Saudi Enaya Cooperative Insurance Co. announces its Annual Financial Results for the year ended on 2022-12-31

Saudi Enaya Cooperative Insurance Co. announces its Annual Financial Results for the year ended on 2022-12-31

|Element List||Current Year||Previous Year||%Change|

|Gross Written Premiums (GWP)||227,474||218,502||4.11|

|Net Written Premiums (NWP)||227,474||218,502||4.11|

|Net Incurred Claims||-196,301||-162,414||20.86|

|Net Profit (Loss) of Policy Holders Investment||-||-||-|

|Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)||-10,337||-62,660||-83.5|

|Net Profit (loss) of Shareholders Capital Investment||5,324||8,990||-40.78|

|Net Profit (Loss) before Zakat||-8,135||-57,985||-85.97|

|Total Comprehensive Income||-8,407||-62,047||-86.45|

|Total Share Holders Equity (after Deducting Minority Equity)||169,470||58,755||188.44|

|Perpetrating Expenses (First Operation Year)||0||0||-|

|Profit (Loss) per Share||-0.7||-4.13|

|All figures are in (Thousands) Saudi Arabia, Riyals|

|Element List||Explanation|

|The reason of the increase (decrease) in the net profit during the current year compared to the last year is||The major reasons for the Net Loss before Zakat amounting to SR8,135K for the year ended 31December 2022 compared to the Net Loss before Zakat amounting to SR 57,985K for the year ended 31December 2021 are as follows: -Favorable Increase in Underwriting results; Net Underwriting income of SR 17,826K compared to the Net Underwriting Loss of SR 21,746 in the previous year, a favorable movement of SR 39,572K. This was driven by a significant increase in Net Premiums Earned to SR227,647K in current year from SR177,279K in the previous year, an increase of 28.41%. Further, the release of premium deficiency reserve by SR 15,248K also contributed positively to the underwriting results, representing a change of 176.31%