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Allianz Saudi Fransi Cooperative Insurance Co. announces its Annual financial results for the period ending on 2018-12-31

ALLIANZ SF 8040 19.70% 19.44 3.20
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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