1443/04/03 Mon Nov 8, 2021 08:25:33
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Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
Gross Written Premiums (GWP) | 161,344 | 108,247 | 49.051 | 132,690 | 21.594 |
Net Written Premiums (NWP) | 136,529 | 94,101 | 45.087 | 119,190 | 14.547 |
Net Incurred Claims | 101,776 | 83,291 | 22.193 | 95,352 | 6.737 |
Net Profit (Loss) of Policy Holders Investment | 398 | 527 | -24.478 | 365 | 9.041 |
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -27,002 | -1,984 | 1,260.987 | -5,549 | 386.61 |
Net Profit (loss) of Shareholders Capital Investment | 600 | 609 | -1.477 | 366 | 63.934 |
Net Profit (Loss) before Zakat | -26,629 | -1,453 | 1,732.69 | -5,541 | 380.581 |
Total Comprehensive Income | -30,142 | 1,087 | - | -7,353 | 309.927 |
All figures are in (Thousands) Saudi Arabia, Riyals |
Element List | Current Period | Similar period for previous year | %Change |
Gross Written Premiums (GWP) | 446,181 | 376,455 | 18.521 |
Net Written Premiums (NWP) | 386,592 | 323,015 | 19.682 |
Net Incurred Claims | 283,659 | 246,691 | 14.985 |
Net Profit (Loss) of Policy Holders Investment | 1,129 | 1,689 | -33.155 |
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -29,331 | 7,904 | - |
Net Profit (loss) of Shareholders Capital Investment | 1,561 | 1,956 | -20.194 |
Net Profit (Loss) before Zakat | -28,442 | 8,510 | - |
Total Comprehensive Income | -32,993 | 8,186 | - |
Total Share Holders Equity (after Deducting Minority Equity) | 113,702 | 152,645 | -25.512 |
Profit (Loss) per Share | -2.38 | 0.36 | |
All figures are in (Thousands) Saudi Arabia, Riyals |
Accumulated Losses | Capital | Percentage % |
34,950 | 141,000 | 24.79 |
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 company has increasing net loss during the current quarter compared to same quarter of the previous year this is due to increase in net claims incurred by 22%, decrease in the profit in policyholders investments by 24%, decrease the profit from shareholders investments by 1% , decrease in other underwriting income by 99 %, decrease in reinsurance commission earned by 27%, Increase in policy acquisition cost by 361% , although increase in gross premiums written by 49% , increase in net written premiums by 45% , increase in net premiums earned by 12%, decrease in addition of doubtful debts provision by 55%. |
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 company has increasing the net loss during the current quarter compared to the previous quarter of current year due to increase in net claims incurred by 7%, decrease in other underwriting income by 350 %,decrease in reinsurance commission earned by 44%,increase in policy acquisition cost by 120% , although increase in gross premiums written by 22% , increase in net written premiums by 15% , increase in net premiums earned by 4%, increase in the profit in policyholders investments by 9%, increase the profit from shareholders investments by 64% . |
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 company has net loss during the current period compared to net profit during the same period of the previous year this is due to increase in net claims incurred by 15% , decrease in the profit in policy holders investments by 33% , decrease in the profit in shareholders investments by 20%, decrease in other underwriting income by 95% , Increase in policy acquisition cost by 175% , besides increase doubtful debts provision in amount SR 1,418 thousand during current period comparing to reverse doubtful debts provision in amount SR 5,009 thousand during the same period of the previous year although increase in gross premiums written by 19% , increase in net written premiums by 20%, increase in net premiums earned by 6%, increase in reinsurance commission earned by 4%, decrease in general and administrative expenses by 2 % . |
Statement of the type of external auditor's report | Unmodified opinion |
Reclassification of Comparison Items | Certain reclassifications were made in comparative numbers to conform to the current period. These reclassification had no effect on the reported results of operations. |
Additional Information |
Earnings per share for the period has been calculated by dividing the net income for the period by the weighted average number of issued and outstanding shares for the period. The Company have reduced its share capital by offsetting with accumulated loss, as result the weighted average number of ordinary shares issued and outstanding in the prior year has been restated to 14.1 million and accordingly income per share is restated.
The weighted average number of shares has been retrospectively adjusted for prior period to reflect the reduction in share capital as required by IAS 33 The earnings per share have been calculated according to the profit after Zakat and Tax. |
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.
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ACIG - Allied Cooperative Insurance Group SJSC published this content on 08 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2021 05:47:08 UTC.