Profit (Loss) Insurance Operations minus policy holders investments from operations
-9,905
16,045
-
-1,287
669.619
Net profit (loss) of shareholders capital investment
1,815
1,215
49.382
1,624
11.761
Net Profit (Loss) before Zakat
-7,354
16,391
-
415
-
Total Comprehensive Income
-7,354
16,391
-
415
-
All figures are in (Thousands) Saudi Arabia, Riyals
Element List
Current Period
Similar period for previous year
%Change
Gross written premiums (GWP)
742,826
680,965
9.084
Net written premiums (NWP)
518,829
451,732
14.853
Net incurred claims
347,693
273,640
27.062
Net profit (loss) of policy holders investment
3,235
3,195
1.251
Profit (Loss) Insurance Operations minus policy holders investments from operations
-14,092
34,879
-
Net profit (loss) of shareholders capital investment
4,956
4,295
15.389
Net Profit (Loss) before Zakat
-6,905
37,308
-
Total Comprehensive Income
-6,905
37,308
-
Total Share Holders Equity (after deducting minority equity)
327,802
330,157
-0.713
Profit (Loss) per Share
-0.23
1.24
All figures are in (Thousands) Saudi Arabia, Riyals
Capital
300,000
Element List
Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year
The reason for the losses before zakat during the third quarter in 2018 compared to the profit for the same quarter in previous year was due to a increase in net claims incurred by 32% and an increase in general and administration expenses by 9% also an increase in provision for doubtful debts by 67%, and a decrease in policy holders investment income by 14%, a decrease in commission income by 11%, a decrease in other underwriting income by 52% despite decrease in inspection and supervision fees by3% increase in net earned premiums by 5%, the increase in shareholders capital investment income by 49%. and increase in other income by 617%, also a decrease in policy acquisition costs by 5%.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter
The reason for the losses before zakat during the third quarter in 2018 compared to the profit for the previous quarter in 2018 was due to an increase in general and administration expenses by 3% an increase in net claims incurred by 9% also a decrease in other underwriting income by 48%. Despite also increase in policy holders investment income by 200% a decrease in policy acquisition costs by 2% and an increase in commission income by 3%. a decrease in inspection and supervision fees by 20%
Reason for increase (decrease) in net profit for current period compared to the previous year similar period
The reason for the losses before zakat during the nine-month period compared to the profit for the same period last year was due to an increase in general and administration expenses by 6%, and an increase in net claims incurred by 27% decrease in other underwriting income by 26%. And increase in inspection and supervision fees by19%, decrease in commission income by 14%, a increase in provision for doubtful debts by 4% despite increase in net earned premiums by 9%, also the increase in shareholders capital investment income by 15%., also a decrease in policy acquisition costs by 5%. and increase in other income by 53%
Type of the external auditor's opinion
Unmodified opinion
External auditor's report containing reservation
External auditors reviewed the financial statements and issued (unmodified report) the financial statements are prepared in accordance with IAS 34 as modified by SAMA for accounting of zakat and income tax.
Reclassifications in quarter financial result
Certain re classifications were made in comparative figures to confirm to the current presentation.
Additional Information
Earnings per share before zakat and reflects the increase in share capital of the Company which was agreed on the Extraordinary General Assembly dated 07-06-2018 (Corresponding to 22 Ramadan1439H). The share capital was increased from SR 250 million to SR 300 million that leads to an increase in number of shares from 25 million to 30 million. Basic and diluted earnings per share for the current period amounted to SAR (0.23) compared to SAR 1.24 for the previous period in 2017 Which was calculated based on weighted average number of shares which are 30,000 thousand shares for the period ended September 30, 2018. Accordingly shares for the period ended September 30, 2017 has also been reclassified and is calculated by dividing net earnings with weighted average number of shares which are 30,000 thousand shares.
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