Saudi Arabian Cooperative Insurance 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) | 777,538 | 795,038 | -2.201 | ||
| Net Written Premiums (NWP) | 567,885 | 532,985 | 6.548 | ||
| Net Incurred Claims | 463,481 | 343,890 | 34.775 | ||
| Net Profit (Loss) of Policy Holders Investment | 2,651 | 3,802 | -30.273 | ||
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -67,664 | 51,969 | - | ||
| Net Profit (loss) of Shareholders Capital Investment | 10,943 | 8,761 | 24.905 | ||
| Net Profit (Loss) before Zakat | -55,538 | 57,584 | - | ||
| Total Comprehensive Income | -62,635 | 47,322 | - | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 292,736 | 356,505 | -17.887 | ||
| Perpetrating Expenses (First Operation Year) | - | - | - | ||
| Profit (Loss) per Share | -2.09 | 1.58 | |||
| 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 loss before zakat during the current year 2021 compared to the net profit for the previous year of 2020 was mainly due to the Increase in Net claims incurred by 35%, an Increase in Policy acquisition costs by 5%, an Increase in General and administrative expenses by 16%, an Increase in Inspection and supervision fees by 6%, and an Increase in doubtful debts by 132%, a decrease in Reinsurance commissions by 24%, a decrease in Other underwriting income by 82%, a decrease in Other income by 16%. , Despite the increase in Net premiums earned by 7%, an increase in Net Profit of Investment by 8%. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | The joint independent auditors report on the annual financial statements states that the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2021, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Chartered and Professional Accountants (SOCPA). |
| Reclassification of Comparison Items | Certain re classifications were made in comparative figures to confirm to the current presentation. |
| Additional Information | Earnings / Losses per share for the period was calculated after Zakat (following the amendment in presentation of Zakat from Statement of Changes in Equity to Statement of Income).
The Earnings / Losses per Share (EPS) for the current period is SAR (2.09) loss compared to SAR 1.58 earnings for the previous period in 2020 Which was calculated based on weighted average number of shares which are 30,000 thousand shares for the period ended December 31, 2021. Accordingly shares for the period ended December 31, 2020.
The total shareholder equity (no minority rights) for the current period is 292,736 thousand versus 356,505 thousand riyals for the same period of 2020 with a decrease of 18%. |
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