Allianz Saudi Fransi 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) | 870,716.183 | 925,536.707 | -5.923 | ||
Net written premiums (NWP) | 607,236.818 | 651,962.214 | -6.86 | ||
Net incurred claims | 466,016.936 | 498,730.461 | -6.559 | ||
Net profit (loss) of policy holders investment | 20,913.748 | 18,875.813 | 10.796 | ||
Profit (Loss) Insurance Operations minus policy holders investments from operations | 13,469.14 | 14,628.183 | -7.923 | ||
Net profit (loss) of shareholders capital investment | 6,899.344 | 5,641.167 | 22.303 | ||
Net Profit (Loss) before Zakat | 37,050.057 | 34,918.227 | 6.105 | ||
Total Comprehensive Income | 26,101.208 | 36,046.713 | -27.59 | ||
Total Share Holders Equity (after deducting minority equity) | 271,946.495 | 251,104.359 | 8.3 | ||
Pre operating expenses (first operation year) | - | - | - | ||
Profit (Loss) per Share | 1.85 | 1.75 | |||
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 financial results for the year ended 31st December 2018 is showing an increase of 6.1% with a Net Income before zakat & tax of SAR 37.0 Million against a Net Income before zakat & tax of SAR 34.9 Million for the year ended 31st December 2017. This increase in net profit before zakat is mainly due to the following:
1- Focus on profitable business demonstrated by the excellent performance in Motor and in other P&C lines. 2- Good control over expenses and receivables leading to lower total expenses by 2% (110.0 Mn in 2018 vs. 112.3 Mn in 2017) 3- Efficient cash and investment management leading to an increase of 36% in investment income (10.8mn in 2018 vs 7.9mn in 2017). |
Type of the external auditor's opinion | Unmodified opinion |
External auditor's report containing reservation | The Financial Statements are prepared in accordance with the International Financial Reporting Standards as amended by SAMA for zakat & income tax. |
Reclassifications in annual financial results | Certain figures for the comparative period have been reclassified to conform with the presentation of the current period |
Additional Information | EPS is calculated based on net profit before Zakat. The shareholders Equity, No Minority Interest, reached SR 271,946,495 as at 31/12/2018 compared to SR 251,104,359 as at 31/12/2017 with an increase of 8.3% due to profit achieved during the current period. The comprehensive income for the current period amounted to SAR 26,101,208 compared to SAR 36,046,713 representing a decrease of 27.6% resulting from the fair value change in available for sale investments. |
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