1443/03/25 Sun Oct 31, 2021 08:13:40
Share this: Facebook TwitterLinkedIn
Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
Gross Written Premiums (GWP) | 548,311 | 412,572 | 32.9 | 842,560 | -34.923 |
Net Written Premiums (NWP) | 318,077 | 177,061 | 79.642 | 282,836 | 12.459 |
Net Incurred Claims | 240,419 | 140,171 | 71.518 | 221,239 | 8.669 |
Net Profit (Loss) of Policy Holders Investment | 603 | 723 | -16.597 | 7,146 | -91.561 |
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -41,269 | 25,184 | - | -12,656 | 226.082 |
Net Profit (loss) of Shareholders Capital Investment | 10,173 | 4,610 | 120.672 | 17,901 | -43.17 |
Net Profit (Loss) before Zakat | -33,115 | 25,271 | - | 10,537 | - |
Total Comprehensive Income | -41,067 | 32,386 | - | 16,997 | - |
All figures are in (Thousands) Saudi Arabia, Riyals |
Element List | Current Period | Similar period for previous year | %Change |
Gross Written Premiums (GWP) | 1,734,230 | 1,044,618 | 66.015 |
Net Written Premiums (NWP) | 842,731 | 614,024 | 37.247 |
Net Incurred Claims | 676,141 | 395,623 | 70.905 |
Net Profit (Loss) of Policy Holders Investment | 8,725 | 2,117 | 312.139 |
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -97,211 | 44,360 | - |
Net Profit (loss) of Shareholders Capital Investment | 49,002 | 10,818 | 352.967 |
Net Profit (Loss) before Zakat | -46,435 | 42,804 | - |
Total Comprehensive Income | -46,756 | 22,956 | - |
Total Share Holders Equity (after Deducting Minority Equity) | 869,538 | 883,788 | -1.612 |
Profit (Loss) per Share | -0.89 | 0.44 | |
All figures are in (Thousands) Saudi Arabia, Riyals |
Element List | Explanation |
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason of Net Loss before Zakat & Tax for the current quarter compared with Net Profit before Zakat & Tax of same quarter last year is due to increase in Net Claims and Other Benefits Incurred by SAR 100.25 million 71.52%, increase in Other Underwriting Expenses by SAR 22.60 million 305.60%, increase in Policy Acquisition Cost by SAR 1.75 million 13.32% and increase in General & Administrative Expenses by SAR 0.60 million 1.52%. This increase in expenses and costs is partially offset with increase Net Premiums Earned by SAR 68.30 million 33.88%, decrease in Additional Premium Reserves by SAR 10.39 million 82.96%, increase in Reinsurance Commission by SAR 2.90 million 20.30% and increase in Investment and Commission Income by SAR 5.44 million 102.06%. |
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The reason of Net Loss before Zakat & Tax for the current quarter compared with Net Profit before Zakat & Tax of previous quarter is due to increase in Net Claims and Other Benefits Incurred by SAR 19.18 million 8.67%, increase in Other Underwriting Expenses by SAR 13.24 million 79.03%, decrease in Investment and Commission Income by SAR 14.27 million 56.98%, increase in Policy Acquisition Costs by SAR 1.43 million 10.58%, increase in General & Administrative Expenses by SAR 4.07 million 11.34% and increase in Allowance for Doubtful Debts by SAR 4.11 million 96.82%. This increase in costs and expenses is partially offset with increase in Net Premiums Earned by SAR 12.95 million 5.04% and increase in Other Underwriting Income by SAR 0.66 million. |
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason of Net Loss before Zakat & Tax for the current period compared with Net Profit before Zakat & Tax of previous period is due to increase in Net Claims and Other Benefits Incurred by SAR 280.52 million 70.91%, increase in Other Underwriting Expenses by SAR 48.33 million 244.78%, increase in Other Technical Reserves by SAR 19.06 million, increase in Policy Acquisition Costs by SAR 8.40 million 24.46%, decrease in Other Underwriting Income by SAR 8.55 million 85.38% and increase in General & Administrative Expenses by SAR 8.60 million 8.34%. This increase in expenses and costs is offset with increase in Net Premiums Earned by SAR 159.83 million 27.23%, increase in Reinsurance Commission by SAR 14.09 million 45.09%, increase in Investment and Commission Income by SAR 44.79 million 346.29%, decrease in Additional Premium Reserves by SAR 55.01 million and decrease in Allowance for Doubtful Debts by SAR 5.84 million 28.94%. |
Statement of the type of external auditor's report | Unmodified opinion |
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | N/A |
Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the presentation of the current period. These changes have been made to better reflect the balances and transactions in the condensed interim financial information of the Company. The Company asserts that there is no financial impact of these re-classifications on Net Results From Insurance Operations, Net Income and Equity. |
Additional Information | The Loss/Earning Per Share is calculated on Loss/Profit after Zakat and Income Tax for the period. The Loss Per Share for the current period is SAR 0.89 versus Earning Per Share of SAR 0.44 for the same period of the previous year, which is calculated based on the weighted average number of ordinary shares outstanding during the period. The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 869,538 thousands compared with SAR 916,294 thousands as at 31 December 2020, which reflects a decrease of 5.10%. The Retained Earnings as at the end of the period is SAR 23,719 thousands, which is 3.67% of the Paid-Up Capital. The Total Comprehensive Loss for the current quarter is SAR 41,067 thousands compared with total Comprehensive Income of SAR 32,386 thousands for the same quarter last year and compared with total Comprehensive Income of SAR 16,997 thousands for the previous quarter. The total Comprehensive Loss for the current period is SAR 46,756 thousands compared with Total Comprehensive Income of SAR 22,956 thousands for the same period last year. |
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
Attachments
- Original document
- Permalink
Disclaimer
Saudi United Cooperative Insurance Company SJSC published this content on 31 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2021 08:46:01 UTC.