Alinma Tokio Marine 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) | 353,591 | 296,723 | 19.165 | ||
Net written premiums (NWP) | 196,748 | 147,089 | 33.761 | ||
Net incurred claims | -151,748 | -76,248 | 99.018 | ||
Net profit (loss) of policy holders investment | 1,205 | 411 | 193.187 | ||
Profit (Loss) Insurance Operations minus policy holders investments from operations | -36,040 | -3,947 | 813.098 | ||
Net profit (loss) of shareholders capital investment | 6,758 | 4,444 | 52.07 | ||
Net Profit (Loss) before Zakat | -31,746 | -3,319 | 856.492 | ||
Total Comprehensive Income | -32,050 | -3,644 | 779.527 | ||
Total Share Holders Equity (after deducting minority equity) | 244,998 | 282,448 | -13.259 | ||
Pre operating expenses (first operation year) | - | - | - | ||
Profit (Loss) per Share | -1.06 | -0.11 | |||
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 for the increase in loss for the year as compared to last year is due to net incurred claims higher by 99% mainly in Motor and Medical line of businesses, lower reinsurance commission by 7.6%, higher policy acquisition cost by 28.25% due to increase in business, and higher general and administrative expenses by 14.6%. This increase in loss is partly offset by decrease in provision for doubtful debts by SAR 2.2M as compared to last year, further there is an increase in net premiums earned and overall investment income by 47.9% and 64% respectively. |
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 | Some of the last year numbers have been reclassified for presentation purposes. |
Additional Information | • The Shareholders’ Equity for the current year is SAR 244,998 thousand, compared to SAR 282,448 thousand for last year, with a decrease of 13.26%.
Total comprehensive loss for the year is SAR 32,050 thousand, which is an increase of 779.53% compared to last year, where we reported a loss of SAR 3,644 thousand.
The accumulated losses as at 31 December 2018 amounted to SAR 54,373 thousand which is 18.12% of the share capital.
Loss per share for the year ended 31 Dec 2018 is 1.06, which is an increase of 863.64% as compared to last year. |
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