Al Alamiya for 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) | 41,297 | 56,330 | -26.687 | 71,512 | -42.251 |
| Net Written Premiums (NWP) | 22,911 | 31,419 | -27.079 | 39,102 | -41.407 |
| Net Incurred Claims | 13,541 | 13,243 | 2.25 | 12,554 | 7.862 |
| Net Profit (Loss) of Policy Holders Investment | 1,748 | 878 | 99.088 | 1,618 | 8.034 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 4,252 | 4,521 | -5.95 | 5,112 | -16.823 |
| Net Profit (loss) of Shareholders Capital Investment | 2,453 | 1,843 | 33.098 | 2,104 | 16.587 |
| Net Profit (Loss) before Zakat | 7,489 | 6,187 | 21.044 | 7,777 | -3.703 |
| Total Comprehensive Income | 6,976 | 3,209 | 117.388 | 7,174 | -2.759 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 112,809 | 157,069 | -28.178 |
| Net Written Premiums (NWP) | 62,013 | 94,204 | -34.171 |
| Net Incurred Claims | 26,095 | 22,349 | 16.761 |
| Net Profit (Loss) of Policy Holders Investment | 3,366 | 1,726 | 95.017 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 9,364 | 14,189 | -34.005 |
| Net Profit (loss) of Shareholders Capital Investment | 4,557 | 3,436 | 32.625 |
| Net Profit (Loss) before Zakat | 15,266 | 16,735 | -8.778 |
| Total Comprehensive Income | 14,150 | 11,151 | 26.894 |
| Total Share Holders Equity (after Deducting Minority Equity) | 403,266 | 389,116 | 3.636 |
| Profit (Loss) per Share | 0.27 | 0.3 | |
| 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 increase in the net profit for the quarter compared with the same quarter of the previous year is due to higher reinsurance commissions, higher other income, higher investment income, lower general and administrative expenses, lower allowance for doubtful debts and lower policy acquisition costs. This increase in the profit is partly offset by lower net premiums earned and higher net claims incurred. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The decrease in the net profit for the quarter compared with the previous quarter is due to lower net premiums earned, higher net claims incurred and lower allowance for doubtful debts. This decrease in the profit is partly offset by higher reinsurance commissions, higher other income, higher investment income and lower policy acquisition costs. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to | The decrease in the net profit for the period compared with the same period of the previous year is due to lower net premiums earned, higher net claims incurred. This decrease in the profit is partly offset by lower allowance for doubtful debts, higher investment income, higher other income, higher reinsurance commissions and lower policy acquisition costs. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | The financial statements are prepared based on IFRS as endorsed by SOCPA where zakat and income tax are charged in the "Statement of Income" as per the requirements of IAS 12 and IFRIC 21. Changes are applied retrospectively and comparatives numbers are restated as per the requirements of IAS 12 and IFRIC 21. |
| Additional Information | The total shareholders' equity (there is no minority equity) for the current period reached SAR 403,266 thousands compared to SAR 379,533 thousands for the same period last year reflecting an increase of 6.25%.The net comprehensive income for the current period is SAR 14,150 thousands compared to SAR 11,151 thousands for the same period last year with a increase of 26.89%. The net comprehensive income for the current quarter is SAR 6,976 thousands compared to SAR 3,209 thousands for the same quarter last year with a increase of 117.39% and SAR 7,174 thousands for the previous quarter (reflecting a decrease of 2.76%).
The Earnings per Share (EPS) for the current period is SR 0.27 versus SR 0.30 for the same period last year. |
Comments