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

05 August 2018 04:57 AM

CHUBB 8240 107.11% 39.35 20.35

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	10,270	9,781	5	10,639	-3.47
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	10,742	10,540	1.92	11,505	-6.63
Gross written premiums (GWP)	52,721	48,378	8.98	98,867	-46.67
Net written premiums (NWP)	25,456	27,975	-9	51,458	-50.53
Net incurred claims	7,593	8,505	-10.72	8,146	-6.79
Net profit (loss) of policy holders investment	470	434	8.29	168	179.76
Net profit (loss) of shareholders capital investment	1,346	1,076	25.09	1,157	16.34
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	20,909	18,918	10.52
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	22,248	20,359	9.28
Gross written premiums (GWP)	151,588	132,878	14.08
Net written premiums (NWP)	76,914	76,260	0.86
Net incurred claims	15,739	17,279	-8.91
Net profit (loss) of policy holders investment	637	993	-35.85
Net profit (loss) of shareholders capital investment	2,413	1,788	34.96
Earning or loss per share, Riyals	1.05	0.95	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year	The reasons for the Increase in the net profit are due to an increase in Net Premium Earned, a decrease in net claim incurred, and an increase in shareholder & policyholder investment income
Reasons of increase (decrease) for the period compared with same period last year	The reasons for the increase in the net profit are due to an increase in Net Premium Earned, a decrease in net claim incurred, and an increase in shareholder investment income
Reasons of increase (decrease) for the quarter compared with the previous quarter	The reasons for the decrease in net profit are due to an increase in General and Administrative Expenses and a reversal in allowance for doubtful debts
Reclassifications in quarterly financial results	Certain balances have been reclassified and reassembled to conform to the presentation of the current period. These changes have been made to better reflect the balances and transactions in the Company's condensed interim financial information and in order to comply with the requirements of the Saudi Arabian Monetary Authority (SAMA) The Company asserts that there is no financial impact of reclassification operations on excess insurance operations and net profit.
Other notes	1. Total shareholders equity (there are no minority rights) as at 30/06/2018 SAR 273,740 thousand compared to SAR 242,326 thousand for the same period of last year with an increase of 12.97%. 2. The total comprehensive income for the current quarter is SAR 10,270 thousand compared to SAR 9,781 thousand for the same quarter last year, an increase of 5%. On the other hand, the comprehensive income for the current quarter has decreased compared to SAR 10,639 thousand in the last quarter, a decrease of 3.47%. 3. Total comprehensive income for the period has increased to SAR 20,909 compared to 18,918 for the same period last year, with an increase of 10.52%. 4. The External Auditors reviewed the financial statements and issued an unmodified examination report.

Comments