Profit (Loss) Insurance Operations minus policy holders investments from operations
20,685
52,608
-60.68
35,254
-41.325
Net profit (loss) of shareholders capital investment
3,607
-3,656
-
2,479
45.502
Net Profit (Loss) before Zakat
22,570
44,383
-49.147
34,327
-34.25
Total Comprehensive Income
20,186
45,442
-55.578
41,011
-50.779
All figures are in (Thousands) Saudi Arabia, Riyals
Element List
Current Period
Similar period for previous year
%Change
Gross written premiums (GWP)
815,544
801,768
1.718
Net written premiums (NWP)
549,996
594,528
-7.49
Net incurred claims
371,692
348,488
6.658
Net profit (loss) of policy holders investment
6,384
5,974
6.863
Profit (Loss) Insurance Operations minus policy holders investments from operations
96,057
126,438
-24.028
Net profit (loss) of shareholders capital investment
8,775
-1,570
-
Net Profit (Loss) before Zakat
95,632
112,201
-14.767
Total Comprehensive Income
107,194
115,216
-6.962
Total Share Holders Equity (after deducting minority equity)
666,645
546,359
22.015
Profit (Loss) per Share
2.17
2.55
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses
Capital
0
440,000
Element List
Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year
The decrease in Net Income for the current quarter as compared with same quarter of last year is due to increase in Net Claims Incurred by SAR 17.3 million 16.16%, increase in Other Underwriting Expenses by SAR 1.4 million 232.62% and increase in Other Operating Expenses by SAR 15.2 million 61.59% in relation to the expansion of the company's Retail network. This increase in expenses is offset with increase in Net Premiums Earned by SAR 1.1 million 0.56%, increase in Commission Income on Deposits by SAR 1.6 million 41.71% and increase in Investment Income by SAR 5.3 million.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter
The decrease in Net Income for the current quarter as compared to the previous quarter is due to decrease in Net Premiums Earned by SAR 8.7 million 4.22%, decrease in Other Underwriting Income by SAR 1 million 63.65%, and increase in Other Operating Expenses by SAR 7.2 million 22.10%. This increase in costs is offset with a decrease in Net Incurred Claims by SAR 1.4 million 1.10%, decrease in Other Underwriting Expenses by SAR 0.8 million 27.60%, and increase in Commission Income on Deposits by SAR 0.9 million 19.9%.
Reason for increase (decrease) in net profit for current period compared to the previous year similar period
The decrease in Net Income for the period as compared with comparative period is due to increase in Net Incurred Claims by SAR 23.2 million 6.66%, increase in Other Underwriting Expenses by SAR 5.4 million 295.91%, increase in Additional Premium and Other Technical Reserves by SAR 1.6 million 430.24%, increase in Other Operating Expenses by SAR 21.8 million 28.64% in relation to the expansion of the company's Retail network. This increase in costs is offset with increase in Net Premiums Earned by SAR 18.6 million 3.18%, increase in Reinsurance Commissions by SAR 3.9 million 31.85%, increase in Commission Income on Deposits by SAR 4.9 million 53.39% and increase in Investment Income by SAR 5.9 million.
Type of the external auditor's opinion
Unmodified opinion
Reclassifications in quarter financial result
Certain comparative figures have been reclassified to conform to the presentation of the current period. These changes have been made to better reflect the balances and transactions in the condensed interim financial information of the Company. The Company asserts that there is no financial impact of these re-classifications on Net Results From Insurance Operations and Net Income.
Additional Information
EPS is calculated before Zakat. The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 666,645 thousands compared with SAR 546,359 thousands for the same period last year as at 30 September 2017, which reflects an increase of 22.02%. The Retained Earnings as at the end of the period is SAR 170,607 thousands which is 38.77% of the Paid Up Capital. The Total Comprehensive Income for the current quarter is SAR 20,186 thousands compared with SAR 45,442 thousands for the same quarter last year which represents a decrease of 55.58% and compared with SAR 41,011 thousands for the previous quarter which represents a decrease of 50.78%. The total Comprehensive Income for the current period is SAR 107,194 thousands, compared with SAR 115,216 thousands for the same period last year which represents a decrease of 6.96%.
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