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07 May 12:03 AM

Al-Rajhi Company for Cooperative Insurance announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

ALRAJHI TAKAFUL 8230 108.43% 148.40 77.20
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 48,954 36,266 34.99 58,709 -16.62
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 38,201 9,168 316.68 52,481 -27.21
Gross written premiums (GWP) 663,853 475,715 39.55 742,329 -10.57
Net written premiums (NWP) 637,566 459,306 38.81 710,742 -10.3
Net incurred claims 630,580 381,112 65.46 592,047 6.51
Net profit (loss) of policy holders investment 13,593 9,159 48.41 9,443 43.95
Net profit (loss) of shareholders capital investment 1,726 17,988 -90.4 2,584 -33.2
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 182,870 99,027 84.67
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 156,001 65,368 138.65
Gross written premiums (GWP) 3,193,474 1,948,650 63.88
Net written premiums (NWP) 3,073,018 1,856,353 65.54
Net incurred claims 2,345,712 1,284,885 82.56
Net profit (loss) of policy holders investment 33,007 21,786 51.51
Net profit (loss) of shareholders capital investment 10,635 18,804 -43.44
Earning or loss per share, Riyals 4.57 2.48 -
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 Profit before Zakat is due to an increase in the Company's underlying business volumes. Gross Contributions Written increased by 39.55%, Net Contributions Earned increased by 70.75%. As a result, Net Underwriting Surplus increased by 316.68%. Policyholder Investment Income increased by 48.41%, while Shareholders Investment Income decreased by 90.40% as we have adopted IFRS 9 in preparing the 2017 financial statements and reclassified investment in equity shares to financial assets at fair value through other comprehensive income. This positive result was offset, in part, by an increase of 47.57% in General & Administration expenses.
Reasons of increase (decrease) for the period compared with same period last year The increase in Profit Before Zakat is due to an increase in the Company's underlying business volumes. Gross Contributions Written increased by 63.88%, Net Contributions Earned increased by 81.45%. As a result, net underwriting surplus increased by138.65%, Policyholder Investment Income increased by 51.51% while Shareholders Investment Income decreased by 43.44% as we have adopted IFRS 9 in preparing the 2017 financial statements and reclassified investment in equity shares to financial assets at fair value through other comprehensive income. Consequently, the movement in fair value of equity investments are reported through other comprehensive income. This positive result was offset, in part, by an increase of SR 4,733 thousand or 28.32% in General & Administration expenses.
Reasons of increase (decrease) for the quarter compared with the previous quarter The decrease in Profit Before Zakat is due to the decrease in Net Underwriting Surplus of 27.21%. Net Claims Incurred increased by 6.51% and General & Administration expenses increased by 19.09 %.
Reclassifications in quarterly financial results The comparative amounts of previous periods have been reclassified to match with the current presentation. The company hereby confirms that there are no classification changes in the net underwriting surplus or net profit before Zakat.
Other notes Comperhensive income of Takaful Operations for the current quarter is SAR 5,179 thousand, versus SAR 1,596 thousand for the same quarter of the previous year resulting in an increase of 224.50 %. Comprehensive income of Takaful Operations for the current quarter is SAR 5,179 thousand versus SAR 6,192 thousand for Q3-2017, or a decrease of 16.36 %. Comprehensive income of Takaful Operations for the year 2017 is SAR 18,900 thousand versus SAR 8,789 thousand for the year 2016, or an increase of 115.05%. Comperhensive income of Shareholders' Operations for the current quarter is SAR 48,282 thousand, versus SAR 32,562 thousand for the same quarter of the previous year, or an increase of 48.28%. Comperhensive income of Shareholders' Operations for the current quarter is SAR 48,282 thousand, versus SAR 62,611thousand for Q3-2017, or a decrease of 22.89 % Comprehensive income of Shareholders' Operation for the year 2017 is SAR 184,422 thousand versus SAR 99,268 thousand for the year 2016, or an increase of 85.79% . The total Shareholder's Equity (no minority interest) for the current period is SAR 598,060 thousand compared to SAR 429,363 thousand for the same period of the previous year, or an increase of 39.29%. Profit per share for the period was calculated based on the Profit before Zakat.

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