Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
11,476
3,153
263.97
7,998
43.49
Gross written premiums (GWP)
71,770
87,680
-18.15
57,162
25.56
Net written premiums (NWP)
40,731
46,466
-12.34
21,458
89.82
Net incurred claims
15,133
22,467
-32.64
11,819
28.04
Net profit (loss) of policy holders investment
757
892
-15.13
649
16.64
Net profit (loss) of shareholders capital investment
1,554
2,010
-22.69
1,451
7.1
All figures are in (Thousands) Saudi Arabia, Riyals
Element
Current period
Similar period for previous year
% Change
Net profit (loss) before Zakat
44,485
46,346
-4.02
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
42,089
43,363
-2.94
Gross written premiums (GWP)
263,369
310,751
-15.25
Net written premiums (NWP)
146,369
160,599
-8.86
Net incurred claims
46,624
101,700
-54.16
Net profit (loss) of policy holders investment
2,942
3,064
-3.98
Net profit (loss) of shareholders capital investment
5,763
6,297
-8.48
Earning or loss per share, Riyals
1.11
1.16
-
All figures are in (Thousands) Saudi Arabia, Riyals
Element
EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year
The increase in the profit for the quarter compared with the same quarter of the previous year is due to higher reinsurance commission income, lower net claims incurred and lower general and administration expenses. This increase in the profit is partly offset by lower net premium earned, higher policy acquisition costs, and lower investment income.
Reasons of increase (decrease) for the period compared with same period last year
The decrease in the profit for the period compared with the same period of the previous year is due to lower net premium earned, higher policy acquisition costs and lower investment income. This decrease in profit is partly offset by lower net claims incurred, higher reinsurance commission income and lower general and administration expenses.
Reasons of increase (decrease) for the quarter compared with the previous quarter
The increase in the profit for the quarter compared with the previous quarter is due to higher reinsurance commission income, lower general and administration expenses, lower policy acquisition costs and higher investment income. This increase in profit is partly offset by lower net premium earned and higher net claims incurred.
Reclassifications in quarterly financial results
As per the guidelines issued by SAMA the split of zakat and income tax charges have been provided in the Statement of Changes in Shareholder s Equity and an additional note is added in the interim financial statements which contains details of Zakat and Income Tax note 14
Other notes
The total shareholders' equity (there is no minority equity) for the current period reached SAR 366,865 thousands compared to SAR 330,956 thousands for the same period last year reflecting an increase of 10.85%. The total comprehensive income for the current period is SAR 44,313 thousands compared to SAR 46,944 thousands for the same period last year with a decrease of 5.60%. The total comprehensive income for the current quarter is SAR 11,855 thousands compared to SAR 4,311 thousands for the same quarter last year (reflecting an increase of 174.99 %) and SAR 8,695 thousands for the previous quarter (reflecting an increase of 36.34%). Total accumulated losses at the end of current period are SAR 32,275 thousands (8.07 % of share capital) compared to accumulated losses of SAR 68,356 thousands (17.09 % of capital) for the same period last year reflecting a decrease of 9.02%.
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