Aljazira Takaful Taawuni Co. announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )

12 May 2019 08:03 AM

JAZIRA TAKAFUL 8012 30.88% 18.82 4.44

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross written premiums (GWP)	17,377	14,442	20.322	20,486	-15.176
Net written premiums (NWP)	16,327	13,997	16.646	17,775	-8.146
Net incurred claims	632	241	162.24	259	144.015
Net profit (loss) of policy holders investment	483	310	55.806	270	78.888
Profit (Loss) Insurance Operations minus policy holders investments from operations	5,530	6,014	-8.047	9,511	-41.856
Net profit (loss) of shareholders capital investment	2,602	2,420	7.52	2,402	8.326
Net Profit (Loss) before Zakat	7,450	7,342	1.47	10,132	-26.47
Total Comprehensive Income	7,450	7,342	1.47	10,132	-26.47
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after deducting minority equity)	405,088	397,888	1.809
Profit (Loss) per Share	0.21	0.21
All figures are in (Thousands) Saudi Arabia, Riyals

	Accumulated Losses	Capital
	0	350,000

Element List	Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year	Net profit before zakat and income tax for the current quarter is SR 7,450 thousand versus SR 7,342 thousand for the same quarter of the previous year, an increase of 1.47%, which is mainly attributable to the increase in net underwriting results by SR 262 thousand. Net earned premium for the quarter is SR 22,217 thousand versus SR 19,152 thousand for the same quarter of the previous year, an increase of 16.0%; while net claims incurred for the current quarter is SR 632 thousand versus SR 241 thousand for the same quarter of the previous year, an increase of 162.24%. The policyholders’ investment income for the quarter is SR 483 thousand versus SR 310 thousand for the same quarter of the previous year, an increase of 55.80%. The shareholders’ investment income for the quarter is SR 2,602 thousand versus SR 2,420 thousand for the same quarter of the previous year, an increase of 7.52%.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter	Reason for increase (decrease) in net profit for current quarter compared to the previous quarter Net profit before zakat and income tax for the current quarter is SR 7,450 thousand versus SR 10,132 thousand for the previous quarter, a decrease of 26.47%, which is mainly attributable to the decrease in gross written premium by SR 3,109 thousand. Net written premium for the quarter is SR 16,327 thousand versus SR 17,775 thousand for the previous quarter, a decrease of 8.14%; net claims incurred for the current quarter is SR 632 thousand versus SR 259 thousand for the previous quarter, an increase of 144.01%. While shareholders’ investment income for the current quarter is SR 2,602 thousand versus SR 2,402 thousand for the previous quarter, an increase of 8.32%.
Type of the external auditor's opinion	Unmodified opinion
External auditor's report containing reservation	The joint independent auditors review report on the quarterly financial statements states that the financial statements have been prepared in accordance with IAS 34 as modified by SAMA for the accounting of zakat and income tax.
Reclassifications in quarter financial result	There is no reclassification during the quarter.
Additional Information	Total comprehensive income for the current quarter is SR 7,450 thousand versus SR 7,342 thousand for the same quarter of the previous year, an increase 1.47% and comparing with previous quarter is SAR 10,132 thousand decreased by SAR 2,682 thousand by 26.47%The Earnings per Share (EPS) for the current quarter is SR 0.21 versus SR 0.21 for the same quarter of the previous year, which is calculated based on the weighted average number of ordinary shares outstanding during the quarter. Total shareholders’ equity (no minority interest) in the current quarter is SR 405,088 thousand versus SR 397,888 thousand for the same quarter of the previous year, an increase by 1.81%.

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