اعلان الشركة الخليجية العامة للتأمين التعاوني عن النتائج المالية الأولية للفترة ال
November 07, 2021 at 03:28 pm
Share
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 )
Share this: Facebook TwitterLinkedIn
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.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
Attachments
Original document
Permalink
Disclaimer
Gulf General Cooperative Insurance Company SJSC published this content on 07 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 November 2021 20:27:03 UTC.
Gulf General Cooperative Insurance Company SJSC is engaged in insurance and related services. the Company operates in following segments: Medical, which provides healthcare cover to policyholders; Motor segment, which provides coverage against losses and liability related to motor vehicles; Property segment, which provides coverage against losses related to fire, natural perils, business interruption and burglary; Engineering segment, which provides coverage during erection or construction of civil engineering works and installation of plant and machinery; Marine segment, which provides coverage against damages and liabilities arising through loss or damage to marine cargo or hull; Accident and liability insurance, which provides coverage against money, fidelity guarantee, and personal accident, and travel insurance and liability insurance, which provide coverage against the insuredâs legal liability arising out of acts of negligence during their business operations.