SABB Takaful Co. announces its Annual financial results for the period ending on 2018-12-31

25 March 2019 09:54 AM

SABB TAKAFUL 8080 -2.87% 11.50 -0.34

Element List	Current Year	Previous Year	%Change
Gross written premiums (GWP)	139,966	175,084	-20.057
Net written premiums (NWP)	112,558	142,730	-21.139
Net incurred claims	6,459	13,971	-53.768
Net profit (loss) of policy holders investment	2,309	1,578	46.324
Profit (Loss) Insurance Operations minus policy holders investments from operations	-7,153	-11,937	-40.077
Net profit (loss) of shareholders capital investment	8,838	7,752	14.009
Net Profit (Loss) before Zakat	1,056	-5,485	-
Total Comprehensive Income	1,018	-5,660	-
Total Share Holders Equity (after deducting minority equity)	346,111	351,127	-1.428
Pre operating expenses (first operation year)	-	-	-
Profit (Loss) per Share	0.03	-0.16
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 net profit is due to increase in fees and commission income by 1.6%, increase in investment income by 19.5%, decrese in policy acqusition cost by 37% and decrease in net claims incurred by 53.8% mainly due to lower claims in Group line of business. This is despite the decrease in net written premium by 21.1%, decrease in underwriting revenue by 21.2%, increase in surrenders & maturities by 30.2% and increase in G&A expenses by 7.2%.
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 of the prior year amounts have been reclassified to conform with the presentation in the current year. These changes were made for better presentation of balances and transactions in the financial statements of the Company.
Additional Information	The total Policyholders comprehensive loss during the year is SAR 38 thousand compared with a total comprehensive loss of SAR 175 thousands for the previous year. The total Shareholders comprehensive income during the year is SAR 1,056 thousands compared with a total comprehensive loss of SAR 5,485 thousands for the previous year. The total shareholder's equity (no minority interest) at the end of current year is SAR 346,111 thousand, compared to SAR 351,127 thousand as at end of prevouis year with a decrease of 1.43%. Earnings Per share was calculated before Zakat and Income Tax

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