A8250 AXA COOPERATIVE-0.65 (-1.88 %)
1443/04/04 Tue Nov 9, 2021 15:42:11
Correction announcement from AXA Cooperative Insurance Co. in regards to announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List Explanation
Date of Publishing the Previous Announcement Sought to be Corrected on Tadawul's Website 2021-11-07 Corresponding to 1443-04-02
URL of the Previous Announcement Click Here
Incorrect statements in the previous announcement It was stated in the previous announcement that the net profit of policyholders' investments for the current quarter amounted to 8924 thousand riyals, compared to the same quarter of the previous year, 8,295 thousand riyals, an increase of 7.58%, and 9,457 thousand riyals compared to the previous quarter, a decrease of 5.64%.

As stated in the previous announcement, the surplus of insurance operations, minus the return on investments of policyholders (the results of operations) for the current quarter amounted to 36,011 thousand riyals compared to the same quarter of the previous year 45,419 thousand riyals, a decrease of 20.71% and compared to the previous quarter 22,123, an increase of 62.78%

It was stated in the previous announcement that the net profit of policyholders' investments for the current period amounted to 28,501 thousand riyals compared to the same period of the previous year 29,922 thousand riyals, a decrease of 4.7%

As stated in the previous announcement, the surplus of insurance operations minus the return on investments of policyholders (the results of operations) for the current period amounted to 92,340 thousand riyals, compared to the same period of the previous year, 93,972 thousand riyals, a decrease of 1.7%

The deccrease in net profit before zakat by SR (10,210) thousands can be attributed to overall decrease in insurance results of the company which is decreased from SR 45,419 thousands in previous quater to SR 36,011 thousands in current quarter due to deterioration in the loss ratio mainly in Motor & Health segment . In addition overall decrease in investment income by SR(2,203) thousands (Policy & sharehoulders combined) has also contributed to the decrease in net profit before zakat and tax compared to same quarter in the previous year.

The Increase in net profit before zakat by SR 10,476 thousands compared to previous period is attributed to overall increase in surplus from insurance operation mainly due to improvement in Property & casualty segment. In addition, overall increase in investment income by SR 2,225 thousands (Policy & sharehoulders combined) has also contributed to the increase in net profit before zakat and tax compared to previous quarter.

The decrease in net profit before zakat by SR (1,776) thousands which is attributed mainly due to decrease in insurance results of the company which is decreased from SR 93,972 thousands in previous period to SR 92,340 thousands in current period. This decrease is mainly due to increase in net claims incurred by 10,237 thousands (mainly in Health segments). In addition investment income which is decreased by SR (232) thousands (Policy holders & Shareholders combined) in current period as compared to corresponding period of last year.

Correct Statement The net profit of policyholders' investments for the current quarter amounted to 9,075 thousand riyals compared to the same quarter of the previous year, 8,111 thousand riyals, an increase of 11.89%, and 8,973 thousand riyals compared to the previous quarter, an increase of 1.14%.

The surplus of insurance operations minus the return on investments of policyholders (the results of operations) for the current quarter amounted to 35,860 thousand riyals compared to the same quarter of the previous year 45,603 thousand riyals, a decrease of 21.36% and compared to the previous quarter 22,607, an increase of 58.62%

The net profit of policyholders' investments for the current period amounted to 32,554 thousand riyals compared to the same period of the previous year, 29,366 thousand riyals, an increase of 10.86%

The surplus of insurance operations, minus the return on investments of policyholders (the results of operations) for the current period amounted to 88,287 thousand riyals, compared to the same period of the previous year, 94,528 thousand riyals, a decrease of 6.6%

The deccrease in net profit before zakat by SR (10,210) thousands can be attributed to overall decrease in insurance results of the company which is decreased from SR 45,603 thousands in previous quater to SR 35,860 thousands in current quarter due to deterioration in the loss ratio mainly in Motor & Health segment . In addition overall decrease in investment income by SR(1,368) thousands (Policy & sharehoulders combined) has also contributed to the decrease in net profit before zakat and tax compared to same quarter in the previous year.

The Increase in net profit before zakat by SR 10,476 thousands compared to previous period is attributed to overall increase in surplus from insurance operation from SR: 22,607 thousands to 35,860 thousands mainly due to improvement in Property & casualty segment

The decrease in net profit before zakat by SR (1,776) thousands which is attributed mainly due to decrease in insurance results of the company which is decreased from SR 94,528 thousands in previous period to SR 88,287 thousands in current period. This decrease is mainly due to increase in net claims incurred by 10,237 thousands (mainly in Health segments).

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.

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AXA Cooperative Insurance Company SJSC published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 20:04:10 UTC.