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Arabia Insurance Cooperative Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

AICC 8160 33.12% 16.64 4.14
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 3,826 5,156 -25.8 3,152 21.38
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 1,992 4,836 -58.81 394 405.58
Gross written premiums (GWP) 116,863 112,366 4 74,512 56.84
Net written premiums (NWP) 84,936 76,050 11.68 46,800 81.49
Net incurred claims 32,663 40,992 -20.32 23,934 36.47
Net profit (loss) of policy holders investment 442 597 -25.96 686 -35.57
Net profit (loss) of shareholders capital investment 1,766 650 171.69 2,721 -35.1
Earning or loss per share, Riyals 0.14 0.19 - - -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The reason behind the decrease in net profit during the three months period compared to net profit of the corresponding period of the previous year is due to the increase in loss ratio.
Reasons of increase (decrease) for the quarter compared with the previous quarter The reason behind the increase in net profit during the three months period compared to net profit of the previous quarter is due to the decrease in general and administrative expenses.
Reclassifications in quarterly financial results Certain reclassifications were made in comparative numbers to conform to the current period.
Other notes 1-Shareholders equity (no minority interest) stands at SR 256.7 million compared to SR 248.5 million for the corresponding period of the previous year representing an increase of 3.3%. 2- Accumulated losses as of the end of the period stand at SR 2.8 million representing 1.1% from the capital. 3-Shareholders comprehensive income during Q1 2018 is SR 2,959 thousand compared to SR 5,550 thousand for the corresponding period of the previous year representing a decrease of 47%, and SR 1,987 thousand for the previous quarter representing a decrease of 49%. 4-Earning per share calculated before Zakat and income tax.

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