Allianz Saudi Fransi Cooperative Insurance Co. announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )

12 May 2019 09:32 AM

ALLIANZ SF 8040 1.12% 16.24 0.18

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross written premiums (GWP)	358,921.969	298,480.938	20.249	206,824.554	73.539
Net written premiums (NWP)	289,009.621	234,190.128	23.408	162,275.34	78.098
Net incurred claims	116,967.643	122,870.86	-4.804	120,829.195	-3.195
Net profit (loss) of policy holders investment	8,072.047	8,052.552	0.242	6,276.095	28.615
Profit (Loss) Insurance Operations minus policy holders investments from operations	2,690.319	1,455.317	84.861	1,352.797	98.87
Net profit (loss) of shareholders capital investment	1,747.24	1,387.028	25.97	1,819.086	-3.949
Net Profit (Loss) before Zakat	11,220.749	9,674.113	15.987	8,597.771	30.507
Total Comprehensive Income	20,479.452	3,536.029	479.165	5,307.17	285.882
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)	286,870.663	256,274.416	11.938
Profit (Loss) per Share	0.56	0.48
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 increase in net profit before zakat is mainly due to the decrease in total underwriting costs and expenses by 3.1% (SAR 121.5Mn v.s 125.5Mn). This reflects the excellent performance in motor and other general lines.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter	The increase in net profit before zakat is due to the increase in net revenues by 5.2% (SAR 158.3Mn v.s 150.5Mn), and a decrease in total underwriting costs and expenses by 1.1% (SAR 121.5Mn v.s 122.9Mn) while the other expenses/income increased by 34.6% (SAR 24.5Mn v.s 18.2Mn). This reflects the excellent performance in motor and other general lines.
Type of the external auditor's opinion	Unmodified opinion
External auditor's report containing reservation	It was mentioned in the external auditors review report that the company prepared the interim financial statements in accordance with the International Accounting Standard on interim financial reporting (IAS 34) as modified by SAMA for the accounting of zakat and tax income. The external auditors reviewed the interim financial statements for the period ended March 31,2019, and they issued on modified review report.
Reclassifications in quarter financial result	Certain prior period figures have been reclassified to conform to current period presentation.
Additional Information	EPS is calculated based on net profit before Zakat. The shareholders Equity, No Minority Interest, reached SR 286,870,663 as at 31/03/2019 compared to SR 271,946,495 as at 31/12/2018 with an increase of 5.5% due to profit achieved during the current period. The comprehensive income for the current quarter amounted to SAR 20,479,452 compared to SAR 3,536,029 for the same quarter of last year, representing an increase of 479.2%, while it increased by 285.9% compared to previous quarter (SAR 5,307,170) This is mainly due to the net change in the value of available for sales investment.

Comments