Saudi Arabian Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

Saudi Arabian Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)

Net Profit (loss) of Shareholders Capital Investment

Net Profit (Loss) before Zakat

30,919

-44,807

10,077

206.83

Total Comprehensive Income

29,071

-46,344

8,229

253.28

All figures are in (Thousands) Saudi Arabia, Riyals

Element List

Current Period

Similar period for previous year

%Change

Gross Written Premiums (GWP)

693,946

674,560

2.87

Net Written Premiums (NWP)

Net Incurred Claims

Net Profit (Loss) of Policy Holders Investment

Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)

Net Profit (loss) of Shareholders Capital Investment

Net Profit (Loss) before Zakat

40,995

-40,559

Total Comprehensive Income

37,299

-44,346

Total Share Holders Equity (after Deducting Minority Equity)

271,789

247,675

9.74

Profit (Loss) per Share

1.24

-1.48

All figures are in (Thousands) Saudi Arabia, Riyals

Accumulated Losses

Capital

Percentage %

-96,772

300,000

-32.26

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 adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items