Company Announcement

Arabian Shield Cooperative Insurance Co. announces its Annual financial results for the period ending on 2018-12-31

Gross written premiums (GWP) 625,101 593,078 5.399
Net written premiums (NWP) 452,566 394,268 14.786
Net incurred claims 284,235 258,509 9.951
Net profit (loss) of policy holders investment 7,028 6,938 1.297
Profit (Loss) Insurance Operations minus policy holders investments from operations 19,937 113,009 -82.358
Net profit (loss) of shareholders capital investment 12,202 4,239 187.85
Net Profit (Loss) before Zakat 34,292 108,175 -68.299
Total Comprehensive Income 34,647 110,096 -68.53
Total Share Holders Equity (after deducting minority equity) 427,685 404,787 5.656
Pre operating expenses (first operation year) - - -
Profit (Loss) per Share 1.14 3.61  
All figures are in (Thousands) Saudi Arabia, Riyals


Reason for increase (decrease) in net profit for current year compared to last year Is due to the decrease in the net earned premiums by 18%, decrease in earned commission income by 27%, increase in net incurred claims by 10% offset by the increase in investment income by 72%, decrease in other underwriting costs by 29% and decrease in operating and administrative expenses by 15%.
Type of the external auditor's opinion Unmodified opinion
External auditor's report containing reservation The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards as modified by Saudi Arabian Monetary Authority (“SAMA”) for the accounting of Zakat and Income Tax.
Additional Information Total Comprehensive Income for the period was SR 34,647 thousand compared to SR 110,096 thousand for the equivalent period from the previous year, decreased by 69%.
Total Shareholders’ Equity by end of the current period SR 427,685 thousand compared to SR 404,787 thousand for the equivalent period from the previous year, increased by 6% (No minority interest).