Walaa Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 2,887,642 | 2,572,335 | 12.26 | ||
| Result of Insurance Services | 1,208,436 | 902,811 | 33.85 | ||
| Net Profit (Loss) of The Insurance Results | 28,121 | -119,996 | - | ||
| Net Profit (Loss) of The Investment Results | 164,983 | 78,366 | 110.53 | ||
| Net Insurance Financing Expenses | -4,353 | -6,479 | -32.81 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 147,977 | -68,080 | - | ||
| Total Comprehensive Income | 152,019 | -62,455 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,271,795 | 1,116,299 | 13.93 | ||
| Profit (Loss) per Share | 1.74 | -0.99 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | Insurance revenues for the current year amounted to SR 2,887,642 thousands, compared to restated insurance revenues amounting to SR 2,572,335 thousands of the previous year. This represents an increase of 12.26% which was principally driven by business growth in Medical, Engineering, Protection & Savings, and other General lines. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit before zakat and income tax for the current year amounted to SR 162,977 thousands compared to net loss before zakat and income tax amounted to SR 56,441 thousands of the restated results of previous year.
Net profit after zakat and income tax attributable to shareholders for the current year amounted to SR 147,977 thousands, compared to a net loss after zakat and income tax amounted to SR 68,080 thousands of the restated results of previous year. The main reasons of net profit after zakat and tax for the current year comprise the followings:
• Insurance service results (profit) for the current year amounted to SR 28,121 thousands, compared to insurance service results (loss) of SR 119,996 thousands for the previous year, which was principally driven by business growth and improvement in the loss ratios in certain lines.
• Net investment results for the current year amounted to SR 164,983 thousands, compared to SR 78,366 thousands of the restated results of previous year, an increase of 110.53%, was mainly driven by an increase in unrealized gains on investments and commission income on deposits.
These favorable movements were partially offset by the followings:
• Other operating expenses for the current year amounted to SR 37,039 thousands compared to SR 20,938 thousands of the restated results of previous year, representing an increase of 76.90% |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse 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.
The Earning/Loss Per Share is calculated on Profit/Loss after zakat and income tax for the year divided by the weighted average number of ordinary shares outstanding during the year. The earnings per share (EPS) for the current year is SR 1.74 per share versus restated loss per share of SR 0.99 for the previous year which is calculated by dividing the net profit after zakat and income tax amounting of SR 147,977 thousands over the weighted average number of ordinary shares outstanding of 85,058 thousands for the current year and a restated net loss after zakat and income tax of SR 68,080 thousands over 68,779 thousands weighted average number of ordinary shares outstanding for the previous year.
Total Share Holders Equity (no minority interest) as at the end of current year is SR 1,271,795 thousands versus restated Share Holders Equity (no minority interest) amounting to SR 1,116,299 thousands as at the end of the previous year which represents an increase of 13.93%.
Total comprehensive income for the current year amounted to SR 152,019 thousands compared to a restated loss of SR 62,455 thousands for the previous year.
Moreover, Gross Written Premiums (GWP) for the current year amounted to SR 3,346,161 thousands compared to SR 2,641,932 thousands for the previous year, representing an increase of 26.66%. |
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