Buruj Cooperative Insurance Co. 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) | 58,571,086 | 71,395,010 | -17.961 | 84,638,685 | -30.798 |
Net Written Premiums (NWP) | 47,404,437 | 60,060,429 | -21.072 | 64,646,221 | -26.67 |
Net Incurred Claims | 71,415,747 | 34,695,072 | 105.838 | 48,750,140 | 46.493 |
Net Profit (Loss) of Policy Holders Investment | 5,180,096 | 2,000,762 | 158.906 | 4,491,368 | 15.334 |
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | -18,656,317 | 23,315,999 | - | -3,233,310 | 477.003 |
Net Profit (loss) of Shareholders Capital Investment | 4,361,637 | 3,109,175 | 40.282 | 2,373,088 | 83.795 |
Net Profit (Loss) before Zakat | -9,824,105 | 25,459,224 | - | 2,958,704 | - |
Total Comprehensive Income | -11,397,088 | 24,567,195 | - | 4,338,758 | - |
All figures are in (Actual) Saudi Arabia, Riyals |
Element List | Current Period | Similar period for previous year | %Change |
---|---|---|---|
Gross Written Premiums (GWP) | 248,096,780 | 253,723,956 | -2.217 |
Net Written Premiums (NWP) | 208,643,117 | 217,966,476 | -4.277 |
Net Incurred Claims | 154,037,067 | 140,338,002 | 9.761 |
Net Profit (Loss) of Policy Holders Investment | 13,189,370 | 8,725,065 | 51.166 |
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | -12,188,954 | 57,242,175 | - |
Net Profit (loss) of Shareholders Capital Investment | 12,005,940 | 6,808,920 | 76.326 |
Net Profit (Loss) before Zakat | 10,628,196 | 64,407,577 | -83.498 |
Total Comprehensive Income | 5,952,041 | 51,844,122 | -88.519 |
Total Share Holders Equity (after Deducting Minority Equity) | 459,496,757 | 448,820,638 | 2.378 |
Profit (Loss) per Share | 0.06 | 1.83 | |
All figures are in (Actual) 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 | Reason of loss for quarter compared with same quarter last year is due to decrease in net earned premiums by 18.6% and increase in net incurred claims by 105.8% mainly from the increase in net change of outstanding claims. |
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Reason of loss for quarter compared to previous quarter is due to achieving an underwriting deficit mainly from the increase in net incurred claims by 46.5%. |
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to | Reason of decrease in profits for period compared with same period last year is due to decrease in underwriting surplus by 72.2% mainly from the decrease of net earned premiums by 22.8% and increase of net incurred claims by 9.8% and decrease of other underwriting income by 40.5%. |
Basis of the External Auditor's Opinion | Unmodified opinion |
Reclassification of Comparison Items | In pursuance of complying with IFRSs that are endorsed in KSA, the Company has amended its accounting policy to charge the zakat expense for the period to the statement of income whereas the corresponding liability will continue to be recognized in the statement of financial position. Previously, zakat was charged directly to the statement of changes in equity. In addition to the above, some items have been re-classified to conform to current period presentation. |
Additional Information | (1) Earnings per share for the current and prior period have been calculated based on net income after Zakat and divided by 30 million shares to give a retroactive effect of change in the number of shares increased as a result of the bonus shares issued.
(2) Total comprehensive loss for insurance operations for the current quarter is SAR (2,988,327) compared to comprehensive income SAR 2,709,803 for the same quarter prior year, and compared to comprehensive loss SAR (530,303) for the preceding quarter, an increase of 463.5%. Total comprehensive loss for shareholders operations for the current quarter is SAR (11,397,088) compared to comprehensive income SAR 24,567,195 for the same quarter prior year and compared to SAR 4,338,758 for the preceding quarter. Total comprehensive loss for insurance operations for the current period is SAR (1,454,718) compared to comprehensive income SAR 8,311,266 for the same period prior year. Total comprehensive income for shareholders operations for the current period is SAR 5,952,041 compared to SAR 51,844,122 for the same period prior year, a decrease of 88.5%. |
Comments