SABB Takaful Co. announces its Annual Financial Results for the Period Ending on 2021-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 227,946 | 201,681 | 13.023 | ||
| Net Written Premiums (NWP) | 147,002 | 126,991 | 15.757 | ||
| Net Incurred Claims | -97,206 | -80,557 | 20.667 | ||
| Net Profit (Loss) of Policy Holders Investment | 2,280 | 1,940 | 17.525 | ||
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 1,332 | -26,511 | - | ||
| Net Profit (loss) of Shareholders Capital Investment | 6,111 | 6,604 | -7.465 | ||
| Net Profit (Loss) before Zakat | 1,314 | -26,538 | - | ||
| Total Comprehensive Income | -5,066 | -31,747 | -84.042 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 292,277 | 297,343 | -1.703 | ||
| Perpetrating Expenses (First Operation Year) | - | - | - | ||
| Profit (Loss) per Share | -0.17 | -0.92 | |||
| 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 reason for the net profit before Zakat and income tax for the current year 2021 compared to the previous year 2020 is the following:
1- There is a decrease in General and admin expenses by 8.8 Million Saudi Riyals during the year 2021 compared to 2020. The General and admin expenses is 41 Million Saudi Riyals in 2021 compared to 49.8 Million Saudi Riyals in 2020.
2- There is an increase in the Fee and commission income by 3.5 Million Saudi Riyals during the year 2021 compared to 2020. The fee and commission income is 8.9 Million Saudi Riyals in 2021 compared to 5.4 Million Saudi Riyals in 2020.
3- There is a decrease in unexpired risk reserve and non-unit reserve which has positively impacted the changes in unexpired risk reserve and non-unit reserve by 15.3 Million Saudi Riyals during the year 2021 compared to 2020. The change in unexpired risk reserve and non-unit reserve in 2021 is 11.2 (Reversal) Million Saudi Riyals compared to 4.1 Million Saudi Riyals in 2020.
4- There is an increase in the Net contributions earned by 20.3 Million Saudi Riyals during the year 2021 compared to 2020. The Net contributions earned in 2021 is 143.3 million Saudi Riyals compared to 123 million Saudi Riyals in 2020. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Certain of the prior year amounts have been reclassified to conform with the presentation in the current year financial statements of the Company. Note 28 |
| Additional Information | Earning / (loss) per share calculated based on net profit / (loss) after zakat and tax.
The below are the Additional Information which has been added:
1- Note 1 Signing of a binding merger agreement with Walaa Cooperative Insurance Company (“Walaa”).
2- Note 27 Contingencies and commitments. |
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