United Cooperative Assurance Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)
Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
---|---|---|---|---|---|
Net profit (loss) before Zakat | -7,608 | 34,220 | - | -19,357 | 60.7 |
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | -8,608 | 35,998 | - | -26,445 | 67.45 |
Gross written premiums (GWP) | 104,015 | 108,913 | -4.5 | 103,930 | 0.08 |
Net written premiums (NWP) | 27,003 | 20,402 | 32.35 | 24,845 | 8.69 |
Net incurred claims | 14,603 | 4,411 | 231.06 | 41,397 | -64.72 |
Net profit (loss) of policy holders investment | 1,406 | 1,198 | 17.36 | 3,083 | -54.4 |
Net profit (loss) of shareholders capital investment | 495 | 1,253 | -60.49 | 2,200 | -77.5 |
Earning or loss per share, Riyals | -0.16 | 0.7 | - | - | - |
All figures are in (Thousands) Saudi Arabia, Riyals |
Element | EXPLAINATION |
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Reasons of increase (decrease) for the quarter compared with same quarter last year | The reasons of losses for the current quarter compared with net profits in the same quarter last year due to deficit in the surplus of insurance operations and decrease in gross written premiums (GWP) and increase in net claims incurred and decrease in income from shareholders’ investments in the current quarter. |
Reasons of increase (decrease) for the quarter compared with the previous quarter | The reasons of increase in net losses in the current quarter compared to the net losses in the last quarter last year due to decrease in income from policyholders’ investments and decrease in income from shareholders’ investments in the current quarter. |
External auditor's report containing reservation | The company has prepared the financial statements in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34) and SAMA guidance on accounting for Zakat and Tax. |
Other notes | LPS was calculated for the period before Zakat by dividing the net Losses for the period by the weighted average number of shares amounting to 49,000 thousand shares Total of shareholders’ equity (There are no minority rights) 31 March 2018 amounted SR 413,903 thousands comparing with SR 423,272 thousands as of 31 March 2017 with decrease by 2.2% and comparing with SR 421,118 thousands as of 31 December 2017 with decrease by 1.7% Accumulated Losses as of 31 March 2018 amounted SR 106,620 thousands by 21.76% of capital amounted SR 490,000 thousands. Total Comprehensive losses for the current quarter amounted SR 5,779 thousands comparing with comprehensive income SR 38,861 thousands for the same quarter last year and comparing with comprehensive losses SR 19,616 thousands of the last quarter in the last year with increase by 70.54% |
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