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United Cooperative Assurance Co. announces its Annual financial results for the period ending on 2018-12-31

UCA 8190 0.45% 8.84 0.04
Element List Current Year Previous Year %Change
Gross written premiums (GWP) 391,968 580,565 -32.485
Net written premiums (NWP) 103,599 144,633 -28.371
Net incurred claims 59,513 57,186 4.069
Net profit (loss) of policy holders investment 7,950 11,443 -30.525
Profit (Loss) Insurance Operations minus policy holders investments from operations -69,378 24,366 -
Net profit (loss) of shareholders capital investment 4,688 6,523 -28.131
Net Profit (Loss) before Zakat -60,172 36,608 -
Total Comprehensive Income -56,048 41,035 -
Total Share Holders Equity (after deducting minority equity) 421,118 358,312 17.528
Pre operating expenses (first operation year) - - -
Profit (Loss) per Share -1.5 1
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 reasons of net losses for the current year compared with net profits in the last year due to decrease in gross written premiums (GWP) and decrease in net written premiums (NWP) and increase in net claims incurred and due to the deficit in insurance operations and decrease in income from policyholders’ investments and decrease in income from shareholders’ investments and increase in technical reserves in the current year.
Type of the external auditor's opinion Unmodified opinion
Reclassifications in annual financial results Certain prior year figures have been reclassified to conform to current year presentation
Additional Information LPS was calculated before Zakat for the current year after decrease capital in 7 June 2018 from 49,000 thousand shares to 40,000 thousands shares by dividing the net losses for the year by the weighted average number of shares amounting to 40,000 thousand shares, EPS before Zakat was calculated for the last year by dividing the net income ( after exclude the policyholders share SR 3,581 thousand ) for the year by the weighted average number of shares amounting to 40,000 thousand shares, Accumulated Losses as of 31 December 2018 amounted SR 71,684 thousand by 17.92% of capital amounted SR 400,000 thousand.

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