Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)
|ELEMENT||CURRENT QUARTER||SIMILAR QUARTER FOR PREVIOUS YEAR||% CHANGE CURRENT||PREVIOUS QUARTER||% CHANGE PREVIOUS|
|Net profit (loss) before Zakat||9,271||5,086||82.28||2,658||248.8|
|Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)||5,262||1,465||259.18||989||432.05|
|Gross written premiums (GWP)||64,144||92,825||-30.9||82,318||-22.08|
|Net written premiums (NWP)||58,261||81,839||-28.81||69,455||-16.12|
|Net incurred claims||45,493||17,655||157.68||45,245||0.55|
|Net profit (loss) of policy holders investment||2,450||2,896||-15.4||2,172||12.8|
|Net profit (loss) of shareholders capital investment||2,612||1,835||42.34||2,543||2.71|
|Earning or loss per share, Riyals||0.37||0.2||–||–||–|
|All figures are in (Thousands) Saudi Arabia, Riyals|
|Reasons of increase (decrease) for the quarter compared with same quarter last year||The reason for the increase in profit for the three months period ended March 31, 2018 compared to the same period of previous year is due to the increase in Net Premiums Earned by 176%.|
|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 March 31, 2018 compared to the previous quarter is due to the increase in Net Premiums Earned by 13%|
|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 475,266 thousands compared with SAR 510,057 thousands for the same period last year, which is decrease of 7%. The retained earnings as at the end of the period is SAR 143,058 thousands which is 57% of the paid up capital.
The total comprehensive income for policyholders for the current quarter is SAR 1,543 thousands, compared to SAR 388 thousands for the same quarter last year which represents an increase of 298%, compared to SAR 1,990 thousands for the previous quarter which represents a decrease of 22%.
The total comprehensive income for shareholders for the current quarter is SAR 11,257 thousands, compared to SAR 4,987 thousands for the same quarter last year which represents an increase of 126%, compared to SAR 1,845 thousands for the previous quarter which represents an increase of 510%.