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

07 August 2018 09:03 AM

AICC 8160 37.12% 17.14 4.64

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%.

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