Allied Cooperative Insurance Group announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

12 February 2018 03:36 PM

ACIG 8150 51.93% 18.08 6.18

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	2,666	-4,547	-	3,933	-32.21
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	2,105	-8,948	-	3,451	-39
Gross written premiums (GWP)	133,105	80,094	66.19	112,798	18
Net written premiums (NWP)	112,837	67,279	67.72	98,234	14.87
Net incurred claims	58,679	99,227	-40.86	57,114	2.74
Net profit (loss) of policy holders investment	849	3,120	-72.79	380	123.42
Net profit (loss) of shareholders capital investment	480	828	-42.03	928	-48.28
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	18,117	8,344	117.13
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	14,975	6,519	129.71
Gross written premiums (GWP)	429,972	510,618	-15.79
Net written premiums (NWP)	365,917	431,792	-15.26
Net incurred claims	246,892	344,715	-28.38
Net profit (loss) of policy holders investment	2,258	4,922	-54.12
Net profit (loss) of shareholders capital investment	4,496	-768	-
Earning or loss per share, Riyals	0.9	0.42	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year	the company has the net profit during the current quarter compared net loss of the same quarter of the previous year this is due to increase in gross premiums written by 66% , increase in net written premiums by 68%, decrease in net claims incurred by 41%, increase in other underwriting income by 21% , decrease in policy acquisition cost by 35 % , although decrease in net premiums earned by 27% , decrease in the profit in policyholders investments by 73% , decrease in reinsurance commission earned by 22%, , increase in general and administrative expenses by 70 %, decrease in the profit in shareholders investments by 42% .
Reasons of increase (decrease) for the period compared with same period last year	the company has increasing in the net profit during the current period compared the same period of the previous year this is due to decrease in net claims incurred by 28% , decrease in policy acquisition cost by 22 % , increase in other underwriting income by 33 % , besides the profit in shareholders investments in amount SR 4,496 thousands during the current period comparing to the loss of shareholders investments in amount SR 768 thousands during the same period of the previous year although decrease in gross premiums written by 16% , decrease in net written premiums by 15%, decrease in net premiums earned by 19% , decrease in reinsurance commission earned by 33%, increase in general and administrative expenses by 25 %, decrease in other income by 81% , decrease in profit of policyholders investments by 54% .
Reasons of increase (decrease) for the quarter compared with the previous quarter	The company has decreasing in the net profit during the current quarter compared the previous quarter of current year due to increase in net claims incurred by 3%, decrease in net profit of shareholders investments by 48 % , decrease in other underwriting income by 44% , decrease in reinsurance commission earned by 3% , increase in general and administrative expenses by 7%, although increase in gross premiums written by 18 %, increase in net premiums written by 15% , increase net premiums earned by 2 % , decrease in policy acquisition cost by 6 % , increase in other income by 42% , increase in net profit of policyholders investments by 123 %
Reclassifications in quarterly financial results	There is classification in some items.
Other notes	The total comprehensive income during the current quarter is SR 1,533 thousand comparing total comprehensive loss SR 1,310 thousands during the same quarter of the previous year, And comparing SR 3,815 thousands during the previous quarter decreasing by 60%. The total comprehensive income during the current period is SR 14,931 thousand comparing SR 9,850 thousands during the same period of the previous year increasing by 52 %. the total of shareholders equity are SR 137,934 thousand during the current period comparing SR 125,151 thousands during the same period of the previous year increasing by 10 % ( There are not minority interest ). The accumulated loss by the end of current period is SR 57,827 thousand represent 28.91 % of the capital

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