Reasons of increase (decrease) for the quarter compared with same quarter last year |
The increase in profits before Zakat and Income Tax for the quarter of SR 33,090K compared with same quarter last year was mainly due to an increase in net earned premium by SR 64,315K, an increase of 3.4%, which was partially offset by the increase in net claims incurred for the quarter reaching SR 1,537,733K compared with SR 1,522,273K for same quarter last year, an increase of 1.0%. Investment income increased in the quarter to reach SR 45,326K, compared with SR 39,647K for the same quarter last year, an increase of 14.3%, while operating expenses for the quarter increased by SR 21,489K compared with the same quarter last year, an increase of 9.9%. Gross Written Premium (GWP) was higher by SR 171,833K in the quarter compared with the same quarter last year, an increase of 9.3%. |
Reasons of increase (decrease) for the period compared with same period last year |
The increase in profits before Zakat and Income Tax for the period of SR 5,745K compared with same period last year was mainly driven by the increase in net earned premium by SR 125,988K, an increase of 3.3%. Net claims incurred for the period reached SR 3,265,571K compared with SR 3,191,265K for same period last year, an increase of 2.3%. Investment income increased in the period to reach SR 89,050K compared with SR 81,011K for the same period last year, an increase of 10.0%, while operating expenses for the period increased by SR 63,625K compared with same period last year, an increase of 16.9%. Gross Written Premium (GWP) was higher in the period by SR 408,220K compared with the same period last year, an increase of 10.0%. |
Reasons of increase (decrease) for the quarter compared with the previous quarter |
The increase in profits before Zakat and Income Tax for the quarter of SR 169,515K compared with previous quarter of the current year was mainly due to an increase in net underlying results of 129.7%, while operating expenses for the quarter increased by SR 38,814K compared with previous quarter of the current year, an increase of 19.3%. |
External auditor's report containing reservation |
The external auditors interim review (Unmodified Opinion) report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34 and SAMA guidance on accounting for zakat and tax. |
Other notes |
Total Insurance Operations Comprehensive Income for the current quarter is SR 12,605K compared to SR 15,776K for the same quarter of the last year, a decrease of 20.1%, and SR (13,198)K for the previous quarter of the current year, an increase of 195.5%. While Total Shareholders Comprehensive Income for the current quarter is SR 174,516K compared to SR 144,255K for the same quarter of the last year, an increase of 20.9%, and SR 15,582K for the previous quarter of the current year, an increase of 1,019.9%. Total Insurance Operations Comprehensive Income for the current period is SR 7,930K compared to SR 18,972K for the same period of the last year, a decrease of 58.2%. While Total Shareholders Comprehensive Income for the current period is SR 181,575K compared to SR 182,154K for the same period of last year, a decrease of 0.3%. The earnings per share (EPS) for the current period are SR 2.36 per share versus 2.29 per share for the same period last year. The Total Shareholder Equity (no minority interest) at current period is SR 2,303 Million versus SR 2,045 Million for the same period last year, an increase of 12.6%. |
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