Amana Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 51,918 | 48,927 | 6.11 | 30,816 | 68.48 |
| 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 | 9,438 | -30,474 | - | 12,335 | -23.49 |
| Total Comprehensive Income | 7,479 | -30,276 | - | 10,453 | -28.45 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 117,093 | 184,147 | -36.41 |
| 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 | 31,474 | -51,842 | - |
| Total Comprehensive Income | 28,113 | -54,281 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 278,599 | 244,389 | 14 |
| Profit (Loss) per Share | 0.68 | -1.22 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -186,257 | 430,000 | -43.32 | |
| 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 reported as ""-"" 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 reason for the increase in net profit before Zakat for Current Quarter Compared to the Same Quarter of the Previous Year by SAR +39.9m 130.97% is recognized from the following net effects: 1. Increase in Underwriting Income by SAR +40.6m, that was mainly determined by the following Net Effects: (Lower Incurred Claims by SAR +30.5m, increase in Revenue by SAR +10.1m) 2. Increase in Net Reinsurance share/expense by SR -6.1m, reflected from written business. 3. Increase in Investment income by SR +4.2m, resulted from realizing investment returns. 4. Decrease in Other Operating Expenses by SR +1.2m, resulted from cost containment to expenses. " |
| 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 reported as ""-"" 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 reason for the decrease in net profit before Zakat for Current Quarter Compared to the Previous Quarter by SAR -2.9m due to the following main effects:
1. Decrease in Underwriting Income by SAR -10.9m 2. Decrease in Net Other operating income/expenses by SAR +7.3m 3. Increase Net insurance finance income/expenses by SAR +0.7m, caused by the net effect from (Increase in investment income by SAR +3.7m and Change in Other cost by SAR -3m)" |
| 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 reported as ""-"" 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 reason for the Increase in net profit before Zakat for Current Period Compared to the Same Period of the Previous Year by SAR +83.3m (-160%) is recognized from the following main effects:
1. Increase in Underwriting Income by SAR +81.1m, that was mainly determined by the following Net Effects: (Lower Incurred Claims by SAR +106.1m, decrease in Revenue by SAR -25m) 2. Increase in Net Reinsurance share/expense by SR -3.2m, reflected from written business. 3. Increase in Investment income by SR +2.5m, resulted from realizing investment returns. 4. Decrease in Other Operating Expenses by SR +2.9m, resulted from cost containment on expenses. " |
| 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 | "We draw attention to Note 2 to the interim condensed financial statements of the Company. The Company, as on September 30, 2023, the accumulated losses amounting to SAR 186.25 million which represents 43.32% (December 2022 (Restated): SAR 215.38 million which represents 50.1%) of the Company's share capital, and as of the same date, the Company's Insurance revenue decreased by SAR 25.29 million representing 13.78% as compared to the corresponding period of the prior year.
These events and conditions indicate a material uncertainty on the Company's ability to continue as a going concern. Management has in respect of this matter prepared three years forecast which exhibits net profits from the year 2024 onwards. Our conclusion is not modified in respect of this matter." |
| 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 ""-"" 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.
'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.
1. Profit per share was calculated after Zakat and Income Tax.
2. The total comprehensive income for the current period is SAR 7,479K compared to SAR (30,276)K for the same quarter of the previous year (restated), a change of -124.7%.
3. The total comprehensive income for the current period is SAR 28,113K compared to SAR (54,281)K for the same period of the previous year (restated), a change of -151.79%." |
| Attached Documents |  |
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