Al-Ahlia 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) | 172,981 | 183,219 | -5.587 | ||
| Net written premiums (NWP) | 156,376 | 163,774 | -4.517 | ||
| Net incurred claims | 108,617 | 103,454 | 4.99 | ||
| Net profit (loss) of policy holders investment | 2,060 | 1,510 | 36.423 | ||
| Profit (Loss) Insurance Operations minus policy holders investments from operations | 900 | 265 | 239.622 | ||
| Net profit (loss) of shareholders capital investment | 13,740 | 7,940 | 73.047 | ||
| Net Profit (Loss) before Zakat | 15,815 | 10,415 | 51.848 | ||
| Total Comprehensive Income | 12,834 | 11,101 | 15.611 | ||
| Total Share Holders Equity (after deducting minority equity) | 122,861 | 113,266 | 8.471 | ||
| Pre operating expenses (first operation year) | - | - | - | ||
| Profit (Loss) per Share | 0.99 | 0.65 | |||
| 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 increase of Net profit is due to increase in Net earned premium, decrease policy acquisition Costs, increase in profit for
Shareholders Investments and the decrease in doubtful debt expense. |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | We draw attention to the following:
• Note 2 to the financial statements in relation to the purchase of insurance portfolio and related net assets of Saudi Arabian operations of Al Ahlia Insurance company B.S.C. • Note 3 regarding the financial statements relating to the terms of the acquisition agreement signed between Gulf Union Cooperative Insurance Company and the Company. The extraordinary general assembly of the company did not approve the offer of the Gulf Union Company concerning the merger with the company. |
| Reclassifications in annual financial results | The previous period numbers had been reclassification to match the current view. |
| Additional Information | 1. Profit (Loss) per share calculated before Zakat and income tax.
2. Profit (Loss) per share is calculated for the current period and for the same period of last year on 16,000,000 shares. |
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