Al-Rajhi Company for Cooperative Insurance announces its Annual financial results for the period ending on 31/12/2018
Element List | Current Year | Previous Year | %Change | ||
---|---|---|---|---|---|
Gross written premiums (GWP) | 2,973,594 | 3,193,474 | -6.885 | ||
Net written premiums (NWP) | 2,863,003 | 3,073,018 | -6.834 | ||
Net incurred claims | 2,321,015 | 2,347,538 | -1.129 | ||
Net profit (loss) of policy holders investment | 66,656 | 33,007 | 101.945 | ||
Profit (Loss) Insurance Operations minus policy holders investments from operations | 121,040 | 156,001 | -22.41 | ||
Net profit (loss) of shareholders capital investment | 13,821 | 10,635 | 29.957 | ||
Net Profit (Loss) before Zakat | 185,027 | 182,870 | 1.179 | ||
Total Comprehensive Income | 208,611 | 203,322 | 2.601 | ||
Total Share Holders Equity (after deducting minority equity) | 768,401 | 598,060 | 28.482 | ||
Pre operating expenses (first operation year) | - | - | - | ||
Profit (Loss) per Share | 4.63 | 4.57 | |||
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 increase in Profit before Zakat is due to an increase in both policyholder and shareholder investment income which increased by 101.95% and 29.96%, respectively. Operating results decreased by 25.14 % due to increases in allowance for doubful debts, SAR 45,211 thousand or 850.31% and General & Administrative expenses, SAR 59,362 thousand or 34.19% |
Type of the external auditor's opinion | Unmodified opinion |
Reclassifications in annual financial results | The comparative amounts of previous year have been reclassified to match with the current presentation. The company hereby confirms that there are no classification changes in the net underwriting surplus or net profit before Zakat. |
Additional Information | Takaful Operations' Comprehensive income for the current year is SAR 13,059 thousand versus SAR 18,900 thousand for the previous year, or a decrease of 30.90 %.
Shareholders' Operations' Comprehensive income for the current year is SAR 195,552 thousand versus SAR 184,422 thousand for the previous year or an increase of 6.04 %.
Profit per share for the years were calculated based on the Profit before Zakat. " |
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