اعلان المجموعة المتحدة للتأمين التعاوني عن النتائج المالية الأولية للفترة المنتهي

A8150 ACIG-1.7 (-4.11 %)
1443/04/03 Mon Nov 8, 2021 08:25:33

Allied Cooperative Insurance Group announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	161,344	108,247	49.051	132,690	21.594
Net Written Premiums (NWP)	136,529	94,101	45.087	119,190	14.547
Net Incurred Claims	101,776	83,291	22.193	95,352	6.737
Net Profit (Loss) of Policy Holders Investment	398	527	-24.478	365	9.041
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-27,002	-1,984	1,260.987	-5,549	386.61
Net Profit (loss) of Shareholders Capital Investment	600	609	-1.477	366	63.934
Net Profit (Loss) before Zakat	-26,629	-1,453	1,732.69	-5,541	380.581
Total Comprehensive Income	-30,142	1,087	-	-7,353	309.927
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	446,181	376,455	18.521
Net Written Premiums (NWP)	386,592	323,015	19.682
Net Incurred Claims	283,659	246,691	14.985
Net Profit (Loss) of Policy Holders Investment	1,129	1,689	-33.155
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-29,331	7,904	-
Net Profit (loss) of Shareholders Capital Investment	1,561	1,956	-20.194
Net Profit (Loss) before Zakat	-28,442	8,510	-
Total Comprehensive Income	-32,993	8,186	-
Total Share Holders Equity (after Deducting Minority Equity)	113,702	152,645	-25.512
Profit (Loss) per Share	-2.38	0.36
All figures are in (Thousands) Saudi Arabia, Riyals

Accumulated Losses	Capital	Percentage %
34,950	141,000	24.79
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The company has increasing net loss during the current quarter compared to same quarter of the previous year this is due to increase in net claims incurred by 22%, decrease in the profit in policyholders investments by 24%, decrease the profit from shareholders investments by 1% , decrease in other underwriting income by 99 %, decrease in reinsurance commission earned by 27%, Increase in policy acquisition cost by 361% , although increase in gross premiums written by 49% , increase in net written premiums by 45% , increase in net premiums earned by 12%, decrease in addition of doubtful debts provision by 55%.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The company has increasing the net loss during the current quarter compared to the previous quarter of current year due to increase in net claims incurred by 7%, decrease in other underwriting income by 350 %,decrease in reinsurance commission earned by 44%,increase in policy acquisition cost by 120% , although increase in gross premiums written by 22% , increase in net written premiums by 15% , increase in net premiums earned by 4%, increase in the profit in policyholders investments by 9%, increase the profit from shareholders investments by 64% .
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The company has net loss during the current period compared to net profit during the same period of the previous year this is due to increase in net claims incurred by 15% , decrease in the profit in policy holders investments by 33% , decrease in the profit in shareholders investments by 20%, decrease in other underwriting income by 95% , Increase in policy acquisition cost by 175% , besides increase doubtful debts provision in amount SR 1,418 thousand during current period comparing to reverse doubtful debts provision in amount SR 5,009 thousand during the same period of the previous year although increase in gross premiums written by 19% , increase in net written premiums by 20%, increase in net premiums earned by 6%, increase in reinsurance commission earned by 4%, decrease in general and administrative expenses by 2 % .
Statement of the type of external auditor's report	Unmodified opinion
Reclassification of Comparison Items	Certain reclassifications were made in comparative numbers to conform to the current period. These reclassification had no effect on the reported results of operations.
Additional Information	Earnings per share for the period has been calculated by dividing the net income for the period by the weighted average number of issued and outstanding shares for the period. The Company have reduced its share capital by offsetting with accumulated loss, as result the weighted average number of ordinary shares issued and outstanding in the prior year has been restated to 14.1 million and accordingly income per share is restated. The weighted average number of shares has been retrospectively adjusted for prior period to reflect the reduction in share capital as required by IAS 33 The earnings per share have been calculated according to the profit after Zakat and Tax.

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