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19 April 12:03 PM

Buruj Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2020-09-30 ( Nine Months )

BURUJ 8270 -0.42% 19.08 -0.08
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross Written Premiums (GWP) 68,854,463 58,571,086 17.557 42,846,771 60.699
Net Written Premiums (NWP) 56,440,601 47,404,437 19.061 30,781,421 83.359
Net Incurred Claims 33,356,599 71,415,747 -53.292 6,761,020 393.366
Net Profit (Loss) of Policy Holders Investment 2,422,657 5,180,096 -53.231 2,899,501 -16.445
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) -15,426,297 -18,656,317 -17.313 18,074,645 -
Net Profit (loss) of Shareholders Capital Investment 3,164,565 4,361,637 -27.445 1,648,972 91.911
Net Profit (Loss) before Zakat -10,357,084 -9,824,108 5.425 20,030,614 -
Total Comprehensive Income -5,792,181 -11,397,088 -49.178 23,732,809 -
All figures are in (Actual) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross Written Premiums (GWP) 178,754,457 248,096,780 -27.949
Net Written Premiums (NWP) 146,826,521 208,643,117 -29.627
Net Incurred Claims 93,835,777 154,037,067 -39.082
Net Profit (Loss) of Policy Holders Investment 6,924,149 13,189,370 -47.502
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) -10,132,620 -12,188,954 -16.87
Net Profit (loss) of Shareholders Capital Investment 3,097,225 12,005,940 -74.202
Net Profit (Loss) before Zakat -2,220,177 10,628,196 -
Total Comprehensive Income -11,674,570 5,952,041 -
Total Share Holders Equity (after Deducting Minority Equity) 426,484,834 459,496,757 -7.184
Profit (Loss) per Share -0.35 0.06
All figures are in (Actual) 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 for Increase in loss this quarter compared to the same quarter of the previous year is attributed to decrease in combined net profit arising from policy holders and shareholders Investment by 41.44%, and due to the increase in allowance for doubtful debt provision against a release in the provision for the same quarter of the previous year.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for loss this quarter compared to profit in the previous quarter is attributed to the increase in premium deficiency reserves by 30.77% and increase in net claims paid by 49.94%.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to The reason for loss for current period compared to profit for same period of previous year is attributed to decrease in total combined net investment income from policy holders and shareholders by 60.23%, and due to the increase in allowance for doubtful debt provision against a release in the provision for same period of the previous year.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items The comparative amounts of previous period have been reclassified to match with the current period presentation.
Additional Information Loss or earnings per share have been calculated based on net result after Zakat.

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