Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2016 (Six Months)

Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2016 (Six Months)

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) before Zakat 58,013 12,714 356.29 72,550 -20.04
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 58,585 10,115 479.19 77,461 -24.37
Gross written premiums (GWP) 49,638 265,904 -81.33 69,494 -28.57
Net written premiums (NWP) 24,351 234,267 -89.61 58,996 -58.72
Net incurred claims 68,612 61,122 12.25 85,794 -20.03
Net profit (loss) of policy holders investment 4,902 1,874 161.58 2,027 141.84
Net profit (loss) of shareholders capital investment 1,819 2,805 -35.15 1,660 9.58
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) before Zakat 130,563 13,546 863.85
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 139,155 7,645 1,720.21
Gross written premiums (GWP) 119,132 392,579 -69.65
Net written premiums (NWP) 83,346 347,042 -75.98
Net incurred claims 154,406 102,896 50.06
Net profit (loss) of policy holders investment 6,929 4,351 59.25
Net profit (loss) of shareholders capital investment 3,478 4,253 -18.22
Earning or loss per share, Riyals 4.88 0.22
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The reason for the increase in Net Income before zakat in the current quarter compared to same quarter last year is the increase in Net Earned Premiums by 73%
Reasons of increase (decrease) for the period compared with same period last year The reason for the increase in Net Income before zakat in the current period compared to same period last year is the increase in Net Earned Premiums by 154%
Reasons of increase (decrease) for the quarter compared with the previous quarter The reason for the reduction in Net Income before zakat in the current quarter compared to the previous quarter is the reduction in the Net Earned Premiums by 21%
External auditor’s report containing reservation The audit report includes following emphasis of matter paragraphs:
We draw your attention to the following:
1 These interim condensed financials statements are prepared in accordance with IAS 34 and not in accordance with the Standard on Interim Financial Reporting issued by SOCPA.
2 to note 15 c to the interim condensed financial statements. As stated there in, the Company’s management has taken necessary actions against:
(i) a letter of non-compliance received by the Company from Council of Cooperative Health Insurance on 2 Rabi II 1437H (corresponding to 12 January 2016) and
(ii) a letter issued by Saudi Arabian Monetary Agency (SAMA) on 6 Rajab 1437H (corresponding to 13 April 2016) suspending the company form issuing medical policies to new customers as well as to renew its existing medical policies until the time the Company rectifies its status and re-confirms its pledge to maintain proper application of the rules of CCHI and SAMA. This suspension has resulted in a significant decline in the medical line of business.
Reclassifications in quarterly financial results Some numbers within the financial results have been re-classified for comparative reasons. The re-classification does not have any financial impact on the net underwriting results or net comprehensive income
Other notes Earning per share is calculated on income after deducting zakat provision.


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