CHUBB Arabia Cooperative Insurance 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) | 50,863 | 52,721 | -3.524 | 93,041 | -45.332 |
| Net Written Premiums (NWP) | 17,284 | 25,456 | -32.102 | 46,452 | -62.791 |
| Net Incurred Claims | 9,918 | 7,593 | 30.62 | 4,834 | 105.171 |
| Net Profit (Loss) of Policy Holders Investment | 1,121 | 470 | 138.51 | 981 | 14.271 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 1,817 | 10,742 | -83.085 | 8,882 | -79.542 |
| Net Profit (loss) of Shareholders Capital Investment | 2,644 | 1,346 | 96.433 | 2,073 | 27.544 |
| Net Profit (Loss) before Zakat | 3,823 | 10,270 | -62.775 | 9,635 | -60.321 |
| Total Comprehensive Income | 3,041 | 8,289 | -63.312 | 9,635 | -68.437 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 143,905 | 151,588 | -5.068 |
| Net Written Premiums (NWP) | 63,736 | 76,914 | -17.133 |
| Net Incurred Claims | 14,753 | 15,739 | -6.264 |
| Net Profit (Loss) of Policy Holders Investment | 2,102 | 638 | 229.467 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 10,699 | 22,248 | -51.91 |
| Net Profit (loss) of Shareholders Capital Investment | 4,717 | 2,413 | 95.482 |
| Net Profit (Loss) before Zakat | 13,458 | 20,909 | -35.635 |
| Total Comprehensive Income | 10,727 | 16,968 | -36.78 |
| Total Share Holders Equity (after Deducting Minority Equity) | 303,795 | 273,740 | 10.979 |
| Profit (Loss) per Share | 0.54 | 0.85 | |
| 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 reasons for the decrease in the net profit before Zakat are due to a decrease in Net Premium Earned, an increase in the Net Claim Incurred, and an increase in Allowance for Doubtful Debts |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The reasons for the decrease in the net profit before Zakat are due to an increase in the Net Claim Incurred, an increase in the General & Admin Exp., and an increase in Allowance for Doubtful Debts |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to | The reasons for the decease in the net profit before Zakat are due to a decrease in Net Premium Earned, an increase in the General & Admin Exp., and an increase in Allowance for Doubtful Debts |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Some numbers within the financial results have been re-classified for comparative reasons. The re-classification does not have material financial impact on the net underwriting results or net income before zakat & Tax. Zakat & Tax expense for the period has been re-classified from statement of changes in equity to the comprehensive income statement in accordance with the International Financial Reporting Standards (IFRS), and the instructions and standards adopted by the Saudi Organization for Certified Public Accountants(SOCPA) which resulted in change in comparative Earning per Share numbers |
| Additional Information | 1. Profit per share was calculated after Zakat and Income Tax.
2. Total shareholders equity (there are no minority rights) as at 30/06/2019 SAR 303,795 thousand compared to SAR 273,740 thousand for the same period of last year with an increase of 10.98%. 3. The total comprehensive income for the current quarter is SAR 3,041 thousand compared to SAR 8,289 thousand for the same quarter last year, a decrease of 63.31 %. |
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