Allianz Saudi Fransi Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 262,019.86 | 246,416.22 | 6.33 | 209,869.32 | 24.85 |
| Net Written Premiums (NWP) | 135,643.41 | 119,909.19 | 13.12 | 135,723.03 | -0.06 |
| Net Incurred Claims | 85,483.56 | 66,172.47 | 29.18 | 96,247.82 | -11.18 |
| Net Profit (Loss) of Policy Holders Investment | 1,019.86 | 1,021.52 | -0.16 | 1,296.03 | -21.31 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 1,657.19 | 484.71 | 241.89 | -1,971.69 | - |
| Net Profit (loss) of Shareholders Capital Investment | 4,195.42 | 2,651.19 | 58.25 | 3,917.18 | 7.1 |
| Net Profit (Loss) before Zakat | 6,919.48 | 3,932.01 | 75.98 | 3,194.52 | 116.6 |
| Total Comprehensive Income | -9,157.37 | 3,412.02 | - | -13,701.39 | -33.16 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 471,888.18 | 475,089.23 | -0.67 |
| Net Written Premiums (NWP) | 271,366.44 | 231,072.68 | 17.44 |
| Net Incurred Claims | 181,731.38 | 158,745.54 | 14.48 |
| Net Profit (Loss) of Policy Holders Investment | 2,315.89 | 1,988.52 | 16.46 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -314.49 | 2,596.52 | - |
| Net Profit (loss) of Shareholders Capital Investment | 8,112.6 | 4,828.61 | 68.01 |
| Net Profit (Loss) before Zakat | 10,114 | 8,988.22 | 12.53 |
| Total Comprehensive Income | -22,858.76 | -1,069.13 | 2,038.07 |
| Total Share Holders Equity (after Deducting Minority Equity) | 688,434.27 | 713,669.13 | -3.54 |
| Profit (Loss) per Share | 0.07 | 0.06 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason behind the increase in net profit before Zakat and Tax for the current quarter compared to the same quarter of last year is attributed to the increase in net earned premium by 13.7% and reduction in expense ratio. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reason behind the increase in net profit before Zakat and Tax for the current quarter compared to the previous quarter is attributed to the decrease in net claims incurred & other benefits by 11.2% witch resulting in improvement in Claims ratio and reflects improvement in net underwriting results. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason behind the increase in net profit before Zakat and Tax for the current period compared to the same period of last year is attributed to the increase in net earned premium by 16.2% and reduction in expense ratio. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Reclassification of Comparison Items | N/A |
| Additional Information | For the three and six months period ended June 30, 2022 and three and six month period ended June 30, 2021 earning per share has been calculated based on net profit after Zakat and income Tax for the period divided by total number of shares outstanding of 60,000,000 shares.
The Equity, No Minority Interest, reached SAR 688.4Mn as at 30/06/2022 compared to SAR 711.3Mn as at 31/12/2021 with a decrease of 3.2 % mainly due to decrease in fair value reserve on investments during the current period.
The insurance operations comprehensive loss for the current quarter amounted to SAR (3.0)Mn compared to insurance operations comprehensive income SAR 0.5Mn for the same quarter of last year, and compared to SAR (3.1)Mn in the previous quarter, a decrease of 3.2%.
The insurance operations comprehensive loss for the current period amounted to SAR (6.2)Mn compared to SAR (1.0)Mn for the same period of last year, an increase of 520.0%.
The shareholders operations comprehensive loss for the current quarter amounted to SAR (5.9)Mn compared to shareholders operations comprehensive income SAR 3.0Mn for the same quarter of last year, and compared to SAR (10.6)Mn in the previous quarter, a decrease of 44.3%.
The shareholders operations comprehensive loss for the current period amounted to SAR (16.5)Mn compared to shareholders operations comprehensive income SAR 0.4Mn for the same period of last year. |
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