Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
7,686
5,863
31.09
5,638
36.32
Gross written premiums (GWP)
32,171
40,079
-19.73
25,615
25.59
Net written premiums (NWP)
14,367
20,834
-31.04
10,705
34.21
Net incurred claims
8,084
26,046
-68.96
10,123
-20.14
Net profit (loss) of policy holders investment
374
904
-58.63
363
3.03
Net profit (loss) of shareholders capital investment
1,235
6,125
-79.84
343
260.06
All figures are in (Thousands) Saudi Arabia, Riyals
Element
Current period
Similar period for previous year
% Change
Net profit (loss) before Zakat
23,091
24,908
-7.29
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
22,821
26,266
-13.12
Gross written premiums (GWP)
185,627
255,152
-27.25
Net written premiums (NWP)
88,237
132,462
-33.39
Net incurred claims
45,468
84,835
-46.4
Net profit (loss) of policy holders investment
1,885
3,318
-43.19
Net profit (loss) of shareholders capital investment
3,890
4,327
-10.1
Earning or loss per share, Riyals
1.15
1.25
-
All figures are in (Thousands) Saudi Arabia, Riyals
Element
EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year
The decrease in net profit by 27% due to decrease in net written premium by 31% and Shareholder Invesment Income decrease by 80% during the fourth quarter compared with the same quarter of the previous year.
Reasons of increase (decrease) for the period compared with same period last year
The decrease in net profit by 7% due to a decrease in net written premium by 33% and policyholders investment income decrease by 43% during the current period compared to the same period of last year.
Reasons of increase (decrease) for the quarter compared with the previous quarter
The reason for increase in net profit by 62% due to a decrease in Net Claims Incurred by 20% and increase in other income by 200%, shareholder investment income incarese by 260% compared to previous quarter.
External auditor's report containing reservation
The joint auditors interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34 as modified by SAMA for the accounting of zakat and income tax.
Reclassifications in quarterly financial results
The comparative figures for the previous year period have been reclassified, where necessary, in order to conform to the current period presentation.
Other notes
The comprehensive income for the current quarter is SR 7,493 thousand compared to the same quarter of the previous year is SR 10,223 thousand decrease by 27%. The total income for the current quarter reached SR 7,493 thousand compared to Third quarter of the current year SR 4,630 thousand increase by SR 2,863 thousand. The comprehensive income for the current period reached SR 23,091 thousand Compared to last year SR 24,908 thousand, an decrease of 7% during the current period compared to the same period of last year. Total shareholders' equity for the current period (no minority rights) amounted to SR 202,427 thousand, compared to December 2016 of SR 195,773 thousand, increase by 3%.
Comments