Al Sagr Cooperative Insurance Co. announces the annual financial results for the period ending on 31-12-2017

Al Sagr Cooperative Insurance Co. announces the annual financial results for the period ending on 31-12-2017

ELEMENT CURRENT YEAR PREVIOUS YEAR % CHANGE
Net profit (loss) before Zakat 20,849 166,810 -87.5
Earning or loss per share, Riyals 0.83 6.67
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 10,212 163,126 -93.74
Gross written premiums (GWP) 329,307 176,014 87.09
Net written premiums (NWP) 274,690 109,197 151.55
Net incurred claims 125,964 222,195 -43.31
Net profit (loss) of policy holders investment 10,185 13,306 -23.46
Net profit (loss) of shareholders capital investment 7,196 8,050 -10.61
Pre operating expenses (first operation year)
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT EXPLAINATION
Reasons of annual financial results The reason for the decline in profit before zakat in the current year compared to the previous year is due to the decrease in net premiums earned by 61.6% .
Reclassifications in annual financial results Some numbers within the financial results have been re-classified for comparative reasons. The re-classification does not have material financial impact on the net underwriting results or net income for the year before zakat
Other notes Earnings per share has been calculated based on net income before zakat. The total of shareholder’s equity (there are no minority rights) for the current period amounted to SAR 467,419 thousands compared with SAR 508,880 thousands for the last year, which is a decrease of 8%. The retained earnings as at the end of the period is SAR 138,369 thousands which is 55% of the paid up capital. The total comprehensive income for policy holders for the current year is SAR 4,632 thousands compared to SAR 17,473 thousands for the same period last year which represents a decline of 73%. The total comprehensive income for shareholders for the current period is SAR 21,624 thousands, compared to SAR 168,702 thousands of last year which represents a decline of 87%.