Allianz Saudi Fransi Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )

08 August 2019 08:36 AM

ALLIANZ SF 8040 1.12% 16.24 0.18

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	288,390.092	224,828.765	28.27	358,921.969	-19.651
Net Written Premiums (NWP)	155,209.995	107,932.366	43.803	289,009.621	-46.295
Net Incurred Claims	132,213.302	111,184.485	18.913	116,967.643	13.034
Net Profit (Loss) of Policy Holders Investment	7,780.976	7,974.648	-2.428	8,072.047	-3.605
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	-1,680.117	1,005.025	-	2,690.319	-
Net Profit (loss) of Shareholders Capital Investment	1,471.881	1,702.679	-13.554	1,747.24	-15.759
Net Profit (Loss) before Zakat	6,780.434	9,551.257	-29.01	11,220.749	-39.572
Total Comprehensive Income	14,047.594	6,694.237	109.846	20,479.452	-31.406
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	647,312.061	523,309.703	23.695
Net Written Premiums (NWP)	444,219.616	342,122.494	29.842
Net Incurred Claims	249,180.945	234,055.343	6.462
Net Profit (Loss) of Policy Holders Investment	15,853.023	16,027.308	-1.087
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	1,010.202	2,460.343	-58.94
Net Profit (loss) of Shareholders Capital Investment	3,219.121	3,089.599	4.192
Net Profit (Loss) before Zakat	18,001.183	19,225.371	-6.367
Total Comprehensive Income	31,194.298	11,670.075	167.301
Total Share Holders Equity (after Deducting Minority Equity)	308,091.861	263,004.075	17.143
Profit (Loss) per Share	0.69	0.9
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 decrease in net profit before zakat is mainly due to the increase in net underwriting costs by 25.4% (SAR 138.8Mn v.s 110.7Mn) while the net revenue increased by 15.7% (SAR 174.0Mn v.s 150.4Mn). This is influenced by the technical result of the medical business which required additional PDR of 2.6Mn.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The decrease in net profit before zakat is mainly due to the increase in net underwriting costs by 14.2% (SAR 138.8Mn v.s 121.5Mn) while the net revenue increased by 9.9% (SAR 174.0Mn v.s 158.3Mn). This is influenced by the technical result of the medical business which required additional PDR of 2.6Mn.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to	The decrease in net profit before zakat is mainly due to the increase in net underwriting costs by 10.3% (SAR 260.4Mn v.s 236.1Mn) while the net revenue increased by 6.8% (SAR 332.3Mn v.s 311.1Mn). This is influenced by the technical result of the medical business which required additional PDR of 3Mn.
Basis of the External Auditor's Opinion	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	It was mentioned in the external auditors review report that the company prepared the interim financial statements in accordance with the International Accounting Standard on interim financial reporting (IAS 34) as endorsed in Kingdom of Saudi Arabia.
Reclassification of Comparison Items	Certain prior period figures have been reclassified to conform to current period presentation.
Additional Information	EPS is calculated based on net profit after Zakat and Income Tax. The Equity, No Minority Interest, reached SR 308,091,861 as at 30/06/2019 compared to SR 276,897,563 as at 31/12/2018 with an increase of 11.3% due to profit achieved during the current period. The comprehensive income for the current quarter amounted to SAR 14,047,594 compared to SAR 6,694,237 for the same quarter of last year, representing an increase of 109.8%, while it decreased by 31.4% compared to previous quarter (SAR 20,479,452). The comprehensive income for the current period amounted to SAR 31,194,298 compared to SAR 11,670,075 for the same period of last year, representing an increase of 167.3%. This is mainly due to the net change in the value of available for sale investments.

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