1443/04/02 Sun Nov 7, 2021 09:31:29
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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. |
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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AXA Cooperative Insurance Company SJSC published this content on 07 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 November 2021 08:27:02 UTC.