Arabia Insurance Cooperative Co. announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

11 June 2020 09:30 AM

AICC 8160 -0.79% 12.50 -0.10

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	120,920	91,733	31.817	55,975	116.025
Net Written Premiums (NWP)	99,853	70,716	41.202	31,955	212.48
Net Incurred Claims	38,467	48,653	-20.936	39,981	-3.786
Net Profit (Loss) of Policy Holders Investment	289	372	-22.311	321	-9.968
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	-2,248	-5,296	-57.552	-9,120	-75.35
Net Profit (loss) of Shareholders Capital Investment	2,397	-71	-	5,237	-54.229
Net Profit (Loss) before Zakat	190	-5,199	-	-3,871	-
Total Comprehensive Income	-2,331	-3,359	-30.604	-6,466	-63.949
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)	213,576	247,395	-13.67
Profit (Loss) per Share	-0.05	-0.24
All figures are in (Thousands) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	51,546	265,000	19.45
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 reason behind the recognition of net profit during the three months period compared to net loss of the corresponding period of the previous year is due to the decrease in net claims incurred the increase in net investment income of shareholders capital.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The reason behind the recognition of net profit during the three months period compared to net loss of the previous quarter is due to the decrease in net claims incurred and increase in net premiums earned.
Basis of the External Auditor's Opinion	Unmodified opinion
Reclassification of Comparison Items	Certain reclassifications were made in comparative numbers to conform to the current period.
Additional Information	Starting from the quarter ended 30 June 2019, Zakat and tax are to be accrued on a quarterly basis and recognized in statement of income with a corresponding liability recognized in the statement of financial position in accordance with International Financial Reporting Standard (IFRS) and other standards and pronouncements endorsed by SOCPA. As such, net loss after Zakat for the current year is SR 1,310 thousand in comparison to SR 6,349 thousand for the previous year. Loss per share calculated after Zakat and income tax.

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