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

Saudi Reinsurance 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

66,015,970

5,355,608

1,132.65

15,913,307

314.85

Total Comprehensive Income

65,812,771

-6,103,039

11,037,515

496.26

All figures are in (Actual) Saudi Arabia, Riyals

Element List

Current Period

Similar period for previous year

%Change

Gross Written Premiums (GWP)

1,217,088,190

920,104,135

32.28

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

81,929,277

34,889,033

134.83

Total Comprehensive Income

76,850,286

16,840,309

356.35

Total Share Holders Equity (after Deducting Minority Equity)

1,094,254,473

966,014,891

13.28

Profit (Loss) per Share

0.8

0.32

All figures are in (Actual) 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 changed the presentation for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. In addition the revenue and expenses recognition has impacted the financial results.

The reasons for an increase of net income before Zakat and Taxes:

- An increase of reinsurance service result of 384% compared with same quarter