Aljazira Takaful Taawuni Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

05 August 2018 08:37 AM

JAZIRA TAKAFUL 8012 31.43% 18.90 4.52

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	6,510	8,873	-26.63	7,342	-11.33
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	5,091	7,656	-33.5	6,014	-15.35
Gross written premiums (GWP)	16,166	31,876	-49.28	14,442	11.94
Net written premiums (NWP)	14,515	22,036	-34.13	13,997	3.7
Net incurred claims	228	433	-47.34	241	-5.39
Net profit (loss) of policy holders investment	301	157	91.72	310	-2.9
Net profit (loss) of shareholders capital investment	2,414	2,443	-1.19	2,420	-0.25
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	13,852	16,153	-14.25
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	11,105	13,372	-16.95
Gross written premiums (GWP)	30,608	45,023	-32.02
Net written premiums (NWP)	28,512	34,307	-16.89
Net incurred claims	469	1,113	-57.86
Net profit (loss) of policy holders investment	611	401	52.37
Net profit (loss) of shareholders capital investment	4,834	4,944	-2.22
Earning or loss per share, Riyals	0.4	0.46	-
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 the Company's net profits during current quarter comparing with same quarter last year is due to the following, the decrease in surplus from insurance operation by 31%, which resulted from the decrease in gross written contribution by 49% and the decrease in other underwriting income by 85%, and the increase in general and administrative expenses of insurance operation and shareholders operation by 4% and 26% respectively, in spite of decrease in net incurred claims by 47% and the increase in Policyholders investments return by 92%.
Reasons of increase (decrease) for the period compared with same period last year	The reason for decrease in the Company's net profits during current period compared with same period last year is due to the decrease in surplus from insurance operations by 15% which resulted from the decrease in gross written contribution by 32%, the decrease in other underwriting income by 64% and the increase in general and administrative expenses of insurance operation and shareholders operation by 10% and 29% respectively ,in spite of the decrease in net incurred claims by 58% and the increase in Policyholders investments return by 52%.
Reasons of increase (decrease) for the quarter compared with the previous quarter	The reason for the decrease in the Company's net profits during current quarter compared with the previous quarter is due to the decrease in the surplus from insurance operations by 15%, which resulted from the decrease in realized unearned contribution by 37% and the decrease in other underwriting income by 58%, in spite of the increase in gross written premium by 12%
Reclassifications in quarterly financial results	Certain comparative amounts have been reclassified / regrouped to conform with the current period's presentation.
Other notes	Earning per share has been calculated based on net profits before zakah. the total of shareholder's equity (there are no minority rights) for the current period amounted to SR 380,467 thousands compared with SR 376,540 thousands for the same period last year, which is an increase of 1 % .The total of comprehensive income in current quarter is SR 6,510 thousand comparing with previous quarter is SR 7,342 thousand decrease by is SR 832 thousand by 11% and comparing with same quarter from previous year is 8,873 thousand decrease by is SR 2,363 thousand by 27%, The total of comprehensive income in current period is SR 13,852 thousand comparing with same period last year is SR 16,153 thousand decrease by SR 2,301 thousand by 14% . The External Auditors reviewed the Financial Statements and issued an unmodified report.

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