Alahli Takaful Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat | 7,352 | 11,074 | -33.61 | 7,857 | -6.43 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | 7,345 | 10,701 | -31.36 | 9,512 | -22.78 |
| Gross written premiums (GWP) | 48,912 | 58,090 | -15.8 | 122,673 | -60.13 |
| Net written premiums (NWP) | 45,307 | 56,764 | -20.18 | 74,612 | -39.28 |
| Net incurred claims | 6,684 | 6,672 | 0.18 | 4,154 | 60.91 |
| Net profit (loss) of policy holders investment | 322 | 294 | 9.52 | 356 | -9.55 |
| Net profit (loss) of shareholders capital investment | 1,946 | 2,745 | -29.11 | 496 | 292.34 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat | 15,209 | 20,431 | -25.56 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | 16,857 | 20,352 | -17.17 |
| Gross written premiums (GWP) | 171,585 | 176,177 | -2.61 |
| Net written premiums (NWP) | 119,919 | 134,287 | -10.7 |
| Net incurred claims | 10,838 | 8,248 | 31.4 |
| Net profit (loss) of policy holders investment | 678 | 806 | -15.88 |
| Net profit (loss) of shareholders capital investment | 2,442 | 4,381 | -44.26 |
| Earning or loss per share, Riyals | 0.91 | 1.23 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for the quarter compared with same quarter last year | Reason of decrease in the net profit before Zakat for the current quarter of 2018 compared with the same quarter of 2017 was due to decrease in surplus of insurance transactions by 31.36% which is mainly attributable to decline in the net written premiums (NWP) by 20.18%. Additionally, there is also a decrease in the net profit of shareholders capital investment for the current quarter of 2018 by 29.11%. |
| Reasons of increase (decrease) for the period compared with same period last year | Reason of decrease in the net profit before Zakat for the current period of 2018 compared with the same period of 2017 was due to decrease in surplus of insurance transactions by 17.17% which is mainly attributable to decline in the net written premiums (NWP) by 10.70% and increase in net incurred claims by 31.40%. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | Reason of decrease in net profit before Zakat for the current quarter of 2018 compared to the previous quarter of 2018 was due to decrease in surplus of insurance transactions by 22.78% which is mainly attributable to decline in the net written premiums (NWP) by 39.28% and due to increase in net incurred claims by 60.91%. However, there is an increase in the net profit of shareholders capital investment for the current quarter of 2018 by 292.34%. |
| Reclassifications in quarterly financial results | Certain prior period amounts have been reclassified to conform with current period presentation. |
| Other notes | Earnings per share has been computed for the current period by using 16,666,667 shares which is the weighted average number of shares outstanding as at 30 June 2018. Total comprehensive Income for current quarter is SAR 7,352 thousands compared to SAR 10,428 thousands for same quarter last year with a decrease of 29.50% and compared to SAR 7,857 thousand in previous quarter which represents with a decrease of 6.43%. Total comprehensive Income for current period is SAR 15,209 thousands compared to SAR 19,276 thousands for same period last year with a decrease of 21.10%. Total shareholders equity (there is no minority interest) during the current period was SAR 242,666 thousand, compared to SAR 223,492 thousand for the same period last year, which shows an increase of 8.58%. Net written premiums (NWP) for the same quarter last year was reclassified by separating the net investable contribution amount SAR 46,492 thousand as a separate line item in the statement of income. Accordingly, net written premiums (NWP) for the same period last year was reclassified by separating the net investable contribution amount SAR 91,964 thousand as a separate line item in the statement of income. Net incurred claims amount for the same quarter last year has been reclassified by segregating the changes in technical reserves net amounts to SAR 3,788 thousand to a separate line item in the statement of income to conform with current quarter presentation. Also, net incurred claims amount for previous quarter was reclassified by excluding surrenders and maturities amounts to SAR 71,068 thousand and Change in Incurred But Not Reported claims (IBNR) reserve amounting to SAR 220 thousand to conform with current quarter presentation. Accordingly, net incurred claims amount for the same period last year has been reclassified by segregating the changes in technical reserves net amounts to SAR 411 thousand to a separate line item to conform with current period presentation. The External Auditors reviewed the financial statements and issued an unmodified examination report. EPS before Zakat and Tax. |
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