Al-Rajhi 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) | 2,569,804 | 2,973,594 | -13.579 | ||
| Net Written Premiums (NWP) | 2,436,136 | 2,863,003 | -14.909 | ||
| Net Incurred Claims | 2,208,377 | 2,321,015 | -4.852 | ||
| Net Profit (Loss) of Policy Holders Investment | 72,738 | 66,656 | 9.124 | ||
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 23,728 | 121,040 | -80.396 | ||
| Net Profit (loss) of Shareholders Capital Investment | 20,518 | 13,821 | 48.455 | ||
| Net Profit (Loss) before Zakat | 108,885 | 185,027 | -41.151 | ||
| Total Comprehensive Income | 116,465 | 189,111 | -38.414 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 875,219 | 768,401 | 13.901 | ||
| Perpetrating Expenses (First Operation Year) | - | - | - | ||
| Profit (Loss) per Share | 2.15 | 4.14 | |||
| 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 decrease in Profit before Zakat is primarliy due to decrease in net underwriting income by SR 117,587 thousand (29.38%) mainly due to decrease in net earned premium and increase in net incurred claims ratio, which is partly offset by SR 32,769 thousand (64.86%) decrease in allowance for doubtful debts and increase in both policyholder and shareholder investment income by 9.12 % and 48.46 %, respectively |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | The comparative amounts of the previous year have been reclassified to match with the current presentation. The company hereby confirms that there are no classification changes in the net underwriting surplus or net income before Zakat. |
| Additional Information | "Takaful Operations' Comprehensive income for the current year is SAR 14,302 thousand versus SAR 13,059 thousand for the previous year, or a increase of 9.52 %.
Shareholders' Operations' Comprehensive income for the current year is SAR 102,163 thousand versus SAR 176,052 thousand for the previous year or a decrease of 41.97 %.
According to instructions issued regarding treatment of zakat, the Company has accounted for this change in the accounting for zakat through income statement retrospectively.
Earning per share (EPS) for the period was calculated based on the Profit after Zakat. " |
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