Profit (Loss) Insurance Operations minus policy holders investments from operations
-2,229
3,451
-
5,217
-
Net profit (loss) of shareholders capital investment
586
928
-36.853
-2,101
-
Net Profit (Loss) before Zakat
-1,103
3,933
-
2,936
-
Total Comprehensive Income
-1,577
3,815
-
5,750
-
All figures are in (Thousands) Saudi Arabia, Riyals
Element List
Current Period
Similar period for previous year
%Change
Gross written premiums (GWP)
394,624
296,867
32.929
Net written premiums (NWP)
358,638
253,080
41.709
Net incurred claims
226,472
188,213
20.327
Net profit (loss) of policy holders investment
2,901
1,409
105.89
Profit (Loss) Insurance Operations minus policy holders investments from operations
4,501
12,869
-65.024
Net profit (loss) of shareholders capital investment
-760
4,016
-
Net Profit (Loss) before Zakat
4,238
15,450
-72.569
Total Comprehensive Income
6,594
13,397
-50.78
Total Share Holders Equity (after deducting minority equity)
139,867
136,666
2.342
Profit (Loss) per Share
0.21
0.77
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses
Capital
Percentage %
58,250
200,000
29.13
Element List
Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year
the company has net loss during the current quarter comparing to net profit during the same quarter of the previous year this is due to increase in net claims incurred by 52% , decrease in other underwriting income by 38% , decrease in reinsurance commission earned by 26% , increase in general and administrative expenses by19% , decrease in the profit in shareholders investments by 37% , Increasing in doubtful debts provision by 576% due to made provision in amount SR 3.6 M against uncollected VAT on unearned premiums receivables, although increase in gross premiums written by 46% , increase in net written premiums by 54% , increase in net premiums earned by 43% , decrease in policy acquisition cost by 10% , increase in the profit in policyholders investments by 192% .
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter
The company has net loss during the current quarter compared to net profit in the previous quarter of current year due to increase in net claims incurred by 24% , increase in general and administrative expenses by 6 %, Increase in doubtful debts provision by 886% due to made provision in amount SR 3.6 M against uncollected VAT on unearned premiums receivables, although increase in gross premiums written by 44% , increase in net written premiums by 47%, increase in net premiums earned by 15% , decrease in policy acquisition cost by 5 % , increase in profit of policyholders investments by 19% , increase in other underwriting income by 41% besides the profit from shareholders investments in amount SR 586 thousands during the current quarter comparing to loss in shareholders investments in amount SR 2,101 thousands during the previous quarter of current year .
Reason for increase (decrease) in net profit for current period compared to the previous year similar period
the company has decreasing in the net profit during the current period compared to the same period of the previous year this is due to increase in net claims incurred by 20% , decrease in reinsurance commission earned by 21 % increase in general and administrative expenses by 20 % , Increasing in doubtful debts provision by 1,542 % due to made provision against uncollected VAT on unearned premiums receivables and lead to decrease profit in amount SR 3.6 M , besides the loss from shareholders investments in amount SR 760 thousands during the current period comparing to profit in shareholders investments in amount SR 4,016 thousands during the same period of the previous year , although increase in gross premiums written by 33% , increase in net written premiums by 42%, increase in net premiums earned by 17% , decrease in policy acquisition cost by 15 % , increase in profit of policyholders investments by 106% , increase in other underwriting income by 3 %
Comments