Al Alamiya for Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )

2019-11-07 16:25:21

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 55,28155,1420.25241,29733.862
Net Written Premiums (NWP) 22,73025,396-10.49722,911-0.79
Net Incurred Claims 16,75417,114-2.10313,54123.727
Net Profit (Loss) of Policy Holders Investment 1,6701,02862.4511,748-4.462
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 1,7005,985-71.5954,252-60.018
Net Profit (loss) of Shareholders Capital Investment 2,5541,93831.7852,4534.117
Net Profit (Loss) before Zakat 5,2057,859-33.777,489-30.498
Total Comprehensive Income 3,7375,431-31.1916,976-46.43
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross Written Premiums (GWP) 168,090212,211-20.791
Net Written Premiums (NWP) 84,743119,600-29.144
Net Incurred Claims 42,84939,4638.58
Net Profit (Loss) of Policy Holders Investment 5,0362,75482.861
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 11,06420,175-45.159
Net Profit (loss) of Shareholders Capital Investment 7,1115,37432.322
Net Profit (Loss) before Zakat 20,47124,593-16.76
Total Comprehensive Income 17,88716,5817.876
Total Share Holders Equity (after Deducting Minority Equity) 406,546388,6594.602
Profit (Loss) per Share 0.340.43
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The decrease in the net profit for the quarter compared with the same quarter of the previous year is due to lower net premiums earned and lower reinsurance commissions. This decrease in the profit is partly offset by higher investment income, lower general and administrative expenses, lower allowance for doubtful debts and lower net claims incurred.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The decrease in the net profit for the quarter compared with the previous quarter is due to higher net claims incurred, lower reinsurance commissions, higher policy acquisition costs and lower other income. This decrease in profit is partly offset by lower general and administrative expenses, lower allowance for doubtful debts and higher net premiums earned.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to The decrease in the net profit for the period compared with the same period of the previous year is due to lower net premiums earned, higher net claims incurred and higher general and administrative expenses. This decrease in the profit is partly offset by lower allowance for doubtful debts, higher investment income, higher other income, higher reinsurance commissions and lower policy acquisition costs.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items The financial statements are prepared based on IFRS as endorsed by SOCPA where Zakat and Income Tax are charged in the "Statement of Income" as per the requirements of IAS 12 and IFRIC 21. Changes are applied retrospectively and comparatives numbers are restated as per the requirements of IAS 12 and IFRIC 21.
Additional Information The total shareholders' equity (there is no minority equity) for the current period reached SAR 406,546 thousands compared to SAR 384,963 thousands for the same period last year reflecting an increase of 5.61%.The net comprehensive income for the current period is SAR 17,887 thousands compared to SAR 16,581 thousands for the same period last year with a increase of 7.88%. The net comprehensive income for the current quarter is SAR 3,737 thousands compared to SAR 5,431 thousands for the same quarter last year with a decrease of 31.19% and SAR 6,976 thousands for the previous quarter reflecting a decrease of 46.43. The Earnings per Share (EPS) for the current period is SR 0.34 compared to SR 0.43 for the same period last year