Wataniya Insurance Co. announces its Annual Financial Results for the Period Ending on 2019-12-31
Element List | Current Year | Previous Year | %Change | ||
---|---|---|---|---|---|
Gross Written Premiums (GWP) | 735,044 | 712,324 | 3.189 | ||
Net Written Premiums (NWP) | 415,706 | 420,669 | -1.179 | ||
Net Incurred Claims | 316,100 | 247,566 | 27.683 | ||
Net Profit (Loss) of Policy Holders Investment | - | - | - | ||
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 25,122 | 23,533 | 6.752 | ||
Net Profit (loss) of Shareholders Capital Investment | 5,357 | 1,773 | 202.143 | ||
Net Profit (Loss) before Zakat | 23,783 | 20,433 | 16.395 | ||
Total Comprehensive Income | 17,511 | 12,196 | 43.579 | ||
Total Share Holders Equity (after Deducting Minority Equity) | 258,270 | 239,575 | 7.803 | ||
Perpetrating Expenses (First Operation Year) | - | - | - | ||
Profit (Loss) per Share | 0.92 | 0.86 | |||
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 | The increase in the Company’s profit in 2019, compared to a profit in 2018 was mainly due to increase in commission income on deposits by SR. 2,326 thousand and increase in unrealized gain on investments by SR. 3,584 thousand |
Basis of the External Auditor's Opinion | Unmodified opinion |
Reclassification of Comparison Items | The financial statements have been restated to reflect the change in the accounting policy for zakat and income tax. The change has resulted in a decrease in the net comprehensive income of the Company for the period ended 31 December 2018 by SR 6,873 thousand. The change has had no impact on the statement of cash flows for the period ended 31 December 2018. |
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