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

AICC 8160 -0.79% 12.50 -0.10
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross written premiums (GWP) 96,210 58,774 63.694 77,262 24.524
Net written premiums (NWP) 63,360 37,553 68.721 57,026 11.107
Net incurred claims 33,008 26,667 23.778 35,203 -6.235
Net profit (loss) of policy holders investment 474 295 60.677 425 11.529
Profit (Loss) Insurance Operations minus policy holders investments from operations 333 3,467 -90.395 -312 -
Net profit (loss) of shareholders capital investment 669 685 -2.335 1,481 -54.827
Net Profit (Loss) before Zakat 1,147 3,867 -70.338 1,310 -12.442
Total Comprehensive Income -1,226 4,665 - 1,184 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross written premiums (GWP) 290,336 239,879 21.034
Net written premiums (NWP) 205,322 159,963 28.355
Net incurred claims 100,874 109,583 -7.947
Net profit (loss) of policy holders investment 1,341 1,190 12.689
Profit (Loss) Insurance Operations minus policy holders investments from operations 2,013 12,661 -84.1
Net profit (loss) of shareholders capital investment 3,916 2,244 74.509
Net Profit (Loss) before Zakat 6,283 12,670 -50.41
Total Comprehensive Income 2,918 14,401 -79.737
Total Share Holders Equity (after deducting minority equity) 253,021 253,887 -0.341
Profit (Loss) per Share 0.24 0.48
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
3,965 26,500 1.5
Element List Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year The reason behind the decrease in net profit during the three months period compared to net profit of the corresponding period of the previous year is due to the increase in allowance for doubtful debts.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter The reason behind the decrease in net profit during the three months period compared to net profit of the previous quarter is due to the increase in allowance for doubtful debts and decrease in reinsurance commissions earned.
Reason for increase (decrease) in net profit for current period compared to the previous year similar period The reason behind the decrease in net profit during the current period compared to net profit of the corresponding period of the previous year is due to the increase in allowance for doubtful debts.
Type of the external auditor's opinion Unmodified opinion
External auditor's report containing reservation External auditors reviewed the financial statements and issued (unmodified report) on the financial statements and mentioned that the financial statements have been prepared in accordance with International Accounting Standard 34 and SAMA guidance on accounting for zakat and tax.
Reclassifications in quarter financial result Certain reclassifications were made in comparative numbers to conform to the current period.

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