Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) before Zakat 26,659 30,595 -12.86 58,013 -54.05
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 23,349 31,902 -26.81 58,585 -60.15
Gross written premiums (GWP) 12,704 207,023 -93.86 49,638 -74.41
Net written premiums (NWP) -8,631 196,730 24,351
Net incurred claims 41,148 72,437 -43.19 68,612 -40.03
Net profit (loss) of policy holders investment 3,484 912 282.02 4,902 -28.93
Net profit (loss) of shareholders capital investment 2,141 1,655 29.37 1,819 17.7
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) before Zakat 157,221 44,141 256.18
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 159,394 39,547 303.05
Gross written premiums (GWP) 131,836 599,602 -78.01
Net written premiums (NWP) 74,715 543,772 -86.26
Net incurred claims 195,554 175,334 11.53
Net profit (loss) of policy holders investment 9,492 5,263 80.35
Net profit (loss) of shareholders capital investment 5,620 5,799 -3.09
Earning or loss per share, Riyals 5.81 1.17
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 decrease in profit for the three months period ended September 30, 2016 compared to the same period of previous year is due to the decrease in Net Premiums Earned by 27% .
Reasons of increase (decrease) for the period compared with same period last year The reason for the increase in profit for the nine months period ended September 30, 2016 compared to the same period of previous year is due to the increase in Net Premiums Earned by 67%
Reasons of increase (decrease) for the quarter compared with the previous quarter The reason for the decrease in profit for the three months period ended September 30, 2016 compared to the previous quarter of this year is due to the decrease in Net Premiums Earned by 40%
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 quarterly financial results Some numbers within the financial results have been re-classified for comparative reasons. The re-classification does not have material financial impact on the net underwriting results or net comprehensive income
Other notes Earning per share has been calculated after zakat. Total shareholders’ equity (there are no minority rights) as at 30 September 2016 was SR 549 Million compared to SR 351 Million for same period of last year, an increase of 56%.


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