Al Sagr Cooperative Insurance Co. announces the annual financial results for the period ending on 31-12-2016

Al Sagr Cooperative Insurance Co. announces the annual financial results for the period ending on 31-12-2016

ELEMENT CURRENT YEAR PREVIOUS YEAR % CHANGE
Net profit (loss) before Zakat 166,810 102,584 62.61
Earning or loss per share, Riyals 6.06 3.45
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 163,126 98,535 65.55
Gross written premiums (GWP) 176,014 863,838 -79.62
Net written premiums (NWP) 109,197 793,256 -86.23
Net incurred claims 222,195 257,515 -13.72
Net profit (loss) of policy holders investment 13,306 8,593 54.85
Net profit (loss) of shareholders capital investment 8,050 7,142 12.71
Pre operating expenses (first operation year)
All figures are in (Thousands) Saudi Arabia, Riyals

 

ELEMENT EXPLAINATION
Reasons of annual financial results The reason for the increase in profit before zakat in the current period compared to the same period of previous year is due to the increase in net premiums earned by 14%
External auditor’s report containing reservation We draw the attention to the fact that these condensed interim financial statements are prepared in accordance with International Accounting standards 34- Interim Financial Reporting (IAS34) and not in accordance with standard on interim financial reporting issued by SOCPA
Reclassifications in annual financial results Certain of the comparative period amounts have been reclassified to confirm to the presentation in the current year with no impact to the shareholders’ equity
Other notes Earning per share has been calculated after zakat. Total shareholders’ equity (there are no minority rights) as at 31 December 2016 was SR 509 Million compared to SR406 Million as at 31 December 2015, an increase of 25%