Arabia Insurance Cooperative 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) | 350,787 | 314,391 | 11.576 | ||
| Net written premiums (NWP) | 238,830 | 206,763 | 15.509 | ||
| Net incurred claims | 140,924 | 133,518 | 5.546 | ||
| Net profit (loss) of policy holders investment | 1,671 | 1,876 | -10.927 | ||
| Profit (Loss) Insurance Operations minus policy holders investments from operations | 101 | 13,055 | -99.226 | ||
| Net profit (loss) of shareholders capital investment | 3,391 | 4,965 | -31.701 | ||
| Net Profit (Loss) before Zakat | 3,419 | 15,822 | -78.39 | ||
| Total Comprehensive Income | 1,743 | 16,388 | -89.364 | ||
| Total Share Holders Equity (after deducting minority equity) | 250,754 | 255,049 | -1.683 | ||
| Pre operating expenses (first operation year) | - | - | - | ||
| Profit (Loss) per Share | 0.13 | 0.6 | |||
| 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 | The reason behind the decrease in net profit during current year compared to net profit of the previous year is due to the decrease in net earned premiums and the increase in incurred claims and allowance for doubtful debts. |
| Type of the external auditor's opinion | Unmodified opinion |
| Reclassifications in annual financial results | Certain reclassifications were made in comparative numbers to conform to the current period. |
| Additional Information | Accumulated losses as of the end of the year stand at SR 7.9 million representing 3% from the capital. |
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