Al-Rajhi Company for Cooperative Insurance 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) | 703,387 | 742,329 | -5.245 | 638,164 | 10.22 |
Net written premiums (NWP) | 672,214 | 710,742 | -5.42 | 610,744 | 10.064 |
Net incurred claims | 540,441 | 592,623 | -8.805 | 588,402 | -8.151 |
Net profit (loss) of policy holders investment | 16,173 | 9,443 | 71.269 | 15,308 | 5.65 |
Profit (Loss) Insurance Operations minus policy holders investments from operations | 64,760 | 52,481 | 23.397 | 38,243 | 69.338 |
Net profit (loss) of shareholders capital investment | 3,977 | 2,584 | 53.908 | 4,298 | -7.468 |
Net Profit (Loss) before Zakat | 77,410 | 58,708 | 31.855 | 52,884 | 46.376 |
Total Comprehensive Income | 81,861 | 68,803 | 18.978 | 64,762 | 26.402 |
All figures are in (Thousands) Saudi Arabia, Riyals |
Element List | Current Period | Similar period for previous year | %Change |
---|---|---|---|
Gross written premiums (GWP) | 2,357,236 | 2,529,621 | -6.814 |
Net written premiums (NWP) | 2,267,745 | 2,435,452 | -6.886 |
Net incurred claims | 1,719,435 | 1,716,330 | 0.18 |
Net profit (loss) of policy holders investment | 46,546 | 19,414 | 139.754 |
Profit (Loss) Insurance Operations minus policy holders investments from operations | 129,957 | 117,800 | 10.32 |
Net profit (loss) of shareholders capital investment | 11,090 | 8,909 | 24.48 |
Net Profit (Loss) before Zakat | 171,655 | 133,916 | 28.181 |
Total Comprehensive Income | 195,736 | 149,860 | 30.612 |
Total Share Holders Equity (after deducting minority equity) | 767,792 | 554,777 | 38.396 |
Profit (Loss) per Share | 4.29 | 3.35 | |
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 increase in Profit before Zakat is due to an increase in Net Underwriting Surplus of 23.40% , Both policyholder and shareholder investment income increased by 71.27% and 53.91% respectively. Allowance for doubtful debts increased by SAR 31,612 thousand 2,505% while the General & Administrative expenses increased by 26.71% |
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The increase in Profit before Zakat is due to an increase in Net Underwriting Surplus of 69.34% , Policyholder investment income increased by 5.65% while shareholder investment income decreased by 7.47% . Allowance for doubtful debts increased by SAR 23,469 thousand 249.54% . |
Reason for increase (decrease) in net profit for current period compared to the previous year similar period | The increase in Profit before Zakat is due to an increase in Net Underwriting Surplus of 10.32% , Both policyholder and shareholder investment income increased by 139.75% and 24.48% respectively. Allowance for doubtful debts increased by SAR 40,325 thousand, 1,169.52%, while the General & Administrative expenses increased by 43.29%. |
Type of the external auditor's opinion | Unmodified opinion |
Reclassifications in quarter financial result | The comparative amounts of previous periods have been reclassified to match with the current presentation. The company hereby confirms that there are no classification changes in the net underwriting surplus or net profit before Zakat. |
Additional Information | Takaful Operations' Comperhensive income for the current quarter is SAR 5,517 thousand, versus SAR 6,192 thousand for the same quarter of the previous year resulting in a decrease of 10.91 %
Takaful Operations' Comperhensive income for the current quarter is SAR 5,517 thousand, versus SAR 4,858 thousand for Q2 2018, or an increase of 13.57 %.
Takaful Operations' Comprehensive income for the current period is SAR 11,504 thousand versus SAR 13,721 thousand for the same period of previous year, or a decrease of 16.16 %.
Shareholders' Operations' Comperhensive income for the current quarter is SAR 76,344 thousand, versus SAR 62,611 thousand for the same quarter of the previous year resulting in an increase of 21.94 %
Shareholders' Operations' Comperhensive income for the current quarter is SAR 76,344 thousand versus SAR 59,904 thousand for Q2 2018, or an increase of 27.45 %.
Shareholders' Operations' Comprehensive income for current period is SAR 184,232 thousand versus SAR 136,139 thousand for the same period of previous year or an increase of 35.33 %.
The total shareholder's equity (no minority interest) for the current period is SAR 767,792 thousand compared to SAR 554,777 thousand for Q3 2017 or an increase of 38.40 % . The total shareholder's equity (no minority interest) for the current period is SAR 767,792 thousand compared to SAR 697,748 thousand for Q2 2018 or an increase of 10.04 %.
Profit per share for the period was calculated based on the Profit before Zakat. The External Auditor reviewed the financial statements and issued an unmodified review report. |
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