Allied Cooperative Insurance Group 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) | 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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