Al-Rajhi Company for Cooperative Insurance announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 669,016 | 544,658 | 22.832 | 787,542 | -15.05 |
| Net Written Premiums (NWP) | 486,229 | 524,084 | -7.223 | 727,348 | -33.15 |
| Net Incurred Claims | 380,221 | 549,001 | -30.743 | 433,591 | -12.308 |
| Net Profit (Loss) of Policy Holders Investment | 16,471 | 18,978 | -13.21 | 15,093 | 9.13 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 84,581 | 29,418 | 187.514 | 20,864 | 305.392 |
| Net Profit (loss) of Shareholders Capital Investment | 4,643 | 7,107 | -34.67 | 3,689 | 25.86 |
| Net Profit (Loss) before Zakat | 95,706 | 51,076 | 87.379 | 36,325 | 163.471 |
| Total Comprehensive Income | 119,972 | 49,170 | 143.994 | -9,928 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 1,456,558 | 1,388,231 | 4.921 |
| Net Written Premiums (NWP) | 1,213,577 | 1,350,233 | -10.12 |
| Net Incurred Claims | 813,812 | 1,175,874 | -30.79 |
| Net Profit (Loss) of Policy Holders Investment | 31,564 | 38,420 | -17.844 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 105,445 | 11,147 | 845.949 |
| Net Profit (loss) of Shareholders Capital Investment | 8,332 | 9,971 | -16.437 |
| Net Profit (Loss) before Zakat | 132,031 | 55,460 | 138.065 |
| Total Comprehensive Income | 110,044 | 63,182 | 74.169 |
| Total Share Holders Equity (after Deducting Minority Equity) | 971,562 | 826,626 | 17.533 |
| Profit (Loss) per Share | 2.98 | 1.12 | |
| 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 Net Profit before Zakat has increased by SR 44,630 thousand primarily due to improvement in claims cost by SAR 168,780 thousand (30.74%) which is partly offset by a reduction in net earned premium of SAR 113,157 thousand (16.47%) and increase in general and administrative expenses compared to the same quarter of last year. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The Net Profit before Zakat has increased by SR 59,381 thousand primarily due to the improvement in claims cost by SAR 53,370 thousand (12.31%) which is partly offset by a reduction in net earned premium of SAR 15,672 thousand (2.66%) and decrease in general and administrative expenses compared to the previous quarter. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to | The Net Profit before Zakat has increased by SR 76,571 thousand primarily due to the improvement in claims cost by SAR 362,062 thousand (30.79%) which is partly offset by a reduction in net earned premium of SAR 215,363 thousand (15.62%) and increase in general and administrative expenses compared to the same period of last year. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | The comparative amounts of previous periods 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 profit before Zakat. |
| Additional Information | "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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