Allied Cooperative Insurance Group announces the interim financial results for the period ending on 31-03-2018 (Three Months)

10 May 2018 03:14 PM

ACIG 8150 4.02% 11.90 0.46

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	2,419	4,904	-50.67	2,666	-9.26
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	1,513	3,850	-60.7	2,105	-28.12
Gross written premiums (GWP)	115,964	81,773	41.81	133,105	-12.88
Net written premiums (NWP)	104,582	67,129	55.79	112,837	-7.32
Net incurred claims	69,462	71,875	-3.36	58,679	18.38
Net profit (loss) of policy holders investment	853	566	50.71	849	0.47
Net profit (loss) of shareholders capital investment	755	1,392	-45.76	480	57.29
Earning or loss per share, Riyals	0.12	0.25	-	-	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year	the company has decreasing in net profit during the current quarter compared the same quarter of the previous year this is due to decrease in the profit in shareholders investments by 46%, decrease in net premiums earned by 6 %, decrease in reinsurance commission earned by 30 %, increase in general and administrative expenses by 30 %, although increase in gross premiums written by 42 %, increase in net written premiums by 56%, decrease in net claims incurred by 3 %, increase in other underwriting income by 205%, decrease in policy acquisition cost by 22 %, increase in the profit in policyholders investments by 51%
Reasons of increase (decrease) for the quarter compared with the previous quarter	The company has decreasing in the net profit during the current quarter compared the previous quarter due to decrease in gross premiums written by 13 % , decrease in net premiums written by 7% , increase in net claims incurred by 18%, decrease in reinsurance commission earned by 36%, increase in general and administrative expenses by 1% , increase in policy acquisition cost by 5 % although increase in other underwriting income by 52% , increase net premiums earned by 11%, increase in net profit of shareholders investments by 57 %.
Reclassifications in quarterly financial results	There is classification in some items.
Other notes	The total comprehensive income during the current quarter is SR 2,436 thousand comparing to SR 3,551 thousands during the same quarter of the previous year decreasing 31%, and comparing SR 1,533 thousands during the previous quarter increasing by 59%. the total of shareholders equity are SR 139,895 thousand during the current period comparing SR 128,295 thousands during the same period of the previous year increasing by 9 % ( There are not minority interest ). The accumulated loss by the end of current period is SR 55,883 thousand represent 27.94 % of the capital.

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