Saudi Arabian Cooperative Insurance 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) | 949,993 | 804,577 | 18.073 | ||
| Net written premiums (NWP) | 686,458 | 532,270 | 28.968 | ||
| Net incurred claims | 474,280 | 350,331 | 35.38 | ||
| Net profit (loss) of policy holders investment | 4,118 | 4,293 | -4.076 | ||
| Profit (Loss) Insurance Operations minus policy holders investments from operations | -22,508 | 48,945 | - | ||
| Net profit (loss) of shareholders capital investment | 7,022 | 5,619 | 24.968 | ||
| Net Profit (Loss) before Zakat | -13,013 | 51,927 | - | ||
| Total Comprehensive Income | -13,013 | 51,927 | - | ||
| Total Share Holders Equity (after deducting minority equity) | 320,554 | 340,807 | -5.942 | ||
| Pre operating expenses (first operation year) | - | - | - | ||
| Profit (Loss) per Share | -0.43 | 1.73 | |||
| 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 net loss before zakat during the current year 2018 compared to the profit for the previous year of 2017 was due to an increase in net claims incurred by 35% and increase in inspection and supervision fees by 25%, also an increase in general and administration expenses by 9% and an increase in provision for doubtful debts by 6%, a decrease in other income by 76% and decrease in other underwriting income by 38%. Also decrease in reinsurance commission by 15% despite the increase in net premium earned by 15% also increase in shareholders’ investment by 25%, a decrease in policy acquisition costs by 5% . |
| 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 re classifications were made in comparative figures to confirm to the current presentation. |
| Additional Information | Total comprehensive loss for the year is SR 13,013 thousand compared to SR 51,927 thousand total Comprehensive Income in the previous year.
Earnings per share before zakat and reflects the increase in share capital of the Company which was agreed on the Extraordinary General Assembly dated 07-06-2018 (Corresponding to 22 Ramadan1439H). The share capital was increased from SR 250 million to SR 300 million that leads to an increase in number of shares from 25 million to 30 million. Basic and diluted earnings per share for the current period amounted to SAR (0.43) compared to SAR 1.73 for the previous period in 2017 Which was calculated based on weighted average number of shares which are 30,000 thousand shares for the period ended December 31, 2018. Accordingly shares for the period ended December 31, 2017 has also been reclassified and is calculated by dividing net earnings with weighted average number of shares which are 30,000 thousand shares.
The total shareholder equity (no minority rights) for the current period is 320,554 thousand versus 340,807 thousand riyals for the same period of 2017 with a decrease of 6%. |
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