Alinma Tokio Marine 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) | 331,141 | 353,591 | -6.349 | ||
| Net Written Premiums (NWP) | 169,281 | 196,748 | -13.96 | ||
| Net Incurred Claims | -117,785 | -151,748 | -22.381 | ||
| Net Profit (Loss) of Policy Holders Investment | 630 | 1,205 | -47.717 | ||
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | -39,302 | -36,040 | 9.051 | ||
| Net Profit (loss) of Shareholders Capital Investment | 8,220 | 6,758 | 21.633 | ||
| Net Profit (Loss) before Zakat | -34,031 | -31,746 | 7.197 | ||
| Total Comprehensive Income | -37,948 | -37,450 | 1.329 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 207,050 | 244,998 | -15.489 | ||
| Perpetrating Expenses (First Operation Year) | - | - | - | ||
| Profit (Loss) per Share | -1.27 | -1.24 | |||
| 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 | Increase in net loss for the year compared with the last year is due to decrease in gross written premiums by 6.35%, increase in changes in unit linked reserves by 65.63%. This increase in loss is partly offset by decrease in net incurred claims by 22.38%, higher reinsurance commission earned by 5.32%, reversal in provision for doubtful debts by SR 6.2M, decrease in zakat and tax charge by 22.22% and increase in overall investment income by 16.7%. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | No Reservation reported in External Auditor’s opinion. |
| Reclassification of Comparison Items | Certain prior year figures have been reclassified to be consistent with the presentation in the current year. |
| Additional Information | From 01 January 2019, the Company has adopted International Financial Reporting Standard (IFRS) 16 with no material impact on its Financial Statements. The Company is in the process of adopting IFRS 9 and IFRS 17 and its impact has been disclosed in the Financial Statements.
In addition, previously financial statements were prepared in accordance with IFRS as modified by SAMA for the accounting of zakat and income tax’, which requires, adoption of all IFRSs as issued by the International Accounting Standards Board (“IASB”) except for the application of International Accounting Standard (IAS) 12 - “Income Taxes” and IFRIC 21 - “Levies” so far as these relate to zakat and income tax, and other standards and pronouncements issued by Saudi Organization for Certified Public Accountants ("SOCPA"). As per Circular no. 2019/23099 dated 26 Shaban 1440H, (corresponding to 1 May 2019), SAMA instructed the Insurance Companies in the Kingdom of Saudi Arabia to account for the zakat and income taxes in the statement of income. This aligns with the IFRSs and its interpretations as issued by the International Accounting Standards Board (“IASB”). Accordingly, the Company changed its accounting treatment for zakat and income tax by retrospectively adjusting the impact in line with International Accounting Standard 8 - Accounting Policies Changes in Accounting Estimates and Errors and the effects of this change is disclosed in note 16 to the financial statements.
In addition to the above Earnings per share calculation is based on Net Profit after Zakat.
The Shareholders’ Equity for the current year is SAR 207,050 thousand, compared to SAR 244,998 thousand for the last year, with a decrease of 15.49%.
Total comprehensive loss for the year is SAR 37,948 thousand, which is an increase of 1.33% compared to last year, where we reported a loss of SAR 37,450 thousand.
The accumulated losses as at 31 December 2019 amounted to SAR 92,604 thousand which is 30.87% of the share capital.
Loss per share for the year ended 31 December 2019 is 1.27, which is an increase of 2.42% as compared to last year. |
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