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

LIVA 8280 28.21% 20.00 4.40
Element Current year Previous year % Change
Net profit (loss) before Zakat 44,485 46,346 -4.02
Earning or loss per share, Riyals 1.11 1.16 -
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 6,142 -6.17
Pre operating expenses (first operation year) - - -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of annual financial results The decrease in the net 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.
Reclassifications in annual 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 Shareholders Equity.
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%. 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 percentage points.

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