Arabia Insurance Cooperative Co. announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )

06 November 2019 08:50 AM

AICC 8160 0.14% 14.22 0.02

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	111,008	96,210	15.38	73,702	50.617
Net Written Premiums (NWP)	68,892	63,360	8.731	45,819	50.356
Net Incurred Claims	41,530	33,008	25.817	41,329	0.486
Net Profit (Loss) of Policy Holders Investment	361	474	-23.839	392	-7.908
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	-16,570	333	-	-12,203	35.786
Net Profit (loss) of Shareholders Capital Investment	998	669	49.177	-300	-
Net Profit (Loss) before Zakat	-16,215	1,147	-	-12,476	29.969
Total Comprehensive Income	-15,291	-3,282	365.904	-9,731	57.136
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	276,443	290,336	-4.785
Net Written Premiums (NWP)	185,427	205,322	-9.689
Net Incurred Claims	131,512	100,874	30.372
Net Profit (Loss) of Policy Holders Investment	1,125	1,341	-16.107
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	-34,069	2,013	-
Net Profit (loss) of Shareholders Capital Investment	627	3,916	-83.988
Net Profit (Loss) before Zakat	-33,890	6,283	-
Total Comprehensive Income	-28,380	-2,029	1,298.718
Total Share Holders Equity (after Deducting Minority Equity)	222,374	253,021	-12.112
Profit (Loss) per Share	-1.4	0.05
All figures are in (Thousands) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	45,050	265,000	17
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 reason behind the recognition of net loss during the three months period compared to net profit of the corresponding period of the previous year is due to the increase in both net claims incurred and premium deficiency reserve, and the decrease net earned premiums.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The reason behind the increase in net loss during the three months period compared to net loss of the previous quarter is due to the decrease net reinsurance commission earned and the increase in premium deficiency reserve.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to	The reason behind the recognition of net loss during the current period compared to net profit of the corresponding period of the previous year is due to the increase in both net claims incurred and impairment of available for sale investments, and the decrease in net reinsurance commission earned.
Basis of the External Auditor's Opinion	Unmodified opinion
Reclassification of Comparison Items	Certain reclassifications were made in comparative numbers to conform to the current period.
Additional Information	Starting from the quarter ended 30 June 2019, Zakat and tax are to be accrued on a quarterly basis and recognized in statement of income with a corresponding liability recognized in the statement of financial position in accordance with International Financial Reporting Standard (IFRS) and other standards and pronouncements endorsed by SOCPA. As such, net loss after Zakat for the current period is SR 37,128 thousand in comparison to net profit after Zakat of SR 1,337 thousand for the same period last year. While, net loss after Zakat for the current quarter is SR 17,269 thousand in comparison to SR 909 thousand for the same quarter last year. Earning/loss per share calculated after Zakat and income tax.

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