Allied Cooperative Insurance Group announces its Annual financial results for the period ending on 2018-12-31

31 March 2019 08:50 AM

ACIG 8150 4.02% 11.90 0.46

Element List	Current Year	Previous Year	%Change
Gross written premiums (GWP)	500,013	429,972	16.289
Net written premiums (NWP)	456,012	365,917	24.621
Net incurred claims	324,871	246,888	31.586
Net profit (loss) of policy holders investment	4,146	2,258	83.613
Profit (Loss) Insurance Operations minus policy holders investments from operations	4,347	14,975	-70.971
Net profit (loss) of shareholders capital investment	-3,182	4,496	-
Net Profit (Loss) before Zakat	2,358	18,117	-86.984
Total Comprehensive Income	5,478	14,931	-63.311
Total Share Holders Equity (after deducting minority equity)	137,648	137,934	-0.207
Pre operating expenses (first operation year)	-	-	-
Profit (Loss) per Share	0.12	0.91
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 company has decreasing in the net profit during the current year compared to previous year this is due to increase in net claims incurred by 32% , decrease in reinsurance commission earned by 35 % increase in general and administrative expenses by 4 % , decrease in other underwriting income by 21 %, Increasing in doubtful debts provision by SR 7,499 thousands due to made provision against uncollected VAT on unearned premiums receivables in amount SR 3.6 M and made provision against corporate clients in amount SR 3.9 M , besides the loss from shareholders investments in amount SR 3,182 thousands during the current year comparing to profit in shareholders investments in amount SR 4,496 thousands during the previous year , although increase in gross premiums written by 16% , increase in net written premiums by 25%, increase in net premiums earned by 24% , decrease in policy acquisition cost by 5 % , increase in profit of policyholders investments by 84% .
Type of the external auditor's opinion	Unmodified opinion
External auditor's report containing reservation	The Independent auditors’ report was mentioned in their report In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2018, and the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRS”) as modified by Saudi Arabian Monetary Authority (“SAMA”) for the accounting of zakat and 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	The accumulated loss by the end of current year is SR 61,233 thousand represent 30.62 % of the capital.

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