Alinma Tokio Marine Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross written premiums (GWP) | 65,751 | 50,504 | 30.189 | 100,857 | -34.807 |
| Net written premiums (NWP) | 25,862 | 27,414 | -5.661 | 39,952 | -35.267 |
| Net incurred claims | -33,417 | -17,907 | 86.614 | -33,863 | -1.317 |
| Net profit (loss) of policy holders investment | -548 | 212 | - | 726 | - |
| Profit (Loss) Insurance Operations minus policy holders investments from operations | -3,762 | -4,408 | -14.655 | -11,514 | -67.326 |
| Net profit (loss) of shareholders capital investment | 428 | 1,785 | -76.022 | 2,174 | -80.312 |
| Net Profit (Loss) before Zakat | -4,725 | -3,236 | 46.013 | -9,310 | -49.248 |
| Total Comprehensive Income | -4,725 | -3,236 | 46.013 | -9,310 | -49.248 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross written premiums (GWP) | 308,667 | 257,162 | 20.028 |
| Net written premiums (NWP) | 175,126 | 124,252 | 40.944 |
| Net incurred claims | -103,864 | -56,225 | 84.729 |
| Net profit (loss) of policy holders investment | 777 | 282 | 175.531 |
| Profit (Loss) Insurance Operations minus policy holders investments from operations | -22,124 | -10,316 | 114.462 |
| Net profit (loss) of shareholders capital investment | 5,650 | 3,533 | 59.92 |
| Net Profit (Loss) before Zakat | -18,387 | -9,062 | 102.902 |
| Total Comprehensive Income | -18,387 | -9,062 | 102.902 |
| Total Share Holders Equity (after deducting minority equity) | 260,336 | 279,137 | -6.735 |
| Profit (Loss) per Share | -0.61 | -0.3 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 39,664 | 300,000 | 13.22 |
| 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 Increase in net loss for the current quarter compared with the same quarter of last year is due to increase in net claims incurred by 86.61%, increase in unit linked reserves by 26.47%, increase in Policy acquisition costs by 35.50%, and decrease in unrealized gain on investment by 116.41% This increase in net loss is partly offset by an increase in net earned premiums by 47.72%, decrease in provision for doubtful debts by 55.87%. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The reason for the decrease in net loss during the current quarter as compared with the previous quarter is due to decrease in premium deficiency reserves by 100%, decrease in Changes in unit linked reserves by 52.47%, And decrease in provision for doubtful debts by 35.30%, This decrease is partly offset with decrease in gross written premium by 34.81%, and decrease in return on policyholders and shareholders’ investments by 104.1% |
| Reason for increase (decrease) in net profit for current period compared to the previous year similar period | The reason for the increase in net loss for the current period compared with same period last year is due to net incurred claims higher by 84.73%, increase in unit linked reserves by 178.98%, increase in Policy acquisition costs by 28.07% and increase in general and administrative expenses by 19.78%. This increase is partly offset with an increase in net written premiums by 40.94% due to increase in risk retention, and higher return on policyholders and shareholders’ investments by 125.67% |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | None |
| Reclassifications in quarter financial result | Some of the last period numbers have been reclassified for presentation purposes. Moreover, the current financial statements have been prepared on Unified Illustrative Financial Statements. |
| Additional Information | As per the guidance issued by SAMA, split of zakat and income tax charges has been provided in Statement of changes in shareholders equity and additional note added in the interim financial statements which contains details of Zakat and income tax (note 8). Total shareholders’ equity (there is no minority equity) for the current period reached to SR 260,336thousand, compared to SR 279,137thousand for the same period last year, with a decrease of (6.74)%. The total comprehensive loss for the current quarter is SR (4,725) thousand compared to SR (9,310) thousand for the previous quarter current year with a decrease of (49.24)%. The total comprehensive loss for the current quarter is SR (4,725) thousand compared to SR (3,236) thousand for the Similar Quarter Last year with a decrease of 46 %. The total comprehensive loss for the current Period is SR (18,387) thousand compared to SR (9,062) thousand for the similar period of last year, with an increase of 102.90%. The accumulated losses as at 30 September 2018 amounted to SR 39,664 thousand which is 13.22% of the paid-up share capital. The loss per share has been adjusted to account for the decrease in share capital approved by the shareholders in general assembly held on 10-05-2017 to 30,000,000 shares with a value of SR 300,000,000. |
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