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Allied Cooperative Insurance Group announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )

ACIG 8150 55.46% 18.50 6.60
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross Written Premiums (GWP) 130,552 114,118 14.4 144,393 -9.585
Net Written Premiums (NWP) 119,609 102,947 16.185 126,527 -5.467
Net Incurred Claims 98,431 69,995 40.625 88,955 10.652
Net Profit (Loss) of Policy Holders Investment 1,192 936 27.35 1,184 0.675
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 1,277 5,217 -75.522 801 59.425
Net Profit (loss) of Shareholders Capital Investment 1,084 -2,101 - 684 58.479
Net Profit (Loss) before Zakat 2,483 2,936 -15.429 1,979 25.467
Total Comprehensive Income 2,091 2,679 -21.948 3,879 -46.094
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross Written Premiums (GWP) 274,945 230,081 19.499
Net Written Premiums (NWP) 246,136 207,529 18.603
Net Incurred Claims 187,387 139,456 34.369
Net Profit (Loss) of Policy Holders Investment 2,376 1,790 32.737
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 2,078 6,730 -69.123
Net Profit (loss) of Shareholders Capital Investment 2,975 -1,346 -
Net Profit (Loss) before Zakat 5,669 5,341 6.141
Total Comprehensive Income 4,987 4,625 7.827
Total Share Holders Equity (after Deducting Minority Equity) 142,995 142,559 0.305
Profit (Loss) per Share 0.17 0.09
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
57,747 200,000 28.87
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 company has decreasing the net profit during the current quarter compared to the same quarter of the previous year this is due to increase in net claims incurred by 41% , decrease in other underwriting income by 73% , although increase in gross premiums written by 14% , increase in net written premiums by 16% , increase in net premiums earned by 22% , decrease in policy acquisition cost by 27% , increase in the profit in policyholders investments by 27% .increase in reinsurance commission earned by 45% , decrease in general and administrative expenses by 7 %, besides the profit from shareholders investments in amount SR 1,084 thousands during the current quarter comparing to loss in shareholders investments in amount SR 2,101 thousands during the same quarter of the previous year
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to .

The company has increasing in the net profit during the current quarter compared to the previous quarter of current year due to increase net premiums earned by 7 % , increase in reinsurance commission earned by 14% , decrease in policy acquisition cost by 28% , increase in net profit of policyholders investments by 1% , increase in net shareholders investments by 58% , increase in other underwriting income by 61% although decrease in gross premiums written by 10 %, decrease in net premiums written by 5%, increase in net claims incurred by 11%, , increase in general and administrative expenses by 3%.

Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to The company has increasing in the net profit during the current period compared to the same period of the previous year this is due to increase in gross premiums written by 19% , increase in net written premiums by 19%, increase in net premiums earned by 23% , decrease in policy acquisition cost by 14% , increase in profit of policyholders investments by 33% , increase in reinsurance commission earned by 49 %, decrease in general and administrative expenses by 4 % , besides the profit from shareholders investments in amount SR 2,975 thousands during the current period comparing to loss in shareholders investments in amount SR 1,346 thousands during the same period of the previous year , although decrease in other underwriting income by 85 % , increase in net claims incurred by 34% .
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items There are some reclassification in some items .
Additional Information Starting from the quarter ended 30 June 2019, Zakat and tax are to be accrued on a quarterly basis and recognized in consolidated statement of income instead of statement of changes in equity in accordance with International Financial Reporting Standard (IFRS) and other standards and pronouncements endorsed by SOCPA

The earnings per share have been calculated according to the profit after Zakat and Tax.

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