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Company Announcement

Arabian Shield Cooperative Insurance Co. announces the annual financial results for the period ending on 31-12-2017

ELEMENT

CURRENT YEAR

PREVIOUS YEAR

% CHANGE

Net profit (loss) before Zakat

108,175

80,950

33.63

Earning or loss per share, Riyals

5.41

4.05

-

Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)

113,009

76,336

48.04

Gross written premiums (GWP)

593,078

754,470

-21.39

Net written premiums (NWP)

394,268

480,790

-18

Net incurred claims

258,508

267,907

-3.51

Net profit (loss) of policy holders investment

6,938

9,156

-24.22

Net profit (loss) of shareholders capital investment

4,240

6,154

-31.1

Pre operating expenses (first operation year)

-

-

-

All figures are in (Thousands) Saudi Arabia, Riyals

 

ELEMENT

EXPLAINATION

Reasons of annual financial results

Is due to the increase in the net earned premiums by 14%, increase in earned commission income by 10%, decrease in net incurred claims by 4%, negatively impacted by the decrease in investment income by 27%, increase in operating and administrative expenses by 48% and increase in other underwriting costs by 24%.

Other notes

Total Comprehensive Income for the period was SR 94,623 thousand compared to SR 70,508 thousand for the equivalent period from the previous year, increased by 34%

Total Shareholders Equity by end of the current period SR 404,786 thousand compared to SR 350,163 thousand for the equivalent period from the previous year, increased by 16% (No minority interest)