Al-Rajhi Company for Cooperative Insurance announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross written premiums (GWP) | 843,573 | 1,015,685 | -16.945 | 616,358 | 36.864 |
| Net written premiums (NWP) | 826,149 | 984,786 | -16.108 | 595,258 | 38.788 |
| Net incurred claims | 626,873 | 590,591 | 6.143 | 601,580 | 4.204 |
| Net profit (loss) of policy holders investment | 19,442 | 15,055 | 29.139 | 20,110 | -3.321 |
| Profit (Loss) Insurance Operations minus policy holders investments from operations | -18,271 | 26,952 | - | -8,917 | 104.9 |
| Net profit (loss) of shareholders capital investment | 2,864 | 2,826 | 1.344 | 2,731 | 4.87 |
| Net Profit (Loss) before Zakat | 4,384 | 41,360 | -89.4 | 13,372 | -67.215 |
| Total Comprehensive Income | 18,827 | 49,111 | -61.664 | 12,875 | 46.229 |
| 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) | 782,296 | 639,170 | 22.392 |
| Profit (Loss) per Share | 0.11 | 1.03 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | The decrease in Profit before Zakat is due to net underwriting deficit of SR 18,271 thousand against underwriting surplus of SR 26,952 thousand in the 1st quarter 2018. The decrease is the result of decrease in net contributions earned by 3.03% and increase in net claims incurred by 6.15% due to increase in claims cost, however both policyholder and shareholder investment income increased by 29.14% and 1.34% respectively and the General & Administrative expenses decreased by 18.56%. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The decrease in Profit before Zakat is due to increase in deficit of net underwriting surplus by 104.9% compared to Q4-2018 as result of increase in net claims incurred by 4.20% due to increase in incurred claims, while the General & Administrative expenses decreased by 27.27%. |
| Type of the external auditor's opinion | Unmodified opinion |
| Reclassifications in quarter financial result | The comparative amounts of previous periods have been reclassified to match with the current presentation. The company hereby confirms that there are no classification changes in the net underwriting surplus or net profit before Zakat. |
| Additional Information | Total Comprehensive income for the current quarter is SR 18,827 Thousand compared to SR 49,111 Thousand for the same quarter of the last year, a decrease of 61.66%, and SR 12,875 Thousand for Q4 2018, an increase of 46.23%.
Total Takaful Operations' Comprehensive income for the current quarter is SR 1,079 Thousand compared to SR 1,128 Thousand for the same quarter of the last year, a decrease of 4.34%, and SAR 1,555 Thousand for Q4 2018, a decrease of 30.61%. Total Shareholders' Operations' Comprehensive income for the current quarter is SR 17,748 Thousand compared to SR 47,983 Thousand for the same quarter of the last year, a decrease of 63.01%, and SR 11,320 Thousand for Q4 2018 and increase of 56.78%.
Total Shareholder Equity (no minority interest) as at end of current period is SR 782,296 Thousand versus SR 639,170 Thousand as at end of same period last year, an increase of 22.39%.
Profit per share for the period was calculated based on the profit before Zakat. |
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