Al-Rajhi Company for Cooperative Insurance announces the interim financial results for the period ending on 30-06-2018 (Six Months)

01 August 2018 04:47 AM

ALRAJHI TAKAFUL 8230 91.01% 136.00 64.80

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	52,884	41,094	28.69	41,360	27.86
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	38,243	36,707	4.18	26,952	41.89
Gross written premiums (GWP)	638,164	680,080	-6.16	1,015,685	-37.17
Net written premiums (NWP)	610,744	648,704	-5.85	984,786	-37.98
Net incurred claims	588,402	582,759	0.97	590,591	-0.37
Net profit (loss) of policy holders investment	15,308	4,673	227.58	15,055	1.68
Net profit (loss) of shareholders capital investment	4,298	3,247	32.37	2,826	52.09
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	94,245	75,207	25.31
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	65,197	65,319	-0.19
Gross written premiums (GWP)	1,653,849	1,787,292	-7.47
Net written premiums (NWP)	1,595,530	1,724,710	-7.49
Net incurred claims	1,178,993	1,123,085	4.98
Net profit (loss) of policy holders investment	30,374	9,971	204.62
Net profit (loss) of shareholders capital investment	7,113	6,325	12.46
Earning or loss per share, Riyals	2.36	1.79	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year	The increase in Profit before Zakat is due to a decrease in loss ratio by 4.74%. Both policyholder and shareholder investment income increased by 227.58% and 32.37%, respectively. Allowance for doubful debts increased by SAR 8,246 thousand while the General & Administrative expenses increased by 54.65%
Reasons of increase (decrease) for the period compared with same period last year	The increase in Profit before Zakat is due to a loss ratio decrease of 4.3%. Both policyholder and shareholder investment income increased by 204.62% and 12.46% respectively. Allowance for doubful debts increased by SAR 8,713 thousand while the General & Administrative expenses increased by 53.14%
Reasons of increase (decrease) for the quarter compared with the previous quarter	The increase in Profit before Zakat is due to an increase in Net Underwriting Surplus of 41.89% and a decrease in loss ratio of 2.3%. Both policyholder and shareholder investment income increased by 1.68% and 52.09%, respectively. Allowance for doubful debts increased by SAR 7,911 thousand while the General & Administrative expenses increased by 13.04%
Reclassifications in quarterly financial results	The comparative amounts of previous periods have been reclassified to match with the current presentation. The company hereby confirms that there are no classification changes in the net underwriting surplus or net profit before Zakat.
Other notes	Takaful Operations' Comperhensive income for the current quarter is SAR 4,858 thousand, versus SAR 4,138 thousand for the same quarter of the previous year resulting in an increase of 17.40 % Takaful Operations' Comperhensive income for the current quarter is SAR 4,858 thousand, versus SAR 1,128 thousand for Q1 2018, or an increase of 330.68 %. Takaful Operations' Comprehensive income for the current period is SAR 5,987 thousand versus SAR 7,529 thousand for the same period of previous year, or a decrease of 20.48 %. Shareholders' Operations' Comperhensive income for the current quarter is SAR 59,904 thousand, versus SAR 41,320 thousand for the same quarter of the previous year resulting in an increase of 44.98 % Shareholders' Operations' Comperhensive income for the current quarter is SAR 59,904 thousand versus SAR 47,983 thousand for Q1 2018, or an increase of 24.85 %. Shareholders' Operations' Comprehensive income for current period is SAR 107,888 thousand versus SAR 73,528 thousand for the same period of previous year or an increase of 46.73 %. The total shareholder's equity (no minority interest) for the current period is SAR 697,748 thousand compared to SAR 496,916 thousand for Q2 2017 or an increase of 40.42 % . The total shareholder's equity (no minority interest) for the current period is SAR 697,748 thousand compared to SAR 642,243 thousand for Q1 2018 or an increase of 8.7 %. Profit per share for the period was calculated based on the Profit before Zakat. The External Auditor reviewed the financial statements and issued an unmodified review report.

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