AL SAGR COOPERATIVE INSURANCE CO. ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING ON 31-12-2015

AL SAGR COOPERATIVE INSURANCE CO. ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING ON 31-12-2015

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
NET PROFIT (LOSS) BEFORE ZAKAT 59,937 14,439 315.1 30,595 95.9
SURPLUS (DEFICIT) OF INSURANCE TRANSACTIONS LESS RETURNS OF POLICY HOLDERS INVESTMENT (OPERATING TRANSACTIONS RESULTS) 62,612 13,693 357.26 31,902 96.26
GROSS WRITTEN PREMIUMS (GWP) 264,236 53,235 396.36 207,023 27.64
NET WRITTEN PREMIUMS (NWP) 248,862 45,734 444.15 196,730 26.5
NET INCURRED CLAIMS 81,134 11,064 633.32 72,437 12.01
NET PROFIT (LOSS) OF POLICY HOLDERS INVESTMENT 3,330 1,966 69.38 912 265.13
NET PROFIT (LOSS) OF SHAREHOLDERS CAPITAL INVESTMENT 1,343 1,213 10.72 1,655 -18.85

 

ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
NET PROFIT (LOSS) BEFORE ZAKAT 104,078 26,567 291.76
SURPLUS (DEFICIT) OF INSURANCE TRANSACTIONS LESS RETURNS OF POLICY HOLDERS INVESTMENT (OPERATING TRANSACTIONS RESULTS) 102,159 15,475 560.16
GROSS WRITTEN PREMIUMS (GWP) 863,838 239,932 260.03
NET WRITTEN PREMIUMS (NWP) 792,635 180,762 338.5
NET INCURRED CLAIMS 256,467 106,091 141.74
NET PROFIT (LOSS) OF POLICY HOLDERS INVESTMENT 8,593 8,372 2.64
NET PROFIT (LOSS) OF SHAREHOLDERS CAPITAL INVESTMENT 7,142 7,520 -5.03
EARNING OR LOSS PER SHARE, RIYALS 3.51 0.51
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 profit before Zakat for the three month period ended Dec 31, 2015 compared to the same period of previous year is the growth in the business and acheiving 396% growth in GWP which in turn resulted in an increase in the surplus from insurance operations by 357%.
REASONS OF INCREASE (DECREASE) FOR THE PERIOD COMPARED WITH SAME PERIOD LAST YEAR The reason for the increase in profit before Zakat for the twelve month period ended Dec 31, 2015 compared to the same period of previous year is the growth in the business and acheiving 260% growth in GWP which in turn resulted in an increase in the surplus from insurance operations by 560%.
REASONS OF INCREASE (DECREASE) FOR THE QUARTER COMPARED WITH THE PREVIOUS QUARTER The reason for the increase in profit for the three month period ended Dec. 31, 2015 compared to the previous quarter is the increase in net premiums earned by 32%
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.
OTHER NOTES Earning per share has been calculated after deducting zakat provision


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