Alahli Takaful 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) | 338,346 | 353,113 | -4.181 | ||
| Net written premiums (NWP) | 71,305 | 73,678 | -3.22 | ||
| Net incurred claims | 35,656 | 11,300 | 215.539 | ||
| Net profit (loss) of policy holders investment | 1,513 | 1,716 | -11.829 | ||
| Profit (Loss) Insurance Operations minus policy holders investments from operations | 11,607 | 41,300 | -71.895 | ||
| Net profit (loss) of shareholders capital investment | 4,465 | 6,897 | -35.261 | ||
| Net Profit (Loss) before Zakat | 10,421 | 38,531 | -72.954 | ||
| Total Comprehensive Income | 10,445 | 37,376 | -72.054 | ||
| Total Share Holders Equity (after deducting minority equity) | 234,713 | 241,092 | -2.645 | ||
| Pre operating expenses (first operation year) | - | - | - | ||
| Profit (Loss) per Share | 0.63 | 2.31 | |||
| 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 decrease in net profit before Zakat during the current year compared to last year was mainly due to booking an amount of SAR 14.86 million as an additional provision against outstanding claims. Moreover, the decrease of 72% in the surplus of insurance operations for this year was due to the 216% increase in the net incurred claims which resulted from an additional burdens on one of the group products, the Group Credit Protection. Also, the gross written premiums for the current year decreased by 4% compared to the last year and the net profit of shareholders capital investment and policy holders investment for the current year decreased by 35% and 12% respectively compared to the last year. |
| 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 prior year amounts have been reclassified for consistency with the current year presentation. These reclassification had no effect on the reported results of operations. |
| Additional Information | Earnings per share has been computed for the current year by using 16,666,667 shares which is the weighted average number of shares outstanding as at 31 December 2018.
Total comprehensive Income for current year is SAR 10,445 thousands compared to SAR 37,376 thousands for last year with a decrease of 72%.
Total shareholders equity (there is no minority interest) for the current year is SAR 234,713 thousand, compared to SAR 241,092 thousand for the last year, which shows an increase of 3%.
Net incurred claims amount for the last year has been reclassified by segregating the changes in technical reserves amounts to SAR 89 thousand to a separate line item in the statement of income to conform with current year presentation.
EPS before Zakat and Tax. |
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