Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2018 (Three Months)

Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2018 (Three Months)

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) before Zakat 1,297 6,924 -81.27 9,271 -86.01
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) -3,645 1,687 5,262
Gross written premiums (GWP) 77,643 93,183 -16.68 64,144 21.04
Net written premiums (NWP) 61,525 67,790 -9.24 58,261 5.6
Net incurred claims 46,894 27,568 70.1 45,493 3.08
Net profit (loss) of policy holders investment 2,226 4,095 -45.64 2,450 -9.14
Net profit (loss) of shareholders capital investment 2,934 2,522 16.34 2,612 12.33
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) before Zakat 10,710 12,098 -11.47
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 1,617 2,198 -26.43
Gross written premiums (GWP) 141,787 186,008 -23.77
Net written premiums (NWP) 119,786 149,629 -19.94
Net incurred claims 92,387 45,223 104.29
Net profit (loss) of policy holders investment 4,677 7,946 -41.14
Net profit (loss) of shareholders capital investment 5,547 4,357 27.31
Earning or loss per share, Riyals 0.43 0.48
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 decrease in profit for the three month period ended June 30, 2018 compared to the same period of previous year is due to the increase in Net Claims Incurred by 70% and the increase in the General & Administrative Expenses by 38%.
Reasons of increase (decrease) for the period compared with same period last year The reason for the decrease in profit for the six-month period ended June 30, 2018 compared to the same period of previous year is due to the increase in Net Claims Incurred 104% and the increased in General & Administrative Expenses by 26%.
Reasons of increase (decrease) for the quarter compared with the previous quarter The reason for the increase in profit for the three months period ended June 30, 2017 compared to the previous quarter is due to the decrease in Net Preimums Earned by 15% and the increase in General & Administrative Expenses by 14%
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 455,469 thousands compared with SAR 463,868 thousands for the same period last year, which is a decrease of 1.8%. The retained earnings as at the end of the period is SAR 122,659 thousands which is 49% of the paid up capital. The total comprehensive income for policyholders for the current quarter is SAR 509 thousands, compared to SAR 536 thousands for the same quarter last year which represents a decline of 5%, and compared to SAR1,543 thousands for the previous quarter, representing a decline of 67%. The total comprehensive income for shareholders for the current quarter is SAR 2,311 thousands, compared to SAR 7,111 thousands for the same quarter last year which represents a decline of 68%, and compared to SAR11,257 thousands for the previous quarter which represents a decline of 79%. The total comprehensive income for policyholders for the current period is SAR 1,909 thousands, compared to SAR 924 thousands for the same period last year which represents an increase of 107%. The total comprehensive income for shareholders for the current period is SAR 13,710 thousands, compared to SAR 12,098 thousands for the same period last year which represents an increase of 13%.