Wataniya Insurance Co. announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 302,768 | 270,903 | 11.762 | 125,353 | 141.532 |
| Net Written Premiums (NWP) | 148,749 | 146,070 | 1.834 | 66,969 | 122.116 |
| Net Incurred Claims | 74,217 | 79,824 | -7.024 | 57,710 | 28.603 |
| Net Profit (Loss) of Policy Holders Investment | - | - | - | - | - |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | -3,237 | 7,863 | - | 34,815 | - |
| Net Profit (loss) of Shareholders Capital Investment | -1,513 | 1,588 | - | 1,519 | - |
| Net Profit (Loss) before Zakat | -7,023 | 7,137 | - | 36,609 | - |
| Total Comprehensive Income | -8,219 | 6,966 | - | 34,513 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 250,576 | 245,059 | 2.251 |
| Profit (Loss) per Share | -0.41 | 0.25 | |
| 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 main reason for loss in the first quarter of 2020 compared to the profit in the first quarter of 2019 was due to increase in the other operating expenses by SR 15,790 thousand. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The main reason for the loss in the first quarter of 2020 as compared to the profit in the last quarter of 2019 was due to the increase in the net claims incurred by SR 16,507 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 March 2019 by SR 2,224 thousand. The change has had no impact on the statement of cash flows for the period ended 31 March 2019. |
| Additional Information | The total of shareholders’ equity (there are no minority rights) for the current period amounted to SR. 250,051 thousand compared with SR. 245,059 thousand for the same period last year which is an increase of 2%.
The total comprehensive loss for the current quarter is SAR 8,219 thousand compared to a total comprehensive profit of SAR 4,742 thousand for the same quarter last year and as compared to total comprehensive profit of SAR 34,513 thousand for the previous quarter.
loss per share calculated after Zakat and income tax. |
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