Aljazira Takaful Taawuni Co. announces its Annual financial results for the period ending on 2018-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Gross written premiums (GWP) | 101,145 | 85,620 | 18.132 | ||
| Net written premiums (NWP) | 82,520 | 68,021 | 21.315 | ||
| Net incurred claims | 1,398 | 2,722 | -48.64 | ||
| Net profit (loss) of policy holders investment | 1,165 | 842 | 38.361 | ||
| Profit (Loss) Insurance Operations minus policy holders investments from operations | 27,104 | 26,284 | 3.119 | ||
| Net profit (loss) of shareholders capital investment | 9,591 | 9,545 | 0.481 | ||
| Net Profit (Loss) before Zakat | 31,840 | 31,069 | 2.481 | ||
| Total Comprehensive Income | 31,922 | 31,069 | 2.745 | ||
| Total Share Holders Equity (after deducting minority equity) | 397,888 | 391,544 | 1.62 | ||
| Pre operating expenses (first operation year) | - | - | - | ||
| Profit (Loss) per Share | 0.91 | 0.89 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current year compared to last year | Net profit before zakat and income tax for the current year is SR 31,840 thousand versus SR 31,069 thousand for the previous year, an increase of 2.48%, which is mainly attributable to the increase in net underwriting results by SR 2,062 thousand. Net earned premium for the year is SR 79,833 thousand versus SR 67,921 thousand for the previous year, an increase of 17.5%; while net claims incurred for the current year is SR 1,398 thousand versus SR 2,722 thousand for the previous year, a decrease of 48.64%.
The increase in operating costs, including provisions for doubtful accounts, versus last year of SR 821 thousand an increase of 16.4%, this was this partially offset by increase in investment income of SR 323 thousand versus last year an increase of 38.36%..
Gross written premiums for the current year is SR 101,145 thousand versus SR 85,620 thousand for the previous year, an increase of 18.13%, while net written premiums for the current year is SR 82,520 thousand versus SR 68,021 thousand for the previous year, an increase of 21.31%. Investment income for the current year is SR 10,756 thousand versus SR 10,387 thousand for the previous year, an increase of 3.5%. The surplus from insurance operations less investment income of policyholders for the current year is SR 27,104 thousand versus SR 26,284 for the previous year, an increase of 3.1%. |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | The joint independent auditors report on the annual financial statements states that the financial statements have been prepared in accordance with International Financial Reporting Standards IFRS as modified by the Saudi Arabian Monetary Authority (SAMA) for the accounting of zakat and income tax. |
| Reclassifications in annual financial results | Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. |
| Additional Information | Total comprehensive income for the current year is SR 31,922 thousand versus SR 31,069 thousand for the previous year, an increase 2.74%. The Earnings per Share (EPS) for the current year is SR 0.91 versus SR 0.89 for the previous year, which is calculated based on the weighted average number of ordinary shares outstanding during the year. Total shareholders’ equity (no minority interest) in the current year is SR 397,888 thousand versus SR 391,544 thousand for the previous year, an increase by 1.62%. |
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