Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) before Zakat 9,256 59,937 -84.56 26,659 -65.28
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 3,359 62,612 -94.64 23,349 -85.61
Gross written premiums (GWP) 44,718 264,236 -83.08 12,704 252
Net written premiums (NWP) 34,482 248,862 -86.14 -8,631
Net incurred claims 26,640 81,134 -67.17 41,148 -35.26
Net profit (loss) of policy holders investment 3,813 3,330 14.5 3,484 9.44
Net profit (loss) of shareholders capital investment 2,431 1,343 81.01 2,141 13.54
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) before Zakat 166,475 104,078 59.95
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 162,754 102,159 59.31
Gross written premiums (GWP) 176,014 863,838 -79.62
Net written premiums (NWP) 109,197 792,635 -86.22
Net incurred claims 222,195 256,467 -13.36
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
Earning or loss per share, Riyals 6.05 3.51
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 decline in profit before Zakat for the three month period compared to the same period of the previous year is reduction in net premium earned by 70%
Reasons of increase (decrease) for the period compared with same period last year The reason for the increase in profit before zakat in the current compared to the same period of previous year is due to the increase in net premiums earned by 14%
Reasons of increase (decrease) for the quarter compared with the previous quarter The reason for the decrease in profit for the current quarter compared to the previous quarter is the decrease in net premiums earned by 46%
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 31 December 2016 was SR 509 Million compared to SR406 Million as at 31 December 2015, an increase of 25%


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