Saudi Reinsurance Co. announces its Interim Financial Results for the period ending on 2024-03-31 ( Three Months )

09 May 2024 07:02 AM

SAUDI RE 8200 111.87% 36.95 19.51

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Insurance Revenues	206,944,997	129,289,111	60.063	133,228,507	55.33
Result of Insurance Services	87,636,599	4,772,682	1,736.212	7,476,872	1,072.102
Net Profit (Loss) of The Insurance Results	31,090,195	10,454,182	197.394	18,590,296	67.238
Net Profit (Loss) of The Investment Results	18,344,668	11,127,976	64.851	20,540,085	-10.688
Net Insurance Financing Expenses	-6,862,730	-8,599,907	-20.199	457,368	-
Net Profit (Loss), After Zakat, Attributable To Shareholders	31,792,457	11,199,517	183.873	19,194,912	65.629
Total Comprehensive Income	32,639,901	11,037,515	195.717	18,270,012	78.652
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (After Deducting the Minority Equity)	1,179,461,940	1,028,221,025	14.708
Profit (Loss) per Share	0.36	0.13
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Percentage of the capital (%)	Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
Accumulated Losses	-	-
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is	The increase in the reinsurance revenues due to growth in most of the company’s business segments, amounting to 77.7 Million Riyals, which represents a 60% growth.
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 increase in net profit after zakat and tax is mainly attributed to the increase in net profits from net reinsurance results of 20.6 Million Riyals which represents 197%, as a result of reinsurance revenue growth by 60%, in addition to a decrease in reinsurance expenses by 4% and an increase in net investment income by 65%.
The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is	The increase in the reinsurance revenues is due to growth in most of the company’s business segments amounting to 73.7 Million Riyals, which represents a 55% growth.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is	The increase in net profit after zakat and tax is mainly due to the increase in net profits from net reinsurance results of 12.5 Million Riyals which represents 67%, as a result of reinsurance revenue growth by 55% in addition to a decrease in reinsurance expenses by 5%.
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
Statement of the type of external auditor's report	Unmodified conclusion
Reclassification of Comparison Items	Certain figures have been reclassified.
Additional Information	-The earnings per share (EPS) calculated based on Net Profit after Zakat. -Gross Written Premiums (GWP) for the current quarter amounted to SR 1.19Bn, an increase of 11% compared with the same quarter of last year's GWP of 1.07Bn.

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