The Company for Cooperative Insurance announces its Interim condensed consolidated Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

A8010 TAWUNIYA-1.0 (-1.16 %)
1443/03/29 Thu Nov 4, 2021 08:01:04

The Company for Cooperative Insurance announces its Interim condensed consolidated 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)	1,864,705	1,319,889	41.277	2,265,053	-17.674
Net Written Premiums (NWP)	1,458,791	990,221	47.319	1,776,932	-17.903
Net Incurred Claims	1,672,496	1,408,795	18.718	1,608,999	3.946
Net Profit (Loss) of Policy Holders Investment	22,554	26,764	-15.73	50,893	-55.683
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	30,491	84,899	-64.085	96,674	-68.459
Net Profit (loss) of Shareholders Capital Investment	45,030	14,681	206.722	33,268	35.355
Net Profit (Loss) before Zakat	89,908	113,798	-20.993	165,937	-45.817
Total Comprehensive Income	-18,438	215,535	-	266,176	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	7,050,478	6,362,423	10.814
Net Written Premiums (NWP)	5,823,145	5,284,333	10.196
Net Incurred Claims	4,859,518	4,038,435	20.331
Net Profit (Loss) of Policy Holders Investment	108,783	113,951	-4.535
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	130,985	313,546	-58.224
Net Profit (loss) of Shareholders Capital Investment	125,143	28,425	340.256
Net Profit (Loss) before Zakat	336,656	408,964	-17.68
Total Comprehensive Income	312,411	203,798	53.294
Total Share Holders Equity (after Deducting Minority Equity)	2,942,512	2,734,298	7.614
Profit (Loss) per Share	2.14	2.8
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	Net Profit before Zakat for the current quarter is SAR 89,908K, compared to SAR 113,798K for the same quarter of the last year. The reason for the decrease in Net Profit before Zakat is mainly attributable to net increase of other operating expenses by SAR 79,521K. This decrease has been offset by a favorable increase in net underwriting income by SAR 23,630K, in addition to a favorable increase in the total profits of policyholders' investments and shareholders' capital investment by SAR 26,139K. The increase in net underwriting income is mainly due to the following: - Favorable increase in net earned premiums by SAR 295,786K, an increase of 17.13%, offset by; - Increase in net claims incurred by SAR 263,701K, an increase of 18.72%. - Favorable decrease in policy acquisition costs by SAR 6,542K, a decrease of 7.26%. - Increase in other underwriting expenses by SAR 7,484K, an increase of 43.81%. - Increase in insurers share distribution costs by SAR 10,532K, an increase of 113.34%.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	Net Profit before Zakat for the current quarter is SAR 89,908K, compared to SAR 165,937K for the previous quarter. The reason for the decrease in Net Profit before Zakat is mainly attributable to net increase of other operating expenses by SAR 54,608K, decrease in net underwriting income by SAR 14,295K and decrease in the total profits of policyholders' investments and shareholders' capital investment by SAR 16,577K The decrease in net underwriting income is mainly due to the following: - Increase in net claims incurred by SAR 63,497K, an increase of 3.95%, offset by; - Favorable increase in net earned premiums by SAR 64,365K, an increase of 3.29%. - Decrease in reinsurance commissions revenues by SAR 4,854K, a decrease of 12.48%. - Increase in policy acquisition costs by SAR 4,731K, an increase of 6.00%. - Favorable decrease in other underwriting expenses by SAR 4,745K, a decrease of 16.19%. - Increase in insurers share distribution costs by SAR 10,612K, an increase of 115.20%.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	Net Profit before Zakat for the current period is SAR 336,656K, compared to SAR 408,964K for the same period last year. The reason for the decrease in Net Profit before Zakat is mainly attributable to a decrease in net underwriting income by SAR 101,047K, This decrease has been offset by favorable increase in the total profits of policyholders' investments and shareholders' capital investment by SAR 91,550K, in addition to unfavorable increase in the net of other operating expenses by SAR 81,584. The decrease in net underwriting income is mainly due to the following: - Increase in net claims incurred by SAR 821,083K, an increase of 20.33%, offset by; - Favorable increase in net earned premiums by SAR 559,262K, an increase of 10.64%. - Favorable increase in reinsurance commissions revenues by SAR 10,912K, an increase of 12.64%. - Favorable decrease in policy acquisition costs by SAR 35,877K, a decrease of 12.55%. - Favorable decrease in other underwriting expenses by SAR 18,436K, a decrease of 17.03%. - Favorable decrease in insurers share distribution costs by SAR 98,318K, a decrease of 73.53%.
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	External auditors interim review report on the interim condensed consolidated financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting" as endorsed in the Kingdom of Saudi Arabia.
Reclassification of Comparison Items	Certain of the prior period amounts have been reclassified to conform with the presentation in the current period. These changes were made for better presentation of balances and transactions in the interim condensed consolidated financial statements of the Company.
Additional Information	EPS calculated based on Net Profit after Zakat.

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