.47 | 2,026 | -30.5 |
| Net profit (loss) of shareholders capital investment | 804 | 4,559 | -82.36 | 796 | 1.01 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat | 67,516 | 30,350 | 122.46 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | 64,112 | 23,802 | 169.36 |
| Gross written premiums (GWP) | 750,691 | 571,353 | 31.39 |
| Net written premiums (NWP) | 712,826 | 543,098 | 31.25 |
| Net incurred claims | 497,888 | 329,961 | 50.89 |
| Net profit (loss) of policy holders investment | 7,394 | 5,968 | 23.89 |
| Net profit (loss) of shareholders capital investment | 4,618 | 4,176 | 10.58 |
| Earning or loss per share, Riyals | 2.7 | 1.21 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for the quarter compared with same quarter last year | The reason for decrease in net profit in current quarter compared to same quarter previous year is due to decrease in total investment income from policyholder and shareholders' fund by 69%, increase in net claims incurred by 50% and increase in general and administration expenses by 30% partly offset by increase in net earned premium by 44%. |
| Reasons of increase (decrease) for the period compared with same period last year | The reason for increase in profit in current period compared to same period previous year is due to increase in net earned premium by 56% and increase in total investment income from policyholder and shareholders' fund by 18% partly offset by increase in net claims incurred by 51% and increase in general and administration expenses and provision for doubtful debts in aggregate by 35%. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The reason for decrease in net profit in current quarter compared to previous quarter is due to increase in net claims incurred by 7%. |
| Other notes | 1. Total comprehensive income for the current quarter is SR 15,151 thousand compared to SR 16,084 thousand for the same quarter last year, a decrease of 6% and compared to SR 22,028 thousand in previous quarter, a decrease of 31%. 2. Total comprehensive income for the current 12 month period is SR 67,516 thousand compared to SR 30,350 thousand for the same period last year, an increase of 122%. 3. The retained earnings as at the end of 31/12/2017 is SR 4,392 thousands which is 1.8% of the paid up capital. 4. Total shareholders' equity (there is no minority interest) for the current period reached SAR 254,392 thousand compared to SAR 193,176 thousand for the same period last year, an increase of 32%. |
Comments