Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) before Zakat 2,658 9,256 -71.28 7,535 -64.72
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 989 3,359 -70.56 5,494 -82
Gross written premiums (GWP) 82,318 44,718 84.08 60,981 34.99
Net written premiums (NWP) 69,455 34,482 101.42 55,606 24.91
Net incurred claims 45,245 26,640 69.84 35,131 28.79
Net profit (loss) of policy holders investment 2,172 3,813 -43.04 3,103 -30
Net profit (loss) of shareholders capital investment 2,543 2,431 4.61 295 762.03
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) before Zakat 22,203 166,475 -86.66
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 11,716 162,754 -92.8
Gross written premiums (GWP) 329,307 176,014 87.09
Net written premiums (NWP) 274,690 109,197 151.55
Net incurred claims 125,599 222,195 -43.47
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
Earning or loss per share, Riyals 0.89 6.67
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The reason for the decline in profit before Zakat for the three month period compared to the same period of the previous year is increase in net claims incured by 70%
Reasons of increase (decrease) for the period compared with same period last year The reason for the decline in profit before zakat in the current period compared to the same period of previous year is due to the decrease in net premiums earned by 61% .
Reasons of increase (decrease) for the quarter compared with the previous quarter The reason for the decline in profit before Zakat for the current quarter compared to the previous quarter is increase in net claims incured by 29%.
Reclassifications in quarterly 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 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 468,773 thousands compared with SAR 508,880 thousands for the same period last year, which is a decrease of 8%. The retained earnings as at the end of the period is SAR 139,452 thousands which is 56% of the paid up capital.

The total comprehensive income for policyholders for the current quarter is SAR 1,990 thousands, compared to SAR 2,373 thousands for the same quarter last year which represents a decrease of 16%, compared to SAR 1,870 thousands for the previous quarter.

The total comprehensive income for policy holders for the current period is SAR 4,783 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 quarter is SAR 1,845 thousands, compared to SAR 13,135 thousands for the same quarter last year which represents a decline of 86%, compared to SAR 9,035 thousands for the previous quarter which represents a decrease of 80%.

The total comprehensive income for shareholders for the current period is SAR 22,978 thousands, compared to SAR 168,702 thousands for the same period last year which represents a decline of 86%.