Aljazira Takaful Taawuni Co. 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) | 85,519 | 74,999 | 14.03 | 75,244 | 13.65 |
| 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 | 19,018 | 2,050 | 827.71 | 7,900 | 140.73 |
| Total Comprehensive Income | 17,367 | 1,051 | 1,552.43 | 7,123 | 143.81 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 160,763 | 139,122 | 15.55 |
| 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 | 26,918 | 19,031 | 41.44 |
| Total Comprehensive Income | 24,490 | 17,652 | 38.74 |
| Total Share Holders Equity (after Deducting Minority Equity) | 916,774 | 868,746 | 5.53 |
| Profit (Loss) per Share | 0.45 | 0.32 | |
| 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 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 marked "-" 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 an explanation on the new presentation of the financial results, which is attached to this announcement. The Increase in profits before zakat and income tax for the quarter of SR 19,018K, an increase of 827.70% compared with same quarter of the previous year was due to the following main reasons: • Increase in insurance service result by SR 4,585K compared with the same quarter of the previous year, an increase of 95.38%. This was driven by an increase in insurance revenue by SR 24,856K, an increase of 65.15%, which was partially offset by an increase in insurance service expense of SR 11,878K, an increase of 45.43%, and an increase in net expenses from reinsurance contracts held by SR 8,393K, an increase of 116.55%. • Increase in net investment income and other income by SR 6,079K compared with the same quarter of the previous year, an increase of 88.28%. • Decrease in other operating expenses by SR 6,304K compared with the same quarter of the previous year, a decrease of 65.37%. Moreover, Gross Written Premiums (GWP) increased by SR 10,520K compared with the same quarter of the previous year, an increase of 14.02%. |
| 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 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 marked "-" 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 an explanation on the new presentation of the financial results, which is attached to this announcement. The increase in profits before zakat and income tax for the quarter by SR 11,118K, an increase of 140.73% compared with previous quarter was due to the following main reasons: • decrease in insurance service expense by SR 34,782K, a decrease of 47.77%, increase in net expenses from reinsurance contracts held by SR 20,917K, an increase of 392.95%. • Decrease in net other operating expenses by SR 14,332K compared with the previous quarter, a decrease of 81.10%. Moreover, Gross Written Premiums (GWP) increased by SR 10,275K compared with the previous quarter, an increase of 13.65%. |
| 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 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 marked "-" 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 an explanation on the new presentation of the financial results, which is attached to this announcement. The increase in profits before zakat and income tax for the period by SR 7,887K, an increase of 41.44% compared with same period of previous year was due to the following main reasons: • Despite of decrease in insurance service result by SR 5,018K compared with the same period of previous year, a decrease of 22.94%. This was driven by an increase in insurance revenue of SR 53,907K, an increase of 61.23%, increase in insurance service expenses by SR 71,649K an increase of 182.87%, decrease in net expenses from reinsurance contracts held by SR 12,724 a decrease of 47.13%. • Increase in net investment income and other income by SR 12,617K compared with the same period of previous year, an increase of 87.23%. • Decrease in other operating expenses of SR 288K compared with the same period of previous year, a decrease of 1.66%. Moreover, Gross Written Premiums (GWP) increased by SR 21,677K compared with the same period of previous year, an increase of 15.59%. |
| 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 marked "-" 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 quarter is SR 0.32 per share versus SR 0.02 per share for the same quarter of the previous year which is calculated by dividing the net income amount of SR 17,367K over the weighted average number of ordinary outstanding shares of 55,000K for the current quarter and SR 1,051K over 55,000K shares for the same quarter of the previous year. The earnings per share (EPS) for the current period is SR 0.45 per share versus SR 0.32 per share for the same period of the previous year which is calculated by dividing the net income amount of SR 24,490K over the weighted average number of ordinary outstanding shares of 55,000K for the current period and SR 17,652K over 55,000K shares for the same period of the previous year.
Total comprehensive income for the current quarter is SR 17,367K compared to SR 1,051K for the same quarter of the previous year, an increase of 1,552.42%. Total comprehensive income for the current period is SR 24,490K compared to SR 17,652K for the same period of the previous year, an increase of 38.73%.
Total Shareholders’ Equity (no minority interest) as at end of current period is SR 916,774K versus SR 868,746K as at end of the same period in the previous year, an increase of 5.52%. |
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