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Salama Cooperative Insurance Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )

SALAMA 8050 -1.29% 34.30 -0.45

Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross written premiums (GWP) 153,000 158,984 -3.763 224,273 -31.779
Net written premiums (NWP) 144,631 148,361 -2.514 213,361 -32.213
Net incurred claims 146,220 127,708 14.495 139,333 4.942
Net profit (loss) of policy holders investment 831 2,026 -58.983 1,932 -56.987
Profit (Loss) Insurance Operations minus policy holders investments from operations 7,589 21,836 -65.245 7,310 3.816
Net profit (loss) of shareholders capital investment 948 796 19.095 799 18.648
Net Profit (Loss) before Zakat 5,827 22,028 -73.547 9,028 -35.456
Total Comprehensive Income 5,827 22,028 -73.547 9,028 -35.456
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross written premiums (GWP) 623,501 588,831 5.887
Net written premiums (NWP) 592,829 560,538 5.76
Net incurred claims 421,685 361,158 16.759
Net profit (loss) of policy holders investment 3,556 5,986 -40.594
Profit (Loss) Insurance Operations minus policy holders investments from operations 18,075 49,443 -63.442
Net profit (loss) of shareholders capital investment 5,865 3,813 53.815
Net Profit (Loss) before Zakat 22,146 52,364 -57.707
Total Comprehensive Income 22,146 52,364 -57.707
Total Share Holders Equity (after deducting minority equity) 270,014 241,790 11.672
Profit (Loss) per Share 0.89 2.09
All figures are in (Thousands) Saudi Arabia, Riyals
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 decrease in net profit in current quarter compared to same quarter previous year is due to increase in net claims incurred by 15%, increase in general and administration expenses by 55% and decrease in investment income from policyholders' operations by 59% partly offset by increase in net earned premium by 5%.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter The reason for decrease in net profit in current quarter compared to previous quarter is due to increase in net claims incurred by 5% and increase in general and administration expenses by 14% partly offset by increase in net earned premium by 4%.
Reason for increase (decrease) in net profit for current period compared to the previous year similar period The reason for decrease in net profit in current period compared to same period previous year is due to increase in net claims incurred by 17% and increase in general and administration expenses by 43% partly offset by increase in net earned premium by 10%.
Type of the external auditor's opinion Unmodified opinion
Reclassifications in quarter financial result The comparative figures of previous period have been rearranged / reclassified to match with the current presentation.
Additional Information 1. The retained earnings as at the end of 30/09/2018 is SR 18,281 thousands which is 7% of the paid up capital.

2. The External Auditor reviewed the financial statements and issued an unmodified review report.

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