Profit (Loss) Insurance Operations minus policy holders investments from operations
-5,533
645
-
-1,315
320.76
Net profit (loss) of shareholders capital investment
2,341
1,832
27.783
2,027
15.49
Net Profit (Loss) before Zakat
-3,349
2,064
-
388
-
Total Comprehensive Income
-3,481
1,982
-
460
-
All figures are in (Thousands) Saudi Arabia, Riyals
Element List
Current Period
Similar period for previous year
%Change
Gross written premiums (GWP)
104,894
132,582
-20.883
Net written premiums (NWP)
84,725
110,056
-23.016
Net incurred claims
77,763
66,686
16.61
Net profit (loss) of policy holders investment
1,753
1,199
46.205
Profit (Loss) Insurance Operations minus policy holders investments from operations
-8,345
1,183
-
Net profit (loss) of shareholders capital investment
6,386
5,804
10.027
Net Profit (Loss) before Zakat
-2,361
5,967
-
Total Comprehensive Income
-2,432
6,033
-
Total Share Holders Equity (after deducting minority equity)
344,485
363,271
-5.171
Profit (Loss) per Share
-0.069
0.176
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses
Capital
Percentage %
-10,092
340,000
-2.97
Element List
Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year
The net loss for the quarter is due to decrease in NWP by 22.6%, decrease in fees and commission income by 10.9%, increase in surrenders & maturities by 12.6%, increase in policy acquisition costs by 234.7% mainly due to profit participation payable which was substantially offset by lower claims in the group line of business and increase in G&A by 5.8%. This is despite the decrease in net claims incurred by 5% in which the amount was reclassified to include the surrenders & maturities and increase in investment income by 38.4%.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter
The net loss for the quarter is due to decrease in fees and commission income by 38.7% and Increase in policy acquisition costs by 528.5% mainly due to profit participation payable which was substantially offset by lower claims in the group line of business. This is despite the increase in NWP by 9.9%, decrease in surrenders & maturities by 17.7%, decrease in G&A by 1.6%, increase in investment income by 19.6% and decrease in net claims incurred by 24.3% in which the amount was reclassified to include the surrenders & maturities.
Reason for increase (decrease) in net profit for current period compared to the previous year similar period
The net loss for the period is due to decrease in NWP by 23%, increase in surrenders & maturities by 33.2%, increase in policy acquisition costs by 61.4%, increase in G&A by 13.6% and increase in net claims incurred by 16.6% in which the amount was reclassified to include the surrenders & maturities. This is despite the increase in fees and commission income by 8.4% and increase in investment income by 16.2%.
Type of the external auditor's opinion
Unmodified opinion
Reclassifications in quarter financial result
Certain of the prior period amounts have been reclassified to conform with the presentation in the current period. These changes were made for better presentation of balances and transactions in the interim condensed financial statements of the Company.
Additional Information
The total Policyholders comprehensive loss during the quarter is SAR 132 thousand compared with a total comprehensive loss of SAR 82 thousands for the same quarter previous year with a increase of 61%, and a total comprehensive income of SAR 72 thousands for the previous quarter. The total Shareholders comprehensive loss during the quarter is SAR 3,349 thousands compared with a total comprehensive income of SAR 2,064 thousands for the same quarter previous year with a decrease of 262.3%, and a total comprehensive income of SAR 388 thousands for the previous quarter with a decrease of 963.1%. The total Policyholders comprehensive loss during the period is SAR 71 thousand compared with a total comprehensive income of SAR 66 thousands for the same period previous year with a decrease of 207.6%. The total Shareholders comprehensive loss during the period is SAR 2,361 thousands compared with a total comprehensive income of SAR 5,967 thousands for the same period previous year with a decrease of 139.6%. The total shareholder's equity (no minority interest) during the current period is SAR 344,485 thousand, compared to SAR 363,271 thousand for the same period of prevouis year with a decrease of 5.2%. Earnings Per share was calculated before Zakat and Income Tax. The external auditors have reviewed the financial statements and issued an unmodified report.
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