Saudi Arabian Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2022-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 177,612 | 109,376 | 62.39 | 249,571 | -28.83 |
| Net Written Premiums (NWP) | 144,683 | 81,628 | 77.25 | 218,061 | -33.65 |
| Net Incurred Claims | 151,867 | 105,263 | 44.27 | 142,166 | 6.82 |
| Net Profit (Loss) of Policy Holders Investment | 1,111 | 599 | 85.47 | 979 | 13.48 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -27,322 | -11,288 | 142.04 | -31,163 | -12.32 |
| Net Profit (loss) of Shareholders Capital Investment | 2,804 | 3,412 | -17.82 | 1,580 | 77.47 |
| Net Profit (Loss) before Zakat | -23,775 | -7,635 | 211.39 | -28,988 | -17.98 |
| Total Comprehensive Income | -26,373 | -9,686 | 172.28 | -30,525 | -13.6 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 852,173 | 627,684 | 35.76 |
| Net Written Premiums (NWP) | 611,677 | 443,071 | 38.05 |
| Net Incurred Claims | 397,938 | 338,116 | 17.69 |
| Net Profit (Loss) of Policy Holders Investment | 3,348 | 1,809 | 85.07 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -65,008 | -48,101 | 35.15 |
| Net Profit (loss) of Shareholders Capital Investment | 19,170 | 9,414 | 103.63 |
| Net Profit (Loss) before Zakat | -43,626 | -37,903 | 15.1 |
| Total Comprehensive Income | -50,011 | -41,998 | 19.08 |
| Total Share Holders Equity (after Deducting Minority Equity) | 242,724 | 314,507 | -22.82 |
| Profit (Loss) per Share | -1.67 | -1.4 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -85,664 | 300,000 | -28.55 | |
| 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 for the increase in net loss before Zakat during the current quarter of 2022 compared to the net loss before Zakat for the same quarter of 2021 is mainly due to:
1. Increase in net claims incurred by 44%. 2. Increase in policy acquisition costs by 55%.
This is partially offset by:
1. Increase in net premiums earned by 25%. 2. Decrease in the additional provision of doubtful debts by 75%. |
| 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 for the decrease in net loss before Zakat during the current quarter of 2022 compared to the net loss before Zakat from the previous quarter is mainly due to:
1. Increase in net premiums earned by 8%. 2. Increase in the total Investment income by 53%. 3. Decrease in the additional provision of doubtful debts by 64%. This is partially offset by:
1. Increase in net claims incurred by 7%. 2. Increase in policy acquisition costs by 6%. |
| 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 for the increase in net loss before zakat during the nine-month period compared to the net loss before zakat for the same period in the previous year is mainly due to:
1. Increase in net claims incurred by 18%. 2. Increase in policy acquisition costs by 31%.
This is partially offset by:
1. Increase in net premiums earned by 9%. 2. Increase in the total Investment income by 101%. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | None |
| Additional Information | The accumulated losses reached SAR (85,664) thousand by the end of the period ended at 30 - 09- 2022 compared to SAR (35,653) thousand as at 31- 12- 2021.
Earnings/(loss) per share is calculated after zakat. The earnings / (loss) per share for the current period and the comparative period 2021 was calculated by dividing the net loss attributable to shareholders after zakat, which in the current period ended at September 30, 2022 amounted to SAR (50,011) thousand, compared to SAR (41,998) thousand in the same period of 2021, by the weighted average number outstanding ordinary shares of 30,000 thousand shares. |
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