اعلان الشركة الخليجية العامة للتأمين التعاوني عن النتائج المالية الأولية للفترة ال

A8260 GULF GENERAL0.0 (0.0 %)
1443/04/02 Sun Nov 7, 2021 15:33:02

Gulf General Cooperative Insurance Co. 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)	54,944	64,662	-15.028	67,084	-18.096
Net Written Premiums (NWP)	38,981	40,979	-4.875	45,895	-15.064
Net Incurred Claims	51,407	38,781	32.557	54,346	-5.407
Net Profit (Loss) of Policy Holders Investment	30	174	-82.758	101	-70.297
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-15,260	-2,494	511.868	-23,068	-33.847
Net Profit (loss) of Shareholders Capital Investment	1,716	3,228	-46.84	3,847	-55.393
Net Profit (Loss) before Zakat	-14,296	109	-	-19,713	-27.479
Total Comprehensive Income	-14,425	-414	3,384.299	-19,767	-27.024
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	252,092	241,396	4.43
Net Written Premiums (NWP)	188,928	160,153	17.967
Net Incurred Claims	157,285	102,940	52.792
Net Profit (Loss) of Policy Holders Investment	233	735	-68.299
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-64,628	17,702	-
Net Profit (loss) of Shareholders Capital Investment	9,408	776	1,112.371
Net Profit (Loss) before Zakat	-57,422	14,835	-
Total Comprehensive Income	-58,552	12,432	-
Total Share Holders Equity (after Deducting Minority Equity)	398,660	170,709	133.531
Profit (Loss) per Share	-1.17	0.62
All figures are in (Thousands) Saudi Arabia, Riyals

Accumulated Losses	Capital	Percentage %
-103,505	500,000	-20.7
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 increase in losses during the current quarter compared with the same quarter of last year is due to the increase in net incurred claims by 33% and the increase in other underwriting expenses by 141% amounting to SR 3,770 thousand and the decrease in shareholders investments profits by 47%
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 decrease in losses during the current quarter compared with the last quarter is due to decrease in net incurred claims by 5%
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 reason for incurring a loss during the current period compared with a profit during the same period of last year is due to the increase in net incurred claims by 53% and the increase in other underwriting expenses by 304% amounting to SR 13,554 thousand and decrease in investments return of policyholders by 68%
Statement of the type of external auditor's report	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	N/A
Reclassification of Comparison Items	Some numbers of the previous period were reclassified where required to match the current classifications
Additional Information	The accumulated losses decreased from 42.13% during the last quarter to 20.60% during the current quarter. The Shareholders equity increased by 134% as at September 2021 due to the increase of capital to SR 500 million. Earning (loss) per share has been calculated after zakat.

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