Allied Cooperative Insurance Group announces the annual financial results for the period ending on 31-12-2017

28 March 2018 07:58 AM

ACIG 8150 73.45% 20.64 8.74

Element	Current year	Previous year	% Change
Net profit (loss) before Zakat	18,117	8,344	117.13
Earning or loss per share, Riyals	0.9	0.42	-
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	14,975	6,519	129.71
Gross written premiums (GWP)	429,972	510,618	-15.79
Net written premiums (NWP)	365,917	431,792	-15.26
Net incurred claims	246,888	344,715	-28.38
Net profit (loss) of policy holders investment	2,258	4,922	-54.12
Net profit (loss) of shareholders capital investment	4,496	-768	-
Pre operating expenses (first operation year)	-	-	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	the company has increasing in the net profit during the current year comparing previous year due to decrease in net claims incurred by 28% , decrease in policy acquisition cost by 22 % , increase in other underwriting income by 33 % , besides the profit in shareholders investments in amount SR 4,496 thousands during the current year comparing to the loss of shareholders investments in amount SR 768 thousands during the previous year although decrease in gross premiums written by 16% , decrease in net written premiums by 15%, decrease in net premiums earned by 19% , decrease in reinsurance commission earned by 33%, increase in general and administrative expenses by 25 %, decrease in other income by 81% , decrease in profit of policyholders investments by 54% .
Reclassifications in annual financial results	There is classification in some items.
Other notes	The total comprehensive income is SR 14,931 thousand comparing SR 9,850 thousands during the previous year increasing by 52 %. The total of shareholders equity are SR 137,934 thousand comparing SR 125,151 thousands during the previous year increasing by 10 % (There are not minority interest). The accumulated loss by the end of year is SR 57,827 thousand represent 28.91 % of the capital.

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