Aljazira Takaful Taawuni Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

10 May 2018 03:13 PM

JAZIRA TAKAFUL 8012 32.96% 19.12 4.74

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	7,342	7,280	0.85	8,086	-9.2
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	6,014	5,716	5.21	7,224	-16.75
Gross written premiums (GWP)	14,442	13,147	9.85	12,944	11.57
Net written premiums (NWP)	13,997	12,271	14.07	11,610	20.56
Net incurred claims	241	680	-64.56	-288	-
Net profit (loss) of policy holders investment	310	244	27.05	334	-7.19
Net profit (loss) of shareholders capital investment	2,420	2,501	-3.24	2,267	6.75
Earning or loss per share, Riyals	0.21	0.21	-	-	-
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 for increase in the Company's net profits during current quarter comparing with same quarter last year is due to the following, the increase in surplus from insurance operation by 6%, which resulted from the increase in net insurance revenue by 10% and the decrease in net incurred claims by 65%, in spite of the decrease in shareholder investments return by 3% , and increase in general and administrative expenses of insurance operation and shareholders operation by 17% and 32% respectively
Reasons of increase (decrease) for the period compared with same period last year	The reason for increase in the Company's net profits during current period compared with same period last year is due to the increase in surplus from insurance operations by 26% which resulted from the increase in net insurance revenue by 8%, decrease in net incurred claims by 8% ,increase in other income by 77% The reason for increase in the Company's net profits during current quarter comparing with same quarter last year is due to the following, the increase in surplus from insurance operation by 6%, which resulted from the increase in net insurance revenue by 10% and the decrease in net incurred claims by 65%, in spite of the decrease in shareholder investments return by 3% , and increase in general and administrative expenses of insurance operation and shareholders operation by 17% and 32% respectively
Reasons of increase (decrease) for the quarter compared with the previous quarter	The reason for the decrease in the Company's net profits during current quarter compared with the previous quarter is due to the decrease in the surplus from insurance operations by 16%, which resulted from the increase in net incurred claim and the increase in general and administrative expenses by 3%, in spite of the increase in gross written contributions and the decrease in general and administrative expenses for shareholders by 22%.
Reclassifications in quarterly financial results	Certain comparative amounts have been reclassified / regrouped to conform with the current period's presentation.
Other notes	Earning per share has been calculated based on net profits before zakah. The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 398,659 thousands compared with SAR 385,913 thousands for the same period last year, which is an increase of 3% .The total of comprehensive income in current quarter is SAR 7,342 thousand comparing with previous quarter is SAR 8,086 thousand by decrease amount is SAR 744 thousand by 9% and comparing with same quarter from previous year is SAR 7,280 thousand by increase amount is SAR 62 thousand by 1%

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