اعلان شركة أكسا للتأمين التعاوني عن النتائج المالية الأولية للفترة المنتهية في 2021-09-30 ( تس

A8250 AXA COOPERATIVE0.85 (2.47 %)
1443/04/02 Sun Nov 7, 2021 09:31:29

AXA Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	361,422	389,654	-7.245	271,765	32.99
Net Written Premiums (NWP)	326,961	347,447	-5.896	242,267	34.958
Net Incurred Claims	213,154	210,920	1.059	242,518	-12.107
Net Profit (Loss) of Policy Holders Investment	8,924	8,295	7.582	9,457	-5.636
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	36,011	45,419	-20.713	22,123	62.776
Net Profit (loss) of Shareholders Capital Investment	5,491	7,823	-29.809	7,183	-23.555
Net Profit (Loss) before Zakat	45,440	55,650	-18.346	34,964	29.962
Total Comprehensive Income	38,744	60,866	-36.345	38,143	1.575
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	1,174,778	1,201,432	-2.218
Net Written Premiums (NWP)	1,057,842	1,087,244	-2.704
Net Incurred Claims	670,577	660,340	1.55
Net Profit (Loss) of Policy Holders Investment	28,501	29,922	-4.749
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	92,340	93,972	-1.736
Net Profit (loss) of Shareholders Capital Investment	16,903	15,714	7.566
Net Profit (Loss) before Zakat	124,179	125,955	-1.41
Total Comprehensive Income	105,994	117,438	-9.744
Total Share Holders Equity (after Deducting Minority Equity)	977,474	827,704	18.094
Profit (Loss) per Share	2	2
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 deccrease in net profit before zakat by SR (10,210) thousands can be attributed to overall decrease in insurance results of the company which is decreased from SR 45,419 thousands in previous quater to SR 36,011 thousands in current quarter due to deterioration in the loss ratio mainly in Motor & Health segment . In addition overall decrease in investment income by SR(2,203) thousands (Policy & sharehoulders combined) has also contributed to the decrease in net profit before zakat and tax compared to same quarter in the previous year.
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 Increase in net profit before zakat by SR 10,476 thousands compared to previous period is attributed to overall increase in surplus from insurance operation mainly due to improvement in Property & casualty segment. In addition, overall increase in investment income by SR 2,225 thousands (Policy & sharehoulders combined) has also contributed to the increase in net profit before zakat and tax compared to previous quarter.
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 decrease in net profit before zakat by SR (1,776) thousands which is attributed mainly due to decrease in insurance results of the company which is decreased from SR 93,972 thousands in previous period to SR 92,340 thousands in current period. This decrease is mainly due to increase in net claims incurred by 10,237 thousands (mainly in Health segments). In addition investment income which is decreased by SR (232) thousands (Policy holders & Shareholders combined) in current period as compared to corresponding period of last year.
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	The external auditors interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting" as endorsed in the Kingdom of Saudi Arabia.
Reclassification of Comparison Items	None
Additional Information	Earnings per share has been calculated based on net income after zakat. The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 977,474 thousands compared with SAR 827,704 thousands for the same period last year , which is increase of 18.09%. The retained earnings as at the end of the period is SAR 334,982 thousands which is 66.99% of the paid up capital. The total comprehensive income for policyholders for the current quater is SAR 1,333 thousands , compared to SAR 9,325 thousands for the same quarter last year, compared to income of SAR 6,658 thousands for the previous quarter. The total comprehensive income for policyholders for the current period is SAR 1,700 thousands , compared to SAR 18,546 thousands for the same period last year. The total comprehensive income for shareholders for the current quarter is SAR 41,905 thousands, compared to SAR 56,911 thousands for the same quarter last year , compared to SAR 34,644 thousands for the previous quarter. The total comprehensive income for the shareholders for the current period is SAR 116,378 thousands, compared to SAR 111,281 thousands for the same period last year.

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