The Company for Cooperative Insurance announces its Annual Financial Results for the Period Ending on 2019-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 8,375,860 | 7,641,245 | 9.613 | ||
| Net Written Premiums (NWP) | 6,712,024 | 6,527,089 | 2.833 | ||
| Net Incurred Claims | 5,812,986 | 6,571,667 | -11.544 | ||
| Net Profit (Loss) of Policy Holders Investment | 150,425 | 28,400 | 429.665 | ||
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 192,405 | -455,209 | - | ||
| Net Profit (loss) of Shareholders Capital Investment | 101,768 | 218,099 | -53.338 | ||
| Net Profit (Loss) before Zakat | 402,165 | -213,339 | - | ||
| Total Comprehensive Income | 691,468 | -318,160 | - | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 2,399,458 | 1,899,053 | 26.35 | ||
| Perpetrating Expenses (First Operation Year) | - | - | - | ||
| Profit (Loss) per Share | 2.62 | -2.23 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to | Net Profit before zakat, for the current year is SAR 402,165K compared to a loss of SAR 213,339K for last year, which is mainly attributable to the net underwriting income for this year of SAR 769,955K versus net underwriting income of SAR 32,727K for last year. Improvement in operations results by SAR 192,405K, compared to a deficit in the last year amounting to SAR 455,209K, mainly due to the corrective actions taken by the company to improve the performance of the insurance portfolio. Where the net incurred claims declined substantially compared to last year by 11.54%, with slightly decrease in net earned premiums of 2.67% compared to the last year. Decrease in Policy Acquisition Cost compared to last year of SAR 30,568K, a decrease of 7.83%. Decrease in Other underwriting expenses compared to last year of SAR 124,186K, a decrease of 90.08%, The main reason for the decrease is due to reversal of the withholding tax provision after a settlement for Zakat and Tax for prior fiscal years. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | The independent auditors report on the annual financial statements states that the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2019, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRSs”) as endorsed in the Kingdom of Saudi Arabia and other standards and other pronouncements issued by Saudi Organization for Certified Public Accountants (“SOCPA”) (collectively referred to as “IFRS as endorsed in KSA”). |
| Reclassification of Comparison Items | Certain prior year amounts have been reclassified for consistency with the current year presentation only. These changes were made for better presentation of the balances and transactions in annual financial statements of the Company. |
| Additional Information | Starting from the quarter ended 30 June 2019, Zakat is to be accrued at end of each financial reporting period and recognized in statement of income with corresponding liability recognized in statement of financial position in accordance with International Financial Reporting Standards (IFRS) and other standards and pronouncements issued by the Saudi Organisation for Certified Public Accountants (“SOCPA”).
In addition to the above, EPS calculated based on Net Profit after Zakat. |
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