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24 April 07:09 AM

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

SABB TAKAFUL 8080 -2.87% 11.50 -0.34
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross written premiums (GWP) 39,311 34,477 14.02 35,072 12.086
Net written premiums (NWP) 26,240 27,527 -4.675 27,833 -5.723
Net incurred claims 19,064 26,672 -28.524 24,650 -22.661
Net profit (loss) of policy holders investment 581 537 8.193 556 4.496
Profit (Loss) Insurance Operations minus policy holders investments from operations -751 -1,497 -49.832 1,192 -
Net profit (loss) of shareholders capital investment 2,574 2,018 27.552 2,452 4.975
Net Profit (Loss) before Zakat 1,522 600 153.666 3,417 -55.458
Total Comprehensive Income 1,432 589 143.123 3,450 -58.492
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) 345,992 350,364 -1.247
Profit (Loss) per Share 0.04 0.02
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
8,493 340,000 2.49
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 for the quarter is due to increase in investment income 23.5%, decrease in surrenders & maturities by 26.6%, decrease in G&A by 6.5% and decrease in net claims incurred by 28.5%. This is despite the decrease in NWP by 4.7%, decrease in fees & commission income by 15.9% and increase in policy acquisition cost by 4.4%.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter The decrease in net profit for the quarter is due to decrease in NWP by 5.7%, increase in G&A by 14.8 % and increase in policy acquisition cost by 130.8%. This is despite increase in fees and commission income by 37.9%, increase in investment income by 4.9%, decrease in surrenders & maturities by 8.7% and decrease in net claims incurred by 22.7%.
Type of the external auditor's opinion Unmodified opinion
Reclassifications in quarter financial result Certain of the prior period amounts have been reclassified to conform with the presentation in the current period. These changes were made for better presentation of balances and transactions in the interim condensed financial statements of the Company.
Additional Information The total Policyholders comprehensive loss during the quarter is SAR 90 thousand compared with a total comprehensive loss of SAR 11 thousands for the same quarter previous year with an increase of 718.2%, and a total comprehensive income of SAR 33 thousands for the previous quarter with a decrease of 372.7%. The total Shareholders comprehensive income during the quarter is SAR 1,522 thousands compared with a total comprehensive income of SAR 600 thousands for the same quarter previous year with a increase of 153.7%, and a total comprehensive income of SAR 3,417 thousands for the previous quarter with a decrease of 55.5%. The total shareholder's equity (no minority interest) as at end of the current period is SAR 345,992 thousand, compared to SAR 350,364 thousand for the same period of previous year with a decrease of 1.25% Earnings Per share was calculated before Zakat and Income Tax. The external auditors have reviewed the financial statements and issued an unmodified report

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