Saudi Arabian Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
- Date: 08-Aug-2023
- Source: Mubasher
- Sector:Financial Services
- Country:Saudi Arabia
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