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

ARABIAN SHIELD 8070 -1.96% 17.98 -0.36
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 42,013 44,734 -6.08 23,136 81.59
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 45,209 45,055 0.34 23,694 90.8
Gross written premiums (GWP) 72,476 156,423 -53.67 115,367 -37.18
Net written premiums (NWP) 52,160 104,385 -50.03 78,996 -33.97
Net incurred claims 38,073 69,536 -45.25 61,190 -37.78
Net profit (loss) of policy holders investment 1,659 3,491 -52.48 1,761 -5.79
Net profit (loss) of shareholders capital investment 1,330 1,720 -22.67 696 91.09
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 108,175 80,950 33.63
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 113,009 76,336 48.04
Gross written premiums (GWP) 593,078 754,470 -21.39
Net written premiums (NWP) 394,268 480,790 -18
Net incurred claims 258,508 267,907 -3.51
Net profit (loss) of policy holders investment 6,938 9,156 -24.22
Net profit (loss) of shareholders capital investment 4,240 6,154 -31.1
Earning or loss per share, Riyals 5.41 4.05 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year Is due to the decrease in the net earned premiums by 15%, decrease in earned commission income by 5%, decrease in investment income by 43%, increase in operating and administrative expenses by 210%, partially offset by the decrease in net incurred claims by 45% and decrease in other underwriting costs by 12%.
Reasons of increase (decrease) for the period compared with same period last year Is due to the increase in the net earned premiums by 14%, increase in earned commission income by 10%, decrease in net incurred claims by 4%, negatively impacted by the decrease in investment income by 27%, increase in operating and administrative expenses by 48% and increase in other underwriting costs by 24%.
Reasons of increase (decrease) for the quarter compared with the previous quarter Is due mainly to the decrease in net incurred claims by 38%, increase in investment income by 22%, increase in net earned premium by 1%, negatively impacted by the increase in operating and administrative expenses by 10%, decrease in earned commission income by 13% and decrease in other underwriting costs by 11%.
External auditor's report containing reservation The interim financial statements of the Company have been prepared 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 Total Comprehensive Income for the quarter was SR 20,079 thousand compared to SR 16,073 thousand for the equivalent quarter from the previous year, increased by 25% and compared to SR 19,423 thousand for the previous quarter, increased by 3%

Total Comprehensive Income for the period was SR 58,474 thousand compared to SR 29,085 thousand for the equivalent period from the previous year, increased by 101%

Total Comprehensive Income for the quarter was SR 36,149 thousand compared to SR 41,423 thousand for the equivalent quarter from the previous year, decreased by 13% and compared to SR 20,079 thousand for the previous quarter, increased by 80%

Total Comprehensive Income for the period was SR 94,623 thousand compared to SR 70,508 thousand for the equivalent period from the previous year, increased by 34%

Total Shareholders Equity by end of the current period SR 404,786 thousand compared to SR 350,163 thousand for the equivalent period from the previous year, increased by 16% (No minority interest)

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