اعلان شركة الاتحاد للتأمين التعاوني عن النتائج المالية الأولية للفترة المنتهية في 2021-09-30

A8170 ALETIHAD0.02 (0.09 %)
1443/03/27 Tue Nov 2, 2021 15:57:09

Al-Etihad Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

Share this: Facebook TwitterLinkedIn

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	251,252,241	202,314,043	24.189	157,426,122	59.6
Net Written Premiums (NWP)	234,949,421	186,159,447	26.208	144,157,026	62.981
Net Incurred Claims	138,344,340	118,303,426	16.94	127,385,897	8.602
Net Profit (Loss) of Policy Holders Investment	1,386,763	1,792,246	-22.624	1,563,546	-11.306
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	2,781,676	35,880,305	-92.247	15,823,667	-82.42
Net Profit (loss) of Shareholders Capital Investment	6,485,086	-3,933,631	-	4,102,449	58.078
Net Profit (Loss) before Zakat	9,729,871	29,916,962	-67.477	19,252,820	-49.462
Total Comprehensive Income	12,793,548	33,230,831	-61.5	20,882,773	-38.736
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	594,304,728	510,438,143	16.43
Net Written Premiums (NWP)	540,459,240	463,635,341	16.569
Net Incurred Claims	399,231,034	360,973,851	10.598
Net Profit (Loss) of Policy Holders Investment	4,573,184	7,801,516	-41.38
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	27,512,242	77,145,893	-64.337
Net Profit (loss) of Shareholders Capital Investment	16,192,094	4,473,940	261.92
Net Profit (Loss) before Zakat	43,533,656	80,753,460	-46.09
Total Comprehensive Income	51,224,231	71,200,726	-28.056
Total Share Holders Equity (after Deducting Minority Equity)	563,780,087	551,490,493	2.228
Profit (Loss) per Share	0.83	1.79
All figures are in (Actual) Saudi Arabia, Riyals

Accumulated Losses	Capital	Percentage %
0	400,000,000	0
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Profit mainly decreased due to the paid claims environment normalizing in 2021 in comparison to the extraordinary environment witnessed in 2020 due to COVID19 lockdown, an increase in net claims incurred by approximately 17%, in addition to an increase in General & Administrative Expenses by 27%.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	Profit mainly decreased due to the increase in net incurred claims by approximately 9%.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	Profit mainly decreased due to the paid claims environment normalizing in 2021 in comparison to the extraordinary environment witnessed in 2020 due to COVID19 lockdown, an increase in net claims incurred by approximately 11% and a decrease in the policyholders investment income by 41% caused by the continuously declining interest rate environment.
Statement of the type of external auditor's report	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	Not Applicable
Reclassification of Comparison Items	Certain prior period figures have been reclassified to conform to current period presentation.
Additional Information	Earnings Per Share are calculated based on net profit after zakat and income tax for the nine months period amounted to SAR 33,033,656. Retained Earnings at the end of period are amounted to SAR 106,765,851 in comparison to SAR 123,394,361 at the end of the comparative period.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.