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25 April 04:41 PM

SABB Takaful Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

SABB TAKAFUL 8080 -2.87% 11.50 -0.34
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 388 1,787 -78.29 600 -35.33
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) -1,315 254 - -1,497 12.16
Gross written premiums (GWP) 32,876 40,435 -18.69 34,477 -4.64
Net written premiums (NWP) 27,248 33,835 -19.47 27,527 -1.01
Net incurred claims 28,085 25,385 10.64 26,672 5.3
Net profit (loss) of policy holders investment 516 489 5.52 537 -3.91
Net profit (loss) of shareholders capital investment 2,027 1,806 12.24 2,018 0.45
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 988 3,903 -74.69
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) -2,812 538 -
Gross written premiums (GWP) 67,353 87,604 -23.12
Net written premiums (NWP) 54,775 71,367 -23.25
Net incurred claims 55,757 43,517 28.13
Net profit (loss) of policy holders investment 1,053 833 26.41
Net profit (loss) of shareholders capital investment 4,045 3,972 1.84
Earning or loss per share, Riyals 0.03 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 decrease in net profit for the quarter is due to decrease in NWP by 19.5%, increase in surrenders & maturities by 22.2%, increase in G&A by 8.8% and increase in net claims incurred by 14.6% in which the amount was reclassified to include the surrenders & maturities. This is despite the increase in fees and commission income by 35.6%, decrease in policy acquisition costs by 42.5% and increase in investment income by 10.8%.
Reasons of increase (decrease) for the period compared with same period last year 'The decrease in net profit for the period is due to decrease in NWP by 23.2%, increase in surrenders & maturities by 44.5%, increase in G&A by 17.7% and increase in net claims incurred by 28.1% in which the amount was reclassified to include the surrenders & maturities. This is despite the increase in fees and commission income by 18.4%, decrease in policy acquisition costs by 34.2% and increase in investment income by 6.1%.
Reasons of increase (decrease) for the quarter compared with the previous quarter The decrease in net profit for the quarter is due to a marginal decrease in NWP by 1%, increase in surrenders & maturities by 8.6% and increase in net claims incurred by 9% in which the amount was reclassified to include the surrenders & maturities. This is despite the increase in fees and commission income by 73.7%, decrease in policy acquisition costs by 19.2% and decrease in G&A by 11.3%.
Reclassifications in quarterly financial results Certain of the prior period amounts have been reclassified to conform with the presentation in the current period. These changes were made for better presentation of balances and transactions in the interim condensed financial statements of the Company.
Other notes The total Policyholders comprehensive income during the quarter is SAR 72 thousand compared with a total comprehensive income of SAR 74 thousands for the same quarter previous year with a decrease of 2.7%, and a total comprehensive loss of SAR 11 thousands for the previous quarter. The total Shareholders comprehensive income during the quarter is SAR 388 thousands compared with a total comprehensive income of SAR 1,787 thousands for the same quarter previous year with a decrease of 78.3%, and a total comprehensive income of SAR 600 thousands for the previous quarter with a decrease of 35.3%. The total Policyholders comprehensive income during the period is SAR 61 thousand compared with a total comprehensive income of SAR 137 thousands for the same period previous year with a decrease of 55.5%. The total Shareholders comprehensive income during the period is SAR 988 thousands compared with a total comprehensive income of SAR 3,903 thousands for the same period previous year with a decrease of 74.7%. The total shareholder's equity (no minority interest) during the current period is SAR 349,232 thousand, compared to SAR 362,557 thousand for the same period of prevouis year with a decrease of 3.7%. Earnings Per share was calculated before Zakat and Income Tax. The external auditors have reviewed the financial statements and issued an unmodified report.

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