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

A8200 SAUDI RE0.02 (0.11 %)
1443/04/02 Sun Nov 7, 2021 08:03:58

Saudi Reinsurance 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)	159,201,360	198,922,235	-19.968	120,806,578	31.782
Net Written Premiums (NWP)	127,971,998	169,187,121	-24.36	76,223,323	67.89
Net Incurred Claims	165,401,200	124,949,393	32.374	131,930,434	25.37
Net Profit (Loss) of Policy Holders Investment	1,001,252	837,246	19.588	841,844	18.935
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	845,466	10,728,875	-92.119	7,569,625	-88.83
Net Profit (loss) of Shareholders Capital Investment	12,744,086	7,799,015	63.406	12,847,689	-0.806
Net Profit (Loss) before Zakat	11,422,849	15,756,847	-27.505	16,892,381	-32.378
Total Comprehensive Income	6,801,368	13,100,431	-48.082	13,537,451	-49.758
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	1,114,291,954	857,976,714	29.874
Net Written Premiums (NWP)	996,571,043	740,438,650	34.591
Net Incurred Claims	418,769,250	284,671,503	47.106
Net Profit (Loss) of Policy Holders Investment	2,600,437	2,823,870	-7.912
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	23,146,258	17,204,490	34.536
Net Profit (loss) of Shareholders Capital Investment	33,824,174	24,114,996	40.261
Net Profit (Loss) before Zakat	47,896,740	35,072,256	36.565
Total Comprehensive Income	36,571,683	25,092,907	45.745
Total Share Holders Equity (after Deducting Minority Equity)	959,751,154	900,163,846	6.619
Profit (Loss) per Share	0.42	0.31
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	The reason for the decrease in the net income for the current quarter versus same quarter last year , was mainly due to the increase in claims incurred by 32%.
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 the net income for the current quarter versus previous quarter for the current year , was mainly due to increase in claims incurred by 25%.
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 increase the net income for the current period for the year 2021, versus the same period of 2020 , was mainly due to the increase in net earned premiums by 34% and increase in the shareholders' net investment income by 40%.
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	It was mentioned in the auditors' review report that based on their review, nothing has come to their attention that causes them to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with applicable International Accounting Standard 34 (Interim Financial Reporting) that is endorsed in Kingdom of Saudi Arabia.
Reclassification of Comparison Items	Certain comparative figures have been reclassified to conform to the presentation of current year.
Additional Information	The earnings per share have been calculated after Zakat and Tax.

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.