Arabia Insurance Cooperative Co. announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 309,750 | 216,720 | 42.93 | - | - |
| Net Written Premiums (NWP) | - | - | - | - | - |
| Net Incurred Claims | - | - | - | - | - |
| Net Profit (Loss) of Policy Holders Investment | - | - | - | - | - |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | - | - | - | - | - |
| Net Profit (loss) of Shareholders Capital Investment | - | - | - | - | - |
| Net Profit (Loss) before Zakat | 11,563 | -9,284 | - | - | - |
| Total Comprehensive Income | 7,983 | -9,928 | - | - | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 500,476 | 225,831 | 121.61 |
| Profit (Loss) per Share | 0.15 | -0.39 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 65,636 | 530,000 | 12.38 | |
| 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 Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in the Kingdom of Saudi Arabia, starting 1 January 2023, with retrospective impact application. This resulted in a material change to the presentation of financial results for periods starting Q1 2023 and has changed the comparative periods due to restatement for the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are no longer presented in the new financial statements under IFRS 17 and IFRS 9 are reported as "0".
The reason behind the recognition of net profit for the current three months period compared to net loss of the corresponding period of the previous year is attributed to the increase in insurance service results which was a result of an increase in insurance revenues by around SAR 97 million in addition to the increase in net investment income by around SAR 5 million, despite the increase in insurance service expenses by around SAR 64 million and the increase in net expense from reinsurance contracts by around SAR 11 million. |
| 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 Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in the Kingdom of Saudi Arabia, starting 1 January 2023, with retrospective impact application. This resulted in a material change to the presentation of financial results for periods starting Q1 2023 and has changed the comparative periods due to restatement for the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are no longer presented in the new financial statements under IFRS 17 and IFRS 9 are reported as "0".
The previous quarter was reported according to the superseded financial reporting standards, IFRS 4 and IAS 39, the restated balances of the previous quarter are not required for the transition to the new standards in preparation for the current quarter financial statements. Therefore, no explanation is provided on the divergence of the reporting standards between the two periods. |
| 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 | Not Applicable |
| Reclassification of Comparison Items | The Company has reclassified and restated comparative information to meet the requirements of the newly adopted standards IFRS 17 and IFRS 9. |
| Additional Information | An attachment is added to this announcement with more detailed financial results in accordance with the presentation requirements of the two new standards referred to above. Please refer to the attachment of this announcement for further clarification.
Earning/loss per share is calculated by dividing net result for the period after zakat and income tax by the weighted average number of outstanding shares during the period after considering the impact of capital increase on the current period. Net income after zakat and income tax amounted to SAR 7,322 K for current quarter compared to a loss after zakat and income tax of SAR 10,284 K for similar quarter of last year, after restatement in accordance with the standards referred to above. |
| Attached Documents |  |
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