Alinma Tokio Marine Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 74,496 | 100,857 | -26.137 | 134,934 | -44.79 |
| Net Written Premiums (NWP) | 31,825 | 39,952 | -20.341 | 80,639 | -60.533 |
| Net Incurred Claims | -26,535 | -33,863 | -21.64 | -29,450 | -9.898 |
| Net Profit (Loss) of Policy Holders Investment | -198 | 726 | - | 1,249 | - |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | -11,059 | -11,514 | -3.951 | -10,447 | 5.858 |
| Net Profit (loss) of Shareholders Capital Investment | 2,062 | 2,174 | -5.151 | 2,940 | -29.863 |
| Net Profit (Loss) before Zakat | -10,083 | -9,310 | 8.302 | -7,140 | 41.218 |
| Total Comprehensive Income | -10,746 | -9,242 | 16.273 | -7,212 | 49.001 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 209,430 | 242,916 | -13.785 |
| Net Written Premiums (NWP) | 112,452 | 149,264 | -24.662 |
| Net Incurred Claims | -55,985 | -70,447 | -20.528 |
| Net Profit (Loss) of Policy Holders Investment | 1,051 | 1,325 | -20.679 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | -21,506 | -18,362 | 17.122 |
| Net Profit (loss) of Shareholders Capital Investment | 5,002 | 5,222 | -4.212 |
| Net Profit (Loss) before Zakat | -17,223 | -13,662 | 26.064 |
| Total Comprehensive Income | -19,008 | -13,870 | 37.043 |
| Total Share Holders Equity (after Deducting Minority Equity) | 225,990 | 266,411 | -15.172 |
| Profit (Loss) per Share | -0.64 | -0.46 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 73,696 | 300,000 | 24.57 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | Increase in net loss for the current quarter compared with the same quarter of last year is due to Gross written premium lower by 26.14%, higher policy acquisition cost by 7.5% and lower overall investment income by 35.7%. This increase in loss is partly offset by decrease in net incurred claims by 21.6%, higher reinsurance commission earned by 17.6% and lower general and administrative expenses by 10.5%. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Increase in net loss for the current quarter compared with the previous quarter is due to Gross written premium lower by 44.8%, lower overall investment income by 55.5% and higher provision for doubtful receivables by SAR 4.2M. This increase in loss is partly offset by decrease in net incurred claims by 9.9%, decrease in policy acquisition cost by 10.7% and decrease in overall general and administration expenses by 14.3%. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to | Increase in net loss for the current period compared with the previous period of last year is due to Gross written premium lower by 13.8%, lower overall investment income by 7.5%, increase in policy acquisition cost by 11.9% and higher provision for doubtful receivables by SAR 2.2M. This increase in loss is partly offset by decrease in net incurred claims by 20.5% and decrease in overall general and administration expenses by 9.7%. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Certain prior period figures have been reclassified to conform with the presentation in the current period |
| Additional Information | From 01 January 2019, the Company has adopted IFRS 16 with no material impact on its interim financial statements.
The Shareholders’ Equity for the current period is SAR 225,990 thousand, compared to SAR 266,411 thousand for the same period last year, with a decrease of 15.17%. Total comprehensive loss for the period is SAR 19,008 thousand, which is an increase of 37.04% compared to same period last year, where we reported a loss of SAR 13,870 thousand. The accumulated losses as at 30 June 2019 amounted to SAR 73,696 thousand which is 24.57% of the share capital. Loss per share for the period ended 30 June 2019 is 0.64, which is an increase of 39.13% as compared to same period last year. |
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