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Company Announcement

Arabian Shield Cooperative Insurance Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )

ELEMENT LIST CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR %CHANGE PREVIOUS QUARTER % CHANGE
Gross written premiums (GWP) 172,777 115,367 49.762 93,434 84.918
Net written premiums (NWP) 144,931 78,997 83.463 63,330 128.85
Net incurred claims 65,060 61,191 6.322 67,125 -3.076
Net profit (loss) of policy holders investment 2,019 1,761 14.65 1,619 24.706
Profit (Loss) Insurance Operations minus policy holders investments from operations 806 23,696 -96.598 1,497 -46.158
Net profit (loss) of shareholders capital investment 2,617 697 275.466 4,465 -41.388
Net Profit (Loss) before Zakat 4,645 23,137 -79.923 6,701 -30.681
Total Comprehensive Income 4,641 23,182 -79.98 5,838 -20.503
All figures are in (Thousands) Saudi Arabia, Riyals

 

 

ELEMENT LIST CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR %CHANGE
Gross written premiums (GWP) 507,119 520,602 -2.589
Net written premiums (NWP) 356,533 342,108 4.216
Net incurred claims 195,917 220,436 -11.122
Net profit (loss) of policy holders investment 5,070 5,279 -3.959
Profit (Loss) Insurance Operations minus policy holders investments from operations 13,971 67,801 -79.394
Net profit (loss) of shareholders capital investment 8,909 2,910 206.151
Net Profit (Loss) before Zakat 24,407 66,163 -63.11
Total Comprehensive Income 24,515 68,084 -63.993
Total Share Holders Equity (after deducting minority equity) 420,437 368,637 14.051
Profit (Loss) per Share 0.81 2.21  
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 decrease in the net earned premiums by 18%, decrease in earned commission income by 37%, increase in net incurred claims by 6%, increase in other underwriting costs by 7% offset by the increase in investment income by 89% and decrease in operating and administrative expenses by 29%.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter Is due to the decrease in the net earned premiums by 5%, decrease in earned commission income by 1%, decrease in investment income by 24% and increase in other underwriting costs by 68% offset by the decrease in net incurred claims by 3%, decrease in operating and administrative expenses by 38%.
Reason for increase (decrease) in net profit for current period compared to the previous year similar period Is due to the decrease in the net earned premiums by 24%, decrease in earned commission income by 28%, offset by the decrease in operating and administrative expenses by 13%, increase in investment income by 71%, decrease in net incurred claims by 11% and decrease in other underwriting costs by 16%.
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 4,641 thousand compared to SR 23,182 thousand for the equivalent quarter from the previous year, decreased by 80% and compared to SR 5,838 thousand for the previous quarter, decreased by 20%.
Total Comprehensive Income for the period was SR 24,515 thousand compared to SR 68,084 thousand for the equivalent period from the previous year, decreased by 64%.
Total Shareholders’ Equity by end of the current period SR 420,437 thousand compared to SR 368,637 thousand for the equivalent period from the previous year, increased by 14% (No minority interest).