Al-Rajhi Company for Cooperative Insurance announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 583,385 | 703,387 | -17.06 | 544,658 | 7.11 |
| Net Written Premiums (NWP) | 548,882 | 672,214 | -18.347 | 524,084 | 4.731 |
| Net Incurred Claims | 486,610 | 540,441 | -9.96 | 549,001 | -11.364 |
| Net Profit (Loss) of Policy Holders Investment | 16,265 | 16,173 | 0.568 | 18,978 | -14.295 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 44,042 | 64,760 | -31.991 | 29,418 | 49.711 |
| Net Profit (loss) of Shareholders Capital Investment | 5,991 | 3,977 | 50.641 | 7,107 | -15.702 |
| Net Profit (Loss) before Zakat | 60,580 | 77,410 | -21.741 | 51,076 | 18.607 |
| Total Comprehensive Income | 51,558 | 75,561 | -31.766 | 49,170 | 4.856 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 1,971,616 | 2,357,236 | -16.358 |
| Net Written Premiums (NWP) | 1,899,115 | 2,267,745 | -16.255 |
| Net Incurred Claims | 1,662,484 | 1,719,435 | -3.312 |
| Net Profit (Loss) of Policy Holders Investment | 54,685 | 46,546 | 17.485 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 55,189 | 129,957 | -57.532 |
| Net Profit (loss) of Shareholders Capital Investment | 15,962 | 11,090 | 43.931 |
| Net Profit (Loss) before Zakat | 116,040 | 171,655 | -32.399 |
| Total Comprehensive Income | 114,740 | 181,236 | -36.69 |
| Total Share Holders Equity (after Deducting Minority Equity) | 872,154 | 767,792 | 13.592 |
| Profit (Loss) per Share | 2.47 | 3.93 | |
| 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 primarily due to decrease in net contributions earned by 88,102 thousand (12.11)% partly offset by increase in both policyholder and shareholder investment income by 0.57% and 50.64 % respectively. The increase of 12.29% in General & Administrative was offset by a decrease of 71.00% in allowances for doubtful debts. |
| 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 by 49.71 % mainly due to improvement in net incurred claims cost by 11.36 % . |
| 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 primarily due to decrease in net contributions earned by SR 150,240 thousand (6.93%), partly offset by 70.63% decrease in allowance for doubtful debts and increase in both policyholder and shareholder investment income by 17.48% and 43.93% respectively |
| 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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