Gulf Insurance Group announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 318,484 | 326,716 | -2.52 | 544,384 | -41.5 |
| 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 | 43,630 | -9,338 | - | 68,933 | -36.71 |
| Total Comprehensive Income | 10,307 | -45,886 | - | 89,812 | -88.52 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 862,868 | 865,492 | -0.3 |
| 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 | 112,563 | 168,387 | -33.15 |
| Total Comprehensive Income | 100,119 | 90,692 | 10.39 |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,014,878 | 1,087,673 | -6.69 |
| Profit (Loss) per Share | 1.93 | 3.04 | |
| 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 | Refer to the attachment for further details on the financial results items that are relevant under the newly implemented financial reporting standards for insurance companies.
The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under 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 reported as ""0"" are no longer presented in the new financial statements under IFRS 17 and IFRS 9.
The following explanation will cover the relevant financial information reflected in the announcement above along with explanation on the new presentation of the financial results which are attached to this announcement:
The increase in net profit before zakat and income tax for the quarter by SR 53M compared with same quarter of the previous year was due to the following main reasons:
(i) Increase in insurance revenue by SR 28M, compared with the same quarter of the previous year mainly contributed by property and casualty segment
(ii) Increase in investment income by SR 18M compared with the same quarter of the previous year
(iii) Positive movement in reinsurance of SR 12m compared with the same quarter of the previous year mainly driven by increase in reinsurance claims recovery related to property and casualty segment. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Refer to the attachment for further details on the financial results items that are relevant under the newly implemented financial reporting standards for insurance companies.
The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under 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 reported as ""0"" are no longer presented in the new financial statements under IFRS 17 and IFRS 9. The following explanation will cover the relevant financial information reflected in the announcement above along with explanation on the new presentation of the financial results which are attached to this announcement:
The decrease in net profit before zakat and income tax for the quarter by SR 25M compared with previous quarter was due to the following main reasons:
- Increase in insurance service expenses by SR 517M compared with the previous quarter was mainly due to increase in incurred claims and directly attributable costs by SR 523M mainly driven by increase in incurred claims related to property and casualty segment
Above unfavorable impacts were partially offset by the following favorable movements:
(i) Increase in reinsurance claims recovery by SR 496M compared with the previous quarter mainly driven by property and casualty segment
(ii) Increase in investment income by SR 6M compared with the previous quarter. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Refer to the attachment for further details on the financial results items that are relevant under the newly implemented financial reporting standards for insurance companies.
The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under 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 reported as ""0"" are no longer presented in the new financial statements under IFRS 17 and IFRS 9. The following explanation will cover the relevant financial information reflected in the announcement above along with explanation on the new presentation of the financial results which are attached to this announcement:
The decrease in net profit before zakat and income tax for the current period by SR 56M compared with previous same period of last year was due to the following main reasons:
- Increase in net insurance service expenses by SR 115M compared with same period of last year, was driven mainly by increase in incurred claims and directly attributable costs mainly due to property and casualty segment.
Above unfavorable impacts were partially offset by the following favorable movements in the current period as compared to same period las year:
(i) Increase in insurance revenue by SR 69M mainly driven by Motor and P&C segment
(ii) Increase in investment income by SR 15M. |
| 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 | The Company has reclassified and restated comparative information to meet the requirements of the newly implemented standards IFRS 17 and IFRS 9. |
| Additional Information | The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under 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 reported as ""0"" are no longer presented in the new financial statements under IFRS 17 and IFRS 9.
Refer to the attachment for further details on the financial results items that are relevant under the newly implemented financial reporting standards for insurance companies.
The earnings per share (EPS) for the current period is SR 1.93 per share versus SR 3.04 per share for the same period of the previous year which is calculated by dividing the net income amount of SR 96,379 thousand over the weighted average number of ordinary outstanding shares of 50,000 thousand for the current period and SR 152,186 thousand over 50,000 thousand for the same period of the previous year.
Total comprehensive income for the current period is SR 100,119 thousand compared to total comprehensive income of SR 90,692 thousand for the same period of the previous year, an increase of 10.4%.
Total Shareholder Equity as at the end of the current period is SR 1,014,878 thousand versus SR 1,087,673 thousand as at the end of the same period in the previous year, a decrease of 6.7%. |
| Attached Documents |  |
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