AXA Cooperative Insurance Co. announces the annual financial results for the period ending on 31-12-2017

28 March 2018 09:54 AM

GIG 8250 -0.17% 29.30 -0.05

Element	Current year	Previous year	% Change
Net profit (loss) before Zakat	60,187	42,677	41.03
Earning or loss per share, Riyals	1.34	0.95	-
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	32,286	22,879	41.12
Gross written premiums (GWP)	1,499,477	1,153,974	29.94
Net written premiums (NWP)	1,299,874	1,060,142	22.61
Net incurred claims	993,946	861,215	15.41
Net profit (loss) of policy holders investment	23,018	16,551	39.07
Net profit (loss) of shareholders capital investment	12,165	8,929	36.24
Pre operating expenses (first operation year)	-	-	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	The Increase in net profit before zakat by SR 17.5 million (41%) can be attributed to improvement in overall claim ratio which improved from 82% in 2016 to 80% in 2017. This improvement is mainly contributed by better claim ratio in Motor, Property and Protection segments. In addition, the increase in investment income, including both for Policy holders & Shareholders, by SR 9.7 million or 38 % (from SR 25.4 million in 2016 to SR 35.1 million in 2017) in the current period as compared to corresponding period of last year contributed to increase in net profit.
External auditor's report containing reservation	None
Reclassifications in annual financial results	In the Comparative period of 2016 related to Shareholders' statement of Financial Position, an amount of SR1.149 million was reclassified from Prepayment and other receivable to investment return on statutary deposit to show accumulated amount of return on statutary deposit.
Other notes	Earning per share has been calculated based on net profits before Zakat. The total of comprehensive income in current year is 59,093 thousand comparing with previous year is SAR 43,490 thousand by increase amount is SAR 15,603 thousand by 35.9%. The total of shareholder's equity (there are no minority rights) for the year ended amounted to SAR 543,745 thousands compared with SAR 499,549 thousands for the previous year, which is an increase of 8.8%. The retained earnigs as at the end of the year is SAR 72,865 thousand which is 16.1% of paid up capital.

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