Arabian Shield Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

01 August 2018 03:29 PM

ARABIAN SHIELD 8070 -1.96% 17.98 -0.36

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	6,701	22,349	-70.02	13,061	-48.69
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	1,497	23,851	-93.72	11,668	-87.17
Gross written premiums (GWP)	93,434	165,348	-43.49	240,908	-61.22
Net written premiums (NWP)	63,330	113,778	-44.34	148,272	-57.29
Net incurred claims	67,125	70,263	-4.47	63,732	5.32
Net profit (loss) of policy holders investment	1,619	1,411	14.74	1,432	13.06
Net profit (loss) of shareholders capital investment	4,465	835	434.73	1,827	144.39
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	19,762	43,026	-54.07
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	13,165	44,105	-70.15
Gross written premiums (GWP)	334,342	405,235	-17.49
Net written premiums (NWP)	211,602	263,111	-19.58
Net incurred claims	130,857	159,245	-17.83
Net profit (loss) of policy holders investment	3,051	3,518	-13.27
Net profit (loss) of shareholders capital investment	6,292	2,213	184.32
Earning or loss per share, Riyals	0.66	1.43	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year	Is due to the decrease in the net earned premiums by 26%, decrease in earned commission income by 23%, offset by the increase in investment income by 171%, decrease in net incurred claims by 4%, decrease in other underwriting costs by 37% and decrease in operating and administrative expenses by 12%.
Reasons of increase (decrease) for the period compared with same period last year	Is due to the decrease in the net earned premiums by 26%, decrease in earned commission income by 23%, offset by the decrease in operating and administrative expenses by 7%, increase in investment income by 63%, decrease in net incurred claims by 18% and decrease in other underwriting costs by 28%.
Reasons of increase (decrease) for the quarter compared with the previous quarter	Is due to the decrease in the net earned premiums by 4%, decrease in earned commission income by 4%, increase in net incurred claims by 5%, increase in operating and administrative expenses by 5%, offset by the increase in investment income by 87% and decrease in other underwriting costs by 14%.
External auditor's report containing reservation	The interim financial statements of the Company have been prepared in accordance with International Accounting Standard 34, (Interim Financial Reporting) and Saudi Arabian Monetary Authority (SAMA) guidance on accounting for Zakat and Income Tax.
Other notes	Total Comprehensive Income for the quarter was SR 5,838 thousand compared to SR 22,577 thousand for the equivalent quarter from the previous year, decreased by 74% and compared to SR 14,036 thousand for the previous quarter, decreased by 58% Total Comprehensive Income for the period was SR 19,874 thousand compared to SR 44,902 thousand for the equivalent period from the previous year, decreased by 56% Total Shareholders Equity by end of the current period SR 418,395 thousand compared to SR 348,557 thousand for the equivalent period from the previous year, increased by 20% (No minority interest).

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