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Company Announcement

Arabian Shield Cooperative Insurance Co. announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )

ELEMENT LIST

CURRENT QUARTER

SIMILAR QUARTER FOR PREVIOUS YEAR

%CHANGE

PREVIOUS QUARTER

% CHANGE

Gross written premiums (GWP)

246,670

240,908

2.391

117,982

109.074

Net written premiums (NWP)

151,499

148,272

2.176

96,033

57.757

Net incurred claims

102,179

63,732

60.326

88,318

15.694

Net profit (loss) of policy holders investment

2,085

1,432

45.6

1,958

6.486

Profit (Loss) Insurance Operations minus policy holders investments from operations

-5,111

11,668

-

5,966

-

Net profit (loss) of shareholders capital investment

7,303

1,827

299.726

3,293

121.773

Net Profit (Loss) before Zakat

3,758

13,061

-71.227

9,885

-61.982

Total Comprehensive Income

3,209

14,036

-77.137

10,132

-68.328

All figures are in (Thousands) Saudi Arabia, Riyals

 

ELEMENT LIST

CURRENT PERIOD

SIMILAR PERIOD FOR PREVIOUS YEAR

%CHANGE

Total Share Holders Equity (after deducting minority equity)

428,394

415,541

3.093

Profit (Loss) per Share

0.13

0.44

 

All figures are in (Thousands) Saudi Arabia, Riyals

 

 

 

ELEMENT LIST

EXPLANATION

Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year

Is due to the increase in net incurred claims by 60%, increase in other underwriting costs by 8% offset by the increase in net earned premium by 17%, increase in commission income by 3%, increase in investment income by 188% and decrease in operating & administrative expenses by 31%.

Reason for increase (decrease) in net profit for current quarter compared to the previous quarter

Is due to the increase in net incurred claims by 16%, increase in other underwriting costs by 48% offset by the increase in net earned premium by 2%, increase in commission income by 7%, increase in investment income by 79% and decrease in operating & administrative expenses by 21%.

Type of the external auditor's opinion

Unmodified opinion

Additional Information

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.

 

 

Total Comprehensive Income for the quarter was SR 3,209 thousand compared to SR 14,036 thousand for the equivalent quarter from the previous year, decreased by 77% and compared to SR 10,132 thousand for the previous quarter, decreased by 68%.

 

Total Comprehensive Income for the period was SR 3,209 thousand compared to SR 14,036 thousand for the equivalent period from the previous year, decreased by 77%.

 

Total Shareholders’ Equity by end of the current period SR 428,394 thousand compared to SR 415,541 thousand for the equivalent period from the previous year, increased by 3% (No minority interest).