Saudi Reinsurance Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
- Date: 13-Aug-2023
- Source: Mubasher
- Sector:Financial Services
- Country:Saudi Arabia
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