Al-Rajhi Company for Cooperative Insurance announces the interim financial results for the period ending on 31-03-2018 (Three Months)

10 May 2018 03:02 PM

ALRAJHI TAKAFUL 8230 91.01% 136.00 64.80

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	41,360	34,113	21.24	48,954	-15.51
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	26,952	28,612	-5.8	38,201	-29.45
Gross written premiums (GWP)	1,015,685	1,107,212	-8.27	663,853	53
Net written premiums (NWP)	984,786	1,076,006	-8.48	637,566	54.46
Net incurred claims	590,591	540,947	9.18	630,580	-6.34
Net profit (loss) of policy holders investment	15,055	5,298	184.16	13,593	10.76
Net profit (loss) of shareholders capital investment	2,826	3,079	-8.22	1,726	63.73
Earning or loss per share, Riyals	1.03	0.85	-	-	-
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 Net Contributions Earned by 13.75%, Policyholder Investment Income increased by 184.16% while Shareholders Investment Income decreased by 8.22% , General & Administration expenses increased by 51.48% .
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 29.45%. As a result of the decrease in Net Contributions Earned of 5.54% and while Net Claims Incurred decreased by 6.34%.
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 1,128 thousand, versus SAR 3,391 thousand for the same quarter of the previous year resulting in a decrease of 66.74 %. Comprehensive income of Takaful Operations for the current quarter is SAR 1,128 thousand versus SAR 5,179 thousand for Q4-2017, or a decrease of 78.22 %. Comperhensive income of Shareholders' Operations for the current quarter is SAR 47,983 thousand, versus SAR 32,208 thousand for the same quarter of the previous year, or an increase of 48.98%. Comperhensive income of Shareholders' Operations for the current quarter is SAR 47,983 thousand, versus SAR 48,283 thousand for Q4-2017, or a decrease of 0.63 % The total Shareholder's Equity (no minority interest) for the current quarter is SAR 642,243 thousand compared to SAR 458,596 thousand for Q1-2017 or an increase of 40.05%. The total Shareholder's Equity (no minority interest) for the current quarter is SAR 642,243 thousand compared to SAR 598,060 thousand for Q4-2017 or an increase of 7.39%. Profit per share for the period was calculated based on the Profit before Zakat.

Comments