اعلان شركة ولاء للتأمين التعاوني عن النتائج المالية الأولية للفترة المنتهية في 2021-09-30 ( تس

A8060 WALAA-0.66 (-3.02 %)
1443/03/25 Sun Oct 31, 2021 08:13:40

Walaa 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)	548,311	412,572	32.9	842,560	-34.923
Net Written Premiums (NWP)	318,077	177,061	79.642	282,836	12.459
Net Incurred Claims	240,419	140,171	71.518	221,239	8.669
Net Profit (Loss) of Policy Holders Investment	603	723	-16.597	7,146	-91.561
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-41,269	25,184	-	-12,656	226.082
Net Profit (loss) of Shareholders Capital Investment	10,173	4,610	120.672	17,901	-43.17
Net Profit (Loss) before Zakat	-33,115	25,271	-	10,537	-
Total Comprehensive Income	-41,067	32,386	-	16,997	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	1,734,230	1,044,618	66.015
Net Written Premiums (NWP)	842,731	614,024	37.247
Net Incurred Claims	676,141	395,623	70.905
Net Profit (Loss) of Policy Holders Investment	8,725	2,117	312.139
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-97,211	44,360	-
Net Profit (loss) of Shareholders Capital Investment	49,002	10,818	352.967
Net Profit (Loss) before Zakat	-46,435	42,804	-
Total Comprehensive Income	-46,756	22,956	-
Total Share Holders Equity (after Deducting Minority Equity)	869,538	883,788	-1.612
Profit (Loss) per Share	-0.89	0.44
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 of Net Loss before Zakat & Tax for the current quarter compared with Net Profit before Zakat & Tax of same quarter last year is due to increase in Net Claims and Other Benefits Incurred by SAR 100.25 million 71.52%, increase in Other Underwriting Expenses by SAR 22.60 million 305.60%, increase in Policy Acquisition Cost by SAR 1.75 million 13.32% and increase in General & Administrative Expenses by SAR 0.60 million 1.52%. This increase in expenses and costs is partially offset with increase Net Premiums Earned by SAR 68.30 million 33.88%, decrease in Additional Premium Reserves by SAR 10.39 million 82.96%, increase in Reinsurance Commission by SAR 2.90 million 20.30% and increase in Investment and Commission Income by SAR 5.44 million 102.06%.
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 of Net Loss before Zakat & Tax for the current quarter compared with Net Profit before Zakat & Tax of previous quarter is due to increase in Net Claims and Other Benefits Incurred by SAR 19.18 million 8.67%, increase in Other Underwriting Expenses by SAR 13.24 million 79.03%, decrease in Investment and Commission Income by SAR 14.27 million 56.98%, increase in Policy Acquisition Costs by SAR 1.43 million 10.58%, increase in General & Administrative Expenses by SAR 4.07 million 11.34% and increase in Allowance for Doubtful Debts by SAR 4.11 million 96.82%. This increase in costs and expenses is partially offset with increase in Net Premiums Earned by SAR 12.95 million 5.04% and increase in Other Underwriting Income by SAR 0.66 million.
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 of Net Loss before Zakat & Tax for the current period compared with Net Profit before Zakat & Tax of previous period is due to increase in Net Claims and Other Benefits Incurred by SAR 280.52 million 70.91%, increase in Other Underwriting Expenses by SAR 48.33 million 244.78%, increase in Other Technical Reserves by SAR 19.06 million, increase in Policy Acquisition Costs by SAR 8.40 million 24.46%, decrease in Other Underwriting Income by SAR 8.55 million 85.38% and increase in General & Administrative Expenses by SAR 8.60 million 8.34%. This increase in expenses and costs is offset with increase in Net Premiums Earned by SAR 159.83 million 27.23%, increase in Reinsurance Commission by SAR 14.09 million 45.09%, increase in Investment and Commission Income by SAR 44.79 million 346.29%, decrease in Additional Premium Reserves by SAR 55.01 million and decrease in Allowance for Doubtful Debts by SAR 5.84 million 28.94%.
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	N/A
Reclassification of Comparison Items	Certain comparative figures have been reclassified to conform to the presentation of the current period. These changes have been made to better reflect the balances and transactions in the condensed interim financial information of the Company. The Company asserts that there is no financial impact of these re-classifications on Net Results From Insurance Operations, Net Income and Equity.
Additional Information	The Loss/Earning Per Share is calculated on Loss/Profit after Zakat and Income Tax for the period. The Loss Per Share for the current period is SAR 0.89 versus Earning Per Share of SAR 0.44 for the same period of the previous year, which is calculated based on the weighted average number of ordinary shares outstanding during the period. The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 869,538 thousands compared with SAR 916,294 thousands as at 31 December 2020, which reflects a decrease of 5.10%. The Retained Earnings as at the end of the period is SAR 23,719 thousands, which is 3.67% of the Paid-Up Capital. The Total Comprehensive Loss for the current quarter is SAR 41,067 thousands compared with total Comprehensive Income of SAR 32,386 thousands for the same quarter last year and compared with total Comprehensive Income of SAR 16,997 thousands for the previous quarter. The total Comprehensive Loss for the current period is SAR 46,756 thousands compared with Total Comprehensive Income of SAR 22,956 thousands for the same period last year.

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