اعلان الشركة العالمية للتأمين التعاوني عن النتائج المالية الأولية للفترة المنتهية 

A8280 ALALAMIYA-0.1 (-0.4 %)
1443/03/29 Thu Nov 4, 2021 09:21:43

Al Alamiya for 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)	95,165	52,675	80.664	57,472	65.584
Net Written Premiums (NWP)	53,160	12,936	310.946	31,683	67.787
Net Incurred Claims	20,947	1,475	1,320.135	8,061	159.856
Net Profit (Loss) of Policy Holders Investment	300	733	-59.072	220	36.363
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-18,638	462	-	-2,797	566.356
Net Profit (loss) of Shareholders Capital Investment	1,338	1,615	-17.151	1,153	16.045
Net Profit (Loss) before Zakat	-17,363	2,328	-	-1,626	967.835
Total Comprehensive Income	-20,393	227	-	-3,873	426.542
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	203,194	136,481	48.88
Net Written Premiums (NWP)	104,375	38,235	172.982
Net Incurred Claims	34,072	18,099	88.253
Net Profit (Loss) of Policy Holders Investment	755	3,265	-76.875
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-20,051	2,723	-
Net Profit (loss) of Shareholders Capital Investment	3,849	5,659	-31.984
Net Profit (Loss) before Zakat	-16,538	9,957	-
Total Comprehensive Income	-23,192	5,150	-
Total Share Holders Equity (after Deducting Minority Equity)	380,489	412,858	-7.84
Profit (Loss) per Share	-0.56	0.09
All figures are in (Thousands) Saudi Arabia, Riyals

Accumulated Losses	Capital	Percentage %
-23,961	400,000	-5.99
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 for net loss for the current quarter compared with the net profit of same quarter of the previous year is due to higher net claims incurred, higher other underwriting expenses, lower other income, lower investment income and lower reinsurance commissions. The loss is partly offset by higher net premiums earned, lower general and administrative expenses and lower policy acquisition costs.
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 for the increase in the net loss for the quarter compared with the previous quarter is due to higher net claims incurred, higher other underwriting expenses, lower other income, higher policy acquisition costs and higher charge for doubtful debts. This increase in the loss is partly offset by higher net premiums earned, lower general and administrative expenses and higher investment income.
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 for the net loss for the current period compared with the net profit of same period of the previous year is due to higher net claims incurred, higher other underwriting expenses, lower investment income, lower other income, and lower reinsurance commissions. This loss is partly offset by lower policy acquisition costs, lower general and administrative expenses, and higher reversal for doubtful debts.
Statement of the type of external auditor's report	Unmodified opinion
Reclassification of Comparison Items	Not Applicable
Additional Information	The total shareholders' equity (there is no minority equity) for the current period reached SAR 380,489 thousands compared to SAR 412,858 thousands for the same period last year reflecting a decrease of 7.84%. The net comprehensive loss for the current quarter is SAR (20,393) thousands compared to net comprehensive profit of SAR 227 thousands for the same quarter last year with a decrease of 9,083.7% and net comprehensive loss of SAR (3,873) thousands for the previous quarter reflecting an increase of 426.54%. The net comprehensive loss for the current period is SAR (23,192) thousands compared to net comprehensive income of SAR 5,150 thousands for the same period last year with a decrease of 550.33%. The Loss Per Share for the current period is SAR (0.56) versus the Earning Per Share of SAR 0.09 for the same period last year. The Earning / (Loss) Per Share was calculated on the basis of net income / (loss) after zakat and income tax attributable to shareholders divided by the number of shares. Net loss after zakat and income tax attributable to shareholders for current period is SAR (22,458) thousands and the Number of shares as of 30-09-2021G is 40,000 thousands shares. While in last year same period, Net income after zakat and income tax attributable to shareholders was SAR 3,783 thousands and the Number of shares as of 30-09-2020G were 40,000 thousands shares. Total accumulated losses at the end of current period are SAR (23,961) thousands compared to accumulated profits of SAR 7,669 thousands for the same period last year. Total accumulated losses at the end of current period are SAR (23,961) thousands which are (5.99)% of Capital.

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.