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Arabia Insurance Cooperative Co. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

AICC 8160 -0.79% 12.50 -0.10
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 3,152 4,815 -34.54 3,867 -18.49
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 394 1,978 -80.08 3,467 -88.64
Gross written premiums (GWP) 74,512 91,257 -18.35 58,774 26.78
Net written premiums (NWP) 46,800 54,306 -13.82 37,553 24.62
Net incurred claims 23,934 50,783 -52.87 26,667 -10.25
Net profit (loss) of policy holders investment 686 696 -1.44 295 132.54
Net profit (loss) of shareholders capital investment 2,721 2,822 -3.58 685 297.23
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 15,822 8,447 87.31
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 13,055 85 15,258.82
Gross written premiums (GWP) 314,391 419,101 -24.98
Net written premiums (NWP) 206,763 282,051 -26.69
Net incurred claims 133,517 212,364 -37.13
Net profit (loss) of policy holders investment 1,876 3,148 -40.41
Net profit (loss) of shareholders capital investment 4,965 6,787 -26.85
Earning or loss per share, Riyals 0.6 0.32 -
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 behind the decrease of net profit during the three months period compared to net profit of the corresponding period of the previous year is due to the increase in general and administrative expenses.
Reasons of increase (decrease) for the period compared with same period last year The reason behind the increase in net profit during the current period compared to net profit of the corresponding period of the previous year is due to the decrease in general and administrative expenses and the improvement in loss ratio.
Reasons of increase (decrease) for the quarter compared with the previous quarter The reason behind the decrease in net profit during the three months period compared to net profit of the previous quarter is due to the increase in general and administrative expenses.
Reclassifications in quarterly financial results Certain reclassifications were made in comparative numbers to conform to the current period.
Other notes 1-Shareholders equity (no minority interest) stands at SR 255 million compared to SR 244 million for the corresponding period of the previous year representing an increase of 4.4%. 2- Accumulated losses as of the end of the period stand at SR 5.3 million representing 2% from the capital. 3-Shareholders comprehensive income for the current quarter is SR 1,987 thousand compared to a comprehensive income of SR 6,801 thousand for the corresponding period of the previous year representing a decrease of 71%, and compared to a comprehensive income of SR 4,665 thousand for the previous quarter representing a decrease of 57%. 4-Shareholders comprehensive income during the current period is SR 16,388 thousand compared to a comprehensive income of SR 8,037 thousand for the corresponding period of the previous year representing an increase of 104%. 5-Earning per share calculated before Zakat and income tax.

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