Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) before Zakat 7,535 26,659 -71.74 6,924 8.82
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 5,494 23,349 -76.47 1,687 225.67
Gross written premiums (GWP) 60,981 12,704 380.01 93,183 -34.56
Net written premiums (NWP) 55,606 -8,631 67,790 -17.97
Net incurred claims 35,131 41,148 -14.62 27,568 27.43
Net profit (loss) of policy holders investment 3,103 3,484 -10.94 4,095 -24.22
Net profit (loss) of shareholders capital investment 295 2,141 -86.22 2,522 -88.3
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) before Zakat 19,545 157,221 -87.57
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 7,691 159,394 -95.17
Gross written premiums (GWP) 246,989 131,836 87.35
Net written premiums (NWP) 205,235 74,715 174.69
Net incurred claims 80,354 195,554 -58.91
Net profit (loss) of policy holders investment 11,048 9,492 16.39
Net profit (loss) of shareholders capital investment 4,652 5,620 -17.22
Earning or loss per share, Riyals 0.78 6.29
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 month period ended September 30, 2017 compared to the same period of previous year is due to the decrease in Net Premiums Earned by 39%.
Reasons of increase (decrease) for the period compared with same period last year The reason for the decrease in profit for the nine month period ended September 30, 2017 compared to the same period of previous year is due to the decrease in Net Premiums Earned by 72%.
Reasons of increase (decrease) for the quarter compared with the previous quarter The reason for the increase in profit for the three months period ended September 30, 2017 compared to the previous quarter is due to the increase in Net Premiums Earned by 37%
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 income before zakat
Other notes Earnings per share has been calculated based on net income before zakat. The total of shareholder’s equity (there are no minority rights) for the current period amounted to SAR 469,156 thousands compared with SAR 549,172 thousands for the same period last year, which is a decrease of 15%. The retained earnings as at the end of the period is SAR 139,108 thousands which is 56% of the paid up capital. The total comprehensive income for policyholders for the current quarter is SAR1,870 thousands, compared to SAR 1,386 thousands for the same quarter last year which represents an increase of 35%, compared to SAR536 thousands for the previous quarter, which represents an increase of 249%. The total comprehensive income for policy holders for the current period is SAR2,793 thousands compared to SAR15,100 for the same period last year, which represents a decline of 82%. The total comprehensive income for shareholders for the current quarter is SAR 9,035 thousands, compared to SAR25,504 thousands for the same quarter last year which represents a decline of 65%, compared to SAR7,111 thousands for the previous quarter which represents an increase of 27%. The total comprehensive income for shareholders for the current period is SAR 21,132 thousands, compared to SAR 155,567 thousands for the same period last year which represents a decline of 86%.