A8190 UCA0.05 (0.14 %)
1443/03/29 Thu Nov 4, 2021 15:42:22
United Cooperative Assurance 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) 106,939 128,750 -16.94 91,122 17.358
Net Written Premiums (NWP) 41,822 53,706 -22.127 27,533 51.897
Net Incurred Claims 42,287 30,728 37.617 51,555 -17.976
Net Profit (Loss) of Policy Holders Investment 936 1,277 -26.703 1,115 -16.053
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -19,086 -14,949 27.674 -7,058 170.416
Net Profit (loss) of Shareholders Capital Investment 1,188 1,264 -6.012 1,200 -1
Net Profit (Loss) before Zakat -18,436 -13,198 39.687 -6,530 182.327
Total Comprehensive Income -27,099 -15,330 76.771 -9,096 197.922
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross Written Premiums (GWP) 314,201 517,907 -39.332
Net Written Premiums (NWP) 124,843 171,658 -27.272
Net Incurred Claims 150,650 44,400 239.301
Net Profit (Loss) of Policy Holders Investment 3,165 3,188 -0.721
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -54,261 -27,444 97.715
Net Profit (loss) of Shareholders Capital Investment 3,673 8,783 -58.18
Net Profit (Loss) before Zakat -51,956 -17,703 193.486
Total Comprehensive Income -67,639 -21,530 214.161
Total Share Holders Equity (after Deducting Minority Equity) 265,300 353,906 -25.036
Profit (Loss) per Share -1.45 -0.59
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
-134,037 400,000 33.51
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 Due to the decrease in the net written premiums and increase in net claims incurred. Besides the decrease in total investment income.
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 behind the increase in the total net loss, is primarily due to the decrease in net underwriting results and the increase of the provision of doubtful receivables.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Due to the decrease in net underwriting result which is mainly driven by the increase in net claims incurred. Along with a decrease in total investment income.
Statement of the type of external auditor's report Unmodified opinion
Reclassification of Comparison Items Some figures have been reclassified to correspond with the current period presentation. These changes have been made to better view of the balances and transactions in the interim condensed financial Statements. However, the company confirm that there is no financial impact after the reclassifications to the results of the operations and net income.
Additional Information LPS calculated based on loss after Zakat and Income Tax. Zakat and Income Tax is 6 million Saudi riyals for the period ended 30-09-2021 (Nine-months). And 6 million Saudi riyals for the period ended 30-09-2020 (Nine-months)

The accumulated losses for the period ended 30-09-2021 is SAR 134,037 Thousand, which is 33.51% of the paid-up Capital of SAR 400 million based on the condensed interim Financial Statements for the three-month and nine-month period ended on 30-09-2021. The primarily reason behind these losses is due to the decrease in net underwriting result. Thereof the company will apply the procedures and instructions for companies listed in Saudi Capital Market whose accumulated losses are equal to or more than 20% and less than 35% of its share capital.

The company transferred the amount of statutory reserve amounting SAR 31,944 Thousand to the accumulated losses after completing all the regulatory requirements.

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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UCA - United Cooperative Assurance Co. SJSC published this content on 04 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2021 20:32:18 UTC.