Arabia Insurance Cooperative 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) | 73,702 | 77,262 | -4.607 | 91,733 | -19.655 |
| Net Written Premiums (NWP) | 45,819 | 57,026 | -19.652 | 70,716 | -35.207 |
| Net Incurred Claims | 41,329 | 35,203 | 17.401 | 48,653 | -15.053 |
| Net Profit (Loss) of Policy Holders Investment | 392 | 425 | -7.764 | 372 | 5.376 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | -12,203 | -312 | 3,811.217 | -5,296 | 130.419 |
| Net Profit (loss) of Shareholders Capital Investment | -300 | 1,481 | - | -71 | 322.535 |
| Net Profit (Loss) before Zakat | -12,476 | 1,310 | - | -5,199 | 139.969 |
| Total Comprehensive Income | -9,731 | -392 | 2,382.397 | -3,359 | 189.699 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 165,435 | 194,126 | -14.779 |
| Net Written Premiums (NWP) | 116,535 | 141,962 | -17.911 |
| Net Incurred Claims | 89,982 | 67,866 | 32.587 |
| Net Profit (Loss) of Policy Holders Investment | 764 | 867 | -11.88 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | -17,499 | 1,680 | - |
| Net Profit (loss) of Shareholders Capital Investment | -371 | 3,247 | - |
| Net Profit (Loss) before Zakat | -17,675 | 5,136 | - |
| Total Comprehensive Income | -13,090 | 1,253 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 237,664 | 256,303 | -7.272 |
| Profit (Loss) per Share | -0.75 | 0.08 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 27,781 | 265,000 | 10.5 | |
| 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 | The reason behind the recognition of net loss during the three months period compared to net profit of the corresponding period of the previous year is due to the increase in net claims incurred and decreasein net reinsurance commission earned and net earned premiums. In addition to the recognition of a net loss in shareholders' investments. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The reason behind the increase in net loss during the three months period compared to net loss of the previous quarter is due to the increase in allowance for doubtful debts and premium deficiency reserve. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to | The reason behind the recognition of net loss during the current period compared to net profit of the corresponding period of the previous year is due to the increase in net claims incurred and decrease in net reinsurance commission earned. In addition to the recognition of a net loss in shareholders' investments. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Certain reclassifications were made in comparative numbers to conform to the current period. |
| Additional Information | Starting from the quarter ended 30 June 2019, Zakat and tax are to be accrued on a quarterly basis and recognized in statement of income with a corresponding liability recognized in the statement of financial position in accordance with International Financial Reporting Standard (IFRS) and other standards and pronouncements endorsed by SOCPA.
As such, net loss after Zakat for the current period is SR 19,859 thousand in comparison to net profit after Zakat of SR 2,246 thousand for the same period last year. While, net loss after Zakat for the current qurter is SR 13,510 thousand in comparison to SR 267 thousand for the same quarter last year representing an increase by 4963%. Earning/loss per share calculated after Zakat and income tax. |
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