Saudi Arabian Cooperative Insurance 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 | 34 | 9,404 | -99.64 | 14,619 | -99.77 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | -2,900 | 7,006 | - | 14,066 | - |
| Gross written premiums (GWP) | 370,646 | 374,915 | -1.14 | 123,612 | 199.85 |
| Net written premiums (NWP) | 219,193 | 204,640 | 7.11 | 80,538 | 172.16 |
| Net incurred claims | 102,247 | 90,428 | 13.07 | 76,691 | 33.32 |
| Net profit (loss) of policy holders investment | 1,809 | 1,376 | 31.47 | 1,098 | 64.75 |
| Net profit (loss) of shareholders capital investment | 1,517 | 2,146 | -29.31 | 1,324 | 14.58 |
| Earning or loss per share, Riyals | 0 | 0.38 | - | - | - |
| 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 decrease in net profit before zakat during the first quarter in 2018 compared to the profit for the same quarter in 2017 was due to a increase in net claims incurred by 13% and decrease in shareholders capital investment income by 29% and decrease in commission income by 27% %, also an increase in general and administration expenses by 2% and a decrease in other income by 72% , despite the increase in net earned premiums by 3% an decrease in provision for doubtful debts by 98 % and increase in policy holders investment income by 31% and decrease in policy acquisition costs by 10% . |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The reason for decrease in net profit before zakat during the first quarter in 2018 compared to the previous quarter in 2017 was due to a increase in net claim incurred by 33% an increase in general and administration expenses by 23% also an increase in inspection and supervision fees by 154% and decrease in commission income by 7% also decrease in other income by 96% and decrease in other underwriting income by 34%. , despite the increase in net earned premiums by 12% an decrease in provision for doubtful debts by 100% and increase in shareholders capital investment income by 14% and increase in policy holders investment income by 65% and a decrease in policy acquisition costs by 8%. |
| Reclassifications in quarterly financial results | Certain re classifications were made in comparative figures to confirm to the current presentation. |
| Other notes | Total Comprehensive Income for the current quarter is SR 463 thousand compared to SR 9,319 thousand in the same quarter in previous year, decreased by 95% and compared to SR 15,337 thousand in the previous quarter, decreased by 97%. Earnings per share before zakat and reflects the increase in share capital of the Company which was agreed on the Extraordinary General Assembly dated 31-05-2015 (Corresponding to 13 Shabaan1436H). The share capital was increased from SR 100 million to SR 250 million that leads to an increase in number of shares from 10 million to 25 million. Basic and diluted earnings per share for the current period amounted to SAR 0.00 compared to SAR 2.08 for the previous period in 2017 Which was calculated based on weighted average number of shares which are 25,000 thousand shares for three Months period ended March 31, 2018. Accordingly shares for three Months period ended March 31, 2017 has also been reclassified and is calculated by dividing net earnings with weighted average number of shares which are 25,000 thousand shares. The total shareholder equity (no minority rights) at current period is 339,383 thousand versus 305,955 thousand riyals for the same period of 2017 with an increase of 10.92%. The Retained Earnings for the current period is SR 69,374 thousands which is 27.75% of the Paid-up Capital. |
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