ELEMENT LIST | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | %CHANGE | PREVIOUS QUARTER | % CHANGE |
|---|---|---|---|---|---|
Gross Written Premiums (GWP) | 92,459 | 99,872 | -7.422 | 133,653 | -30.821 |
Net Written Premiums (NWP) | 73,835 | 80,602 | -8.395 | 98,162 | -24.782 |
Net Incurred Claims | 48,199 | 65,972 | -26.94 | 90,467 | -46.722 |
Net Profit (Loss) of Policy Holders Investment | 1,636 | 2,175 | -24.781 | 2,030 | -19.408 |
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 8,632 | 153 | 5,541.83 | -8,494 | – |
Net Profit (loss) of Shareholders Capital Investment | 896 | 755 | 18.675 | 1,038 | -13.68 |
Net Profit (Loss) before Zakat | 9,573 | 1,061 | 802.262 | -6,100 | – |
Total Comprehensive Income | 18,072 | 2,265 | 697.88 | -13,589 | – |
All figures are in (Thousands) Saudi Arabia, Riyals | |||||
ELEMENT LIST | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | %CHANGE |
|---|---|---|---|
Gross Written Premiums (GWP) | 226,112 | 273,847 | -17.431 |
Net Written Premiums (NWP) | 171,997 | 191,988 | -10.412 |
Net Incurred Claims | 138,666 | 124,507 | 11.372 |
Net Profit (Loss) of Policy Holders Investment | 3,666 | 3,517 | 4.236 |
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 138 | -37,982 | – |
Net Profit (loss) of Shareholders Capital Investment | 1,934 | 2,133 | -9.329 |
Net Profit (Loss) before Zakat | 4,119 | -34,874 | – |
Total Comprehensive Income | 5,129 | -35,089 | – |
Total Share Holders Equity (after Deducting Minority Equity) | 149,631 | 132,359 | 13.049 |
Profit (Loss) per Share | 0.19 | -2.44 | |
All figures are in (Thousands) Saudi Arabia, Riyals | |||
ELEMENT LIST | EXPLANATION |
|---|---|
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | The main reason for increase in profit this quarter as compared to same quarter of last year is the increase in Net premiums earned by SR 22,589 thousand (30%) which is partially offset by increase in Total underwriting costs and expenses, net by SR 4,327 thousand (7%) and Total other operating expenses, net by SR 7,225 thousand (37%). |
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The major reason for the profit of SR 8,949 thousand in this quarter compared to a loss of SR 6,792 thousand in the preceding quarter is attributable to a decrease in Net claims and other benefits incurred by SR 42,268 thousand (47%) that was partly offset by: • Decrease in Net earned premium by SR 8,461 thousand (8%); • Increase in Changes in additional premium reserves by SR 8,593 thousand against a reversal of SR 3,947 thousand during the preceding quarter; and • Increase in Total other operating expenses, net by SR 4,023 thousand (18%). |
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to | The main reason for increase in profit this period as compared to same period of last year is the increase in Net premiums earned by SR 67,516 thousand (49%) which is partially offset by increase in Total underwriting costs and expenses, net SR 11,100 thousand (7%) and Total other operating expenses, net SR 15,612 thousand (46%). |
Basis of the External Auditor’s Opinion | Unmodified opinion |
Reclassification of Comparison Items | nothing |
Additional Information | 1. The company made a profit of SR 8,949 thousand after zakat and income tax in the second quarter of 2020 as compared to profit of SR 1,059 thousand in the comparative period of last year and a loss of SR 6,792 thousand in the first quarter of 2020. The company made a profit of SR 2,803 thousand after zakat and income tax in the six-months period ended June 30, 2020 as compared to a loss of SR 36,562 thousand in the comparative period of last year. 2. Earning or Loss per share has been calculated on the basis of Total earning or Loss for the period after Zakat and income tax. Earnings per share for second quarter of 2020 was SR 0.60 compared to SR 0.07 for the comparative period of last year and a loss per share SR 0.45 in the first quarter of 2020. Earnings per share for the six-months period ended on June 30, 2020 was SR 0.19 while it was loss per share SR 2.44 for the comparative period of last year. 3. Total comprehensive income for second quarter of 2020 was SR 18,072 thousand compared to SR 2,265 thousand for the comparative period of last year and total comprehensive loss of SR 13,589 thousand for the first quarter of 2020. Total comprehensive income for the six-months period ended on June 30, 2020 was SR 5,129 thousand while it was Total comprehensive loss of SR 35,089 thousand for the comparative period of last year. |
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