1443/04/05 Wed Nov 10, 2021 08:01:54
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Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
Gross Written Premiums (GWP) | 178,012 | 159,385 | 11.686 | 226,757 | -21.496 |
Net Written Premiums (NWP) | 104,246 | 80,401 | 29.657 | 137,602 | -24.24 |
Net Incurred Claims | 101,621 | 74,732 | 35.98 | 90,387 | 12.428 |
Net Profit (Loss) of Policy Holders Investment | 422 | 356 | 18.539 | 323 | 30.65 |
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -23,384 | -3,474 | 573.114 | -6,183 | 278.198 |
Net Profit (loss) of Shareholders Capital Investment | 24 | 241 | -90.041 | 841 | -97.146 |
Net Profit (Loss) before Zakat | -26,075 | -4,657 | 459.909 | -7,111 | 266.685 |
Total Comprehensive Income | -27,189 | -6,265 | 333.982 | -8,240 | 229.963 |
All figures are in (Thousands) Saudi Arabia, Riyals |
Element List | Current Period | Similar period for previous year | %Change |
Gross Written Premiums (GWP) | 713,192 | 641,847 | 11.115 |
Net Written Premiums (NWP) | 416,828 | 355,914 | 17.114 |
Net Incurred Claims | 279,268 | 191,245 | 46.026 |
Net Profit (Loss) of Policy Holders Investment | 1,075 | 1,840 | -41.576 |
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -46,453 | 6,568 | - |
Net Profit (loss) of Shareholders Capital Investment | 2,461 | 66 | 3,628.787 |
Net Profit (Loss) before Zakat | -51,677 | 1,657 | - |
Total Comprehensive Income | -55,029 | -4,902 | 1,022.582 |
Total Share Holders Equity (after Deducting Minority Equity) | 210,803 | 253,330 | -16.787 |
Profit (Loss) per Share | -2.74 | -0.21 | |
All figures are in (Thousands) Saudi Arabia, Riyals |
Accumulated Losses | Capital | Percentage % |
4,551 | 200,000 | 2 |
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 increase in loss in third quarter 2021 compared to the same quarter last year is due to the increase in technical reserves and other underwriting expenses by SAR 7,650 thousand, and increase in other operating expenses by SR. 12,699 thousand. |
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 increase in loss for current quarter compared to the previous quarter is due to the increase in claims incurred by SR. 11,234 thousand and increase in other operating expenses expenses by SAR 8,891 thousand. |
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 loss in current period compared to the profit in the same period last year is due to the increase in claims incurred by SAR 88,023 thousand. |
Statement of the type of external auditor's report | Emphasis of Matter paragraph |
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion |
The auditors have reviewed the financial statements and have issued an unmodified report there on.In addition the audit reports includes the following Emphasis of matter paragraph.
We draw attention to note 1 to the interim condensed financial statements, which indicates that the Company has incurred net losses attributable to the shareholders of Saudi Riyals 27.2 million and Saudi Riyals 54.78 million for the three-month and nine-month periods ended September 30, 2021 respectively, and as of that date, its accumulated losses amounted to Saudi Riyals 4.55 million and the Company's solvency margin is below the minimum solvency requirements as mandated by the Saudi Central Bank ("SAMA"). The Company's financial position as at September 30, 2021, together with the uncertainty as to whether the Board of Directors' proposed remediation actions described in note 1 will be successful or not, indicate that a material uncertainty exists that may cast significant doubts on the Company's ability to continue as a going concern. Our conclusion above is not modified in respect of this matter. |
Reclassification of Comparison Items |
Certain of the comparative figures have been reclassified and regrouped to conform to the current year presentation. Such reclassifications have not resulted in any additional impact on equity, income, or total comprehensive income for comparative year.
The reclassification in comparative interim statement of income for the three month and nine-month period ended September 30, 2021 relates to Value Added Tax accrued on reinsurance commission income amounting to SAR 1.15 million and SAR 3.05 million and Najm fees amounting to SAR 2.5 and SAR 2.5 respectively, from the "general and administrative expenses" to "other underwriting expenses". |
Additional Information |
The total of shareholders' equity (there are no minority rights) for the current period amounted to SR. 210,803 thousand compared with SR. 253,330 thousand for the same period last year representing a decrease of 17%.
The total comprehensive loss for the current quarter is SR 27,189 thousand compared to the total comprehensive loss for the same quarter last year of SR 6,265 thousand representing an increase of 334% The total comprehensive loss for the current period is SAR 55,029 thousand compared to the total comprehensive loss for the same period last year of SAR 4,902 thousand representing an increase of 1022%. |
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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Wataniya Insurance Company SJSC published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 05:54:01 UTC.