Al-Rajhi Company for Cooperative Insurance announces its Annual Financial Results for the Period Ending on 2020-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 2,732,873 | 2,569,804 | 6.345 | ||
| Net Written Premiums (NWP) | 2,316,152 | 2,436,136 | -4.925 | ||
| Net Incurred Claims | 1,604,466 | 2,208,377 | -27.346 | ||
| Net Profit (Loss) of Policy Holders Investment | 62,805 | 72,738 | -13.655 | ||
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 198,785 | 23,728 | 737.765 | ||
| Net Profit (loss) of Shareholders Capital Investment | 15,553 | 20,518 | -24.198 | ||
| Net Profit (Loss) before Zakat | 251,846 | 108,885 | 131.295 | ||
| Total Comprehensive Income | 237,162 | 106,818 | 122.024 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 1,112,381 | 875,219 | 27.097 | ||
| Perpetrating Expenses (First Operation Year) | - | - | - | ||
| Profit (Loss) per Share | 5.68 | 2.15 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The Net Profit before Zakat has increased by SAR 142,961 thousand (131.30%) primarily due to improvement in net claims cost by SAR 603,911 thousand (27.35%), increase in Re-takaful/ re-insurance commission income by SAR 13,004 thousand (134.60%) which are partly offset by a reduction in net earned premium of SAR 306,053 thousand (11.60%), increase in policy acquisition costs by SAR 39,163 (35.49%) and increase in allowance of doubtful debt by SAR 26,384 thousand (148.57%). Further, the general and administrative expenses increased by SAR 56,824 (23.56%) compared to last year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the presentation of the current year. These changes have been made to better reflect the balances and transactions in the financial statements of the Company. The Company asserts that there is no financial impact of these re-classifications on Net Results from Insurance Operations, Net Income, Retained Earnings, and Equity. |
| Additional Information | Total Comprehensive Income for the current year is SAR 237,162 thousand versus SAR 106,818 thousand for the previous year, an increase of 122.02%.
Earning per share (EPS) for the period has been calculated based on the Profit after Zakat. |
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