Al-Rajhi Company for Cooperative Insurance 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) | 544,658 | 638,164 | -14.652 | 843,573 | -35.434 |
| Net Written Premiums (NWP) | 524,084 | 610,744 | -14.189 | 826,149 | -36.563 |
| Net Incurred Claims | 549,001 | 588,402 | -6.696 | 626,873 | -12.422 |
| Net Profit (Loss) of Policy Holders Investment | 18,978 | 15,308 | 23.974 | 19,442 | -2.386 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 29,418 | 38,243 | -23.076 | -18,271 | - |
| Net Profit (loss) of Shareholders Capital Investment | 7,107 | 4,298 | 65.355 | 2,864 | 148.149 |
| Net Profit (Loss) before Zakat | 51,076 | 52,884 | -3.418 | 4,384 | 1,065.054 |
| Total Comprehensive Income | 49,170 | 60,962 | -19.343 | 14,012 | 250.913 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 1,388,231 | 1,653,849 | -16.06 |
| Net Written Premiums (NWP) | 1,350,233 | 1,595,530 | -15.374 |
| Net Incurred Claims | 1,175,874 | 1,178,993 | -0.264 |
| Net Profit (Loss) of Policy Holders Investment | 38,420 | 30,374 | 26.489 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 11,147 | 65,197 | -82.902 |
| Net Profit (loss) of Shareholders Capital Investment | 9,971 | 7,113 | 40.179 |
| Net Profit (Loss) before Zakat | 55,460 | 94,245 | -41.153 |
| Total Comprehensive Income | 63,182 | 105,675 | -40.211 |
| Total Share Holders Equity (after Deducting Minority Equity) | 826,626 | 697,748 | 18.47 |
| Profit (Loss) per Share | 1.12 | 2.15 | |
| 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 Profit before Zakat is mainly due to decrease in net contributions earned by 5.56%, however both policyholder and shareholder investment income increased by 23.97% and 65.36 % respectively, allowance for doubtful debts decreased by 78.00% and General & Administrative expenses increased by 8.41%. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The increase in Profit before Zakat is due to increase in net underwriting surplus of SR 29,418 thousands against net underwriting deficit of SR 18,271 thousand for Q1-2019 mainly due to decrease in net incurred claims and increase in shareholder investment income. General & Administrative expenses increased by 50.46 % |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to | The decrease in Profit before Zakat is due to decrease in net contributions earned by SR 62,038 thousand (4.31%), partly offset by 69.51% decrease in allowance for doubtful debts, decrease in general and administrative expenses by 4.25% and increase in investment income for both policyholders and shareholders. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | The comparative amounts of previous periods have been reclassified to match with the current presentation. The company hereby confirms that there are no classification changes in the net underwriting surplus or net profit before Zakat. |
| Additional Information | "According to instructions issued regarding treatment of Zakat, the Company has accounted for this change in the accounting for zakat through income statement retrospectively.
Earning per share (EPS) for the period was calculated based on the Profit after Zakat." |
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