Tawasul
Mubasher TV
Contact Us Advertising   العربية

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

AICC 8160 2.35% 17.40 0.40
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 1,310 3,647 -64.08 3,826 -65.76
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) -312 4,359 - 1,992 -
Gross written premiums (GWP) 77,262 68,739 12.4 116,863 -33.89
Net written premiums (NWP) 57,026 46,360 23.01 84,936 -32.86
Net incurred claims 35,203 41,923 -16.03 32,663 7.78
Net profit (loss) of policy holders investment 425 298 42.62 442 -3.85
Net profit (loss) of shareholders capital investment 1,481 909 62.93 1,766 -16.14
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 5,136 8,804 -41.66
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 1,680 9,194 -81.73
Gross written premiums (GWP) 194,126 181,105 7.19
Net written premiums (NWP) 141,962 122,410 15.97
Net incurred claims 67,866 82,915 -18.15
Net profit (loss) of policy holders investment 867 895 -3.13
Net profit (loss) of shareholders capital investment 3,247 1,559 108.27
Earning or loss per share, Riyals 0.19 0.33 -
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 behind the decrease in net profit during the three months period compared to net profit of the corresponding period of the previous year is due to the decrease in net earned premiums and the increase in allowance for doubtful debts.
Reasons of increase (decrease) for the period compared with same period last year The reason behind the decrease in net profit during the current period compared to net profit of the corresponding period of the previous year is due to the decrease in net earned premiums and the increase in allowance for doubtful debts.
Reasons of increase (decrease) for the quarter compared with the previous quarter The reason behind the decrease in net profit during the three months period compared to net profit of the previous quarter is due to the increase in allowance for doubtful debts.
External auditor's report containing reservation External auditors reviewed the financial statements and issued (unmodified report) on the financial statements and mentioned that the financial statements have been prepared in accordance with International Accounting Standard 34 and SAMA guidance on accounting for Zakat and Income Tax.
Reclassifications in quarterly financial results Certain reclassifications were made in comparative numbers to conform to the current period.
Other notes 1-Shareholders equity (no minority interest) stands at SR 256.3 million compared to SR 250.6 million for the corresponding period of the previous year representing an increase of 2.3%. 2- Accumulated losses as of the end of the period stand at SR 3.1 million representing 1.2% from the capital. 3-Shareholders comprehensive income for the current quarter is SR 1,184 thousand compared to SR 4,187 thousand for the corresponding period of the previous year representing an decrease of 72%, and SR 2,959 thousand for the previous quarter representing a decrease of 60%. 4-Shareholders comprehensive income during the current period is SR 4,143 thousand compared to SR 9,737 thousand for the corresponding period of the previous year representing a decrease of 57%.

Comments