loader
 
left_arrow_circle

Company Announcement

Arabian Shield Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

ELEMENT

CURRENT QUARTER

SIMILAR QUARTER FOR PREVIOUS YEAR

% CHANGE CURRENT

PREVIOUS QUARTER

% CHANGE PREVIOUS

Net profit (loss) before Zakat

6,701

22,349

-70.02

13,061

-48.69

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

1,497

23,851

-93.72

11,668

-87.17

Gross written premiums (GWP)

93,434

165,348

-43.49

240,908

-61.22

Net written premiums (NWP)

63,330

113,778

-44.34

148,272

-57.29

Net incurred claims

67,125

70,263

-4.47

63,732

5.32

Net profit (loss) of policy holders investment

1,619

1,411

14.74

1,432

13.06

Net profit (loss) of shareholders capital investment

4,465

835

434.73

1,827

144.39

All figures are in (Thousands) Saudi Arabia, Riyals

 

ELEMENT

CURRENT PERIOD

SIMILAR PERIOD FOR PREVIOUS YEAR

% CHANGE

Net profit (loss) before Zakat

19,762

43,026

-54.07

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

13,165

44,105

-70.15

Gross written premiums (GWP)

334,342

405,235

-17.49

Net written premiums (NWP)

211,602

263,111

-19.58

Net incurred claims

130,857

159,245

-17.83

Net profit (loss) of policy holders investment

3,051

3,518

-13.27

Net profit (loss) of shareholders capital investment

6,292

2,213

184.32

Earning or loss per share, Riyals

0.66

1.43

-

All figures are in (Thousands) Saudi Arabia, Riyals

 

ELEMENT

EXPLAINATION

Reasons of increase (decrease) for the quarter compared with same quarter last year

Is due to the decrease in the net earned premiums by 26%, decrease in earned commission income by 23%, offset by the increase in investment income by 171%, decrease in net incurred claims by 4%, decrease in other underwriting costs by 37% and decrease in operating and administrative expenses by 12%.

Reasons of increase (decrease) for the period compared with same period last year

Is due to the decrease in the net earned premiums by 26%, decrease in earned commission income by 23%, offset by the decrease in operating and administrative expenses by 7%, increase in investment income by 63%, decrease in net incurred claims by 18% and decrease in other underwriting costs by 28%.

Reasons of increase (decrease) for the quarter compared with the previous quarter

Is due to the decrease in the net earned premiums by 4%, decrease in earned commission income by 4%, increase in net incurred claims by 5%, increase in operating and administrative expenses by 5%, offset by the increase in investment income by 87% and decrease in other underwriting costs by 14%.

External auditor's report containing reservation

The interim financial statements of the Company have been prepared in accordance with International Accounting Standard 34, (Interim Financial Reporting) and Saudi Arabian Monetary Authority (SAMA) guidance on accounting for Zakat and Income Tax.

Other notes

Total Comprehensive Income for the quarter was SR 5,838 thousand compared to SR 22,577 thousand for the equivalent quarter from the previous year, decreased by 74% and compared to SR 14,036 thousand for the previous quarter, decreased by 58%

Total Comprehensive Income for the period was SR 19,874 thousand compared to SR 44,902 thousand for the equivalent period from the previous year, decreased by 56%

Total Shareholders Equity by end of the current period SR 418,395 thousand compared to SR 348,557 thousand for the equivalent period from the previous year, increased by 20% (No minority interest).