اعلان الشركة العربية السعودية للتأمين التعاوني عن النتائج المالية الأولية للفترة ا

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1443/04/03 Mon Nov 8, 2021 08:22:14

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

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	109,376	141,385	-22.639	161,309	-32.194
Net Written Premiums (NWP)	81,628	95,500	-14.525	140,306	-41.821
Net Incurred Claims	105,263	92,368	13.96	117,432	-10.362
Net Profit (Loss) of Policy Holders Investment	599	1,087	-44.894	576	3.993
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-11,288	843	-	-16,256	-30.561
Net Profit (loss) of Shareholders Capital Investment	3,412	11,093	-69.241	968	252.479
Net Profit (Loss) before Zakat	-7,635	12,477	-	-15,063	-49.312
Total Comprehensive Income	-9,686	10,267	-	-17,114	-43.403
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	627,684	665,858	-5.733
Net Written Premiums (NWP)	443,071	422,351	4.905
Net Incurred Claims	338,116	255,898	32.129
Net Profit (Loss) of Policy Holders Investment	1,809	3,181	-43.131
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-48,101	32,380	-
Net Profit (loss) of Shareholders Capital Investment	9,414	8,625	9.147
Net Profit (Loss) before Zakat	-37,903	39,644	-
Total Comprehensive Income	-41,998	33,216	-
Total Share Holders Equity (after Deducting Minority Equity)	314,507	343,837	-8.53
Profit (Loss) per Share	-1.4	1.11
All figures are in (Thousands) Saudi Arabia, Riyals

Accumulated Losses	Capital	Percentage %
15,016	300,000	5
All figures are in (Thousands) 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	The reason for the net loss before Zakat during the current quarter of 2021 compared to the net profit for the same quarter of 2020 is due to: The increase in net claims incurred by 14%. An increase in policy acquisition costs by 4%. And a decrease in other underwriting income by 90%. also a decrease in the net profit of shareholders' capital investments by 69% which due to the recording losses of a decrease in the value on some investments at fair value through profit or loss during the current quarter. And a decrease in reinsurance commission by 6%. And an increase in doubtful debts by 65%, and a decrease in other income by 57%. Despite the increase in net premiums earned by 4%.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The reason for the decrease in net loss before zakat during the current quarter of 2021 compared to the net loss from the previous quarter is due to: Decrease in inspection and supervision fees by 37%. And decrease in net claims incurred by 10%. Also a decrease in policy acquisition costs by 8%. In addition to the increase in the net profit of shareholders' capital investments by an amount of 3,412 thousand riyals compared to 968 thousand riyals for the previous quarter which due to the recording profit of an increase in the value on some investments at fair value through profit or loss during the current quarter, A decrease in doubtful debts by 5%. Despite. The decrease in net earned premiums by 5%. A decrease in other income by 94%. and the decrease in the reinsurance commission by 17%.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The reason for the net loss before zakat during the nine-month period compared to the net profit for the same period in the previous year is due to: The increase in net claims incurred by 32%. The increase in policy acquisition costs by 12%, the increase in inspection and supervision fees by 3%. Also the increase in general and administrative expenses by 15%. The decrease in other underwriting income by 84%. And a decrease in reinsurance commission by 22%. An increase in doubtful debts by 272%. Despite the increase in net premiums earned by 10%. In addition to the increase in net profits in shareholders' capital investment by 9,414 thousand riyals, compared to the net profit of shareholders' capital investments of 8,625 thousand riyals for the same period of the previous year which was due to recording an increase in value on some investments at fair value through profit or loss during the period, and an increase in other income by 45%.
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	The auditor's report stated that the company had prepared the interim condensed financial statements in accordance with International Accounting Standard No. (34) - "Initial Financial Reports", which is approved in the Kingdom of Saudi Arabia.
Reclassification of Comparison Items	Certain re classifications were made in comparative figures to confirm to the current presentation.
Additional Information	Earnings/(Loss) per share is calculated after zakat. (loss) per share for the current period amounted to (1.40) Saudi riyals, compared to 1.11 Saudi riyals Earnings per share for the same period in the previous year, which was calculated for the period ending on 30-09-2021 according to the weighted average number of The shares amounting to 30,000 thousand shares, and the earnings per share for the period ending on 30-09-2020 , were calculated according to the weighted average number of shares amounting to 30,000 thousand shares.

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