United Cooperative Assurance 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 | 3,084 | 27,430 | -88.76 | -7,608 | - |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | -498 | 25,715 | - | -8,608 | 94.21 |
| Gross written premiums (GWP) | 88,762 | 251,433 | -64.7 | 104,015 | -14.66 |
| Net written premiums (NWP) | 27,893 | 60,845 | -54.16 | 27,003 | 3.3 |
| Net incurred claims | 2,173 | -4,070 | - | 14,603 | -85.12 |
| Net profit (loss) of policy holders investment | 3,016 | 3,580 | -15.75 | 1,406 | 114.51 |
| Net profit (loss) of shareholders capital investment | 1,192 | 1,629 | -26.83 | 495 | 140.81 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat | -4,524 | 61,650 | - |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | -9,106 | 61,713 | - |
| Gross written premiums (GWP) | 192,777 | 360,346 | -46.5 |
| Net written premiums (NWP) | 54,896 | 81,247 | -32.43 |
| Net incurred claims | 16,776 | 341 | 4,819.65 |
| Net profit (loss) of policy holders investment | 4,422 | 4,778 | -7.45 |
| Net profit (loss) of shareholders capital investment | 1,687 | 2,882 | -41.46 |
| Earning or loss per share, Riyals | 1.54 | -0.11 | - |
| 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 of decrease in net profits for the current quarter compared with net profits in the same quarter last year due to the deficit in Insurance operations and decrease in and decrease in gross written premiums (GWP) and in decrease net written premiums (NWP) and increase in incurred claims and decrease in income from policyholders’ investments and decrease in income from shareholders investments in the current quarter |
| Reasons of increase (decrease) for the period compared with same period last year | The reasons of achieving net losses in the current period compared to the net profits in same period last year due to the deficit in Insurance operations and decrease gross written premiums (GWP) and decrease in net written premiums (NWP) and increase in incurred claims and decrease in income from policyholders’ investments and decrease in income from shareholders investments in the current period. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The reasons of achieving net losses in the current period compared to the net profits in same period last year due to the deficit in Insurance operations and decrease gross written premiums (GWP) and decrease in net written premiums (NWP) and decrease in income from policyholders’ investments and decrease in income from shareholders investments in the current period. |
| External auditor's report containing reservation | The company has prepared the financial statements in accordance with International Accounting Standard 34 – “Interim Financial Reporting” (IAS 34) and SAMA guidance on accounting for Zakat and Tax. |
| Other notes | United Cooperative Assurance Company announces addendum LPS was calculated before Zakat for the current period after decrease capital in 10 June 2018 from 49,000 thousands shares to 40,000 thousands shares by dividing the net losses for the period by the weighted average number of shares amounting to 40,000 thousands shares, EPS before Zakat was calculated for the last period last year by dividing the net income for the period by the weighted average number of shares amounting to 40,000 thousand shares Total of shareholders’ equity (There are no minority rights) 30 June 2018 amounted SR 415,888 thousands comparing with SR 421,118 thousands as of 30 June 2017 with decrease by 1.24% and comparing with SR 413,913 thousands as of 31 March 2018 with increase by 0.48 % Accumulated Losses as of 30 June 2018 amounted SR 15,536 thousands by 3.88 % of capital amounted SR 400,000 thousands. Total Comprehensive income for the current quarter amounted SR 3,985 thousands comparing with SR 27,858 thousands for the same quarter last year with decrease by 85.70 % and comparing with total comprehensive losses SR 5,715 thousands of last quarter. Total Comprehensive losses for the current period amounted SR 1,730 thousands comparing with total Comprehensive income amounted SR 63,020 thousands for the same period last year. The external auditors reviewed the interim financial statements and issued an unmodified report. |
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