AL RAJHI COMPANY FOR

8230
End-of-day quote. End-of-day quote  - 01/16
81.6SAR -0.73%

اعلان شركة الراجحي للتأمين التعاوني عن النتائج المالية الأولية للفترة المنتهية في 2021-09-30

11/03/2021 | 04:22am
Al-Rajhi Company for Cooperative Insurance announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross Written Premiums (GWP) 618,334 703,763 -12.138 758,104 -18.436
Net Written Premiums (NWP) 506,961 612,766 -17.266 529,885 -4.326
Net Incurred Claims 407,528 430,414 -5.317 423,448 -3.759
Net Profit (Loss) of Policy Holders Investment 16,399 16,911 -3.027 14,180 15.648
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) 23,520 51,318 -54.168 31,066 -24.29
Net Profit (loss) of Shareholders Capital Investment 6,835 3,406 100.675 4,821 41.775
Net Profit (Loss) before Zakat 42,926 65,053 -34.013 45,677 -6.022
Total Comprehensive Income 43,854 91,454 -52.048 59,918 -26.809
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross Written Premiums (GWP) 2,116,081 2,160,321 -2.047
Net Written Premiums (NWP) 1,675,808 1,826,343 -8.242
Net Incurred Claims 1,218,244 1,244,225 -2.088
Net Profit (Loss) of Policy Holders Investment 44,315 48,475 -8.581
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) 112,553 156,763 -28.201
Net Profit (loss) of Shareholders Capital Investment 15,502 11,738 32.066
Net Profit (Loss) before Zakat 157,110 197,084 -20.282
Total Comprehensive Income 199,856 187,797 6.421
Total Share Holders Equity (after Deducting Minority Equity) 1,312,237 1,063,016 23.444
Profit (Loss) per Share 3.25 4.43
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 decrease in net profit before Zakat of SAR 22,127 thousand (34.01%) is primarily due to the decrease in net contributions earned of SAR 52,272 thousand (8.65 %), increase in allowances for doubtful debts by SAR 9,428 thousand against the same quarter of the previous year and increase in the policy acquisition costs of SAR 4,725 thousand (10.68%). The above impacts are partially offset by a decrease in net claims incurred of SAR 22,886 thousand (5.32%), increase of reinsurance commission income of SAR 3,335 thousand (57.30%) and decrease in general & administrative expenses by SAR 11,708 thousand (15.91%).
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The net profit before Zakat has decreased by SAR 2,751 thousand (6.02%) primarily due to the decrease in net contributions earned of SAR 19,969 thousand (3.49%) and was partly offset by the decrease in net claims incurred by SAR 15,920 thousand (3.76%).
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The decrease in net profit before Zakat of SAR 39,974 thousand (20.28%) is primarily due to the decrease in net contributions earned by SAR 81,688 thousand (4.62%), increase in policy acquisition costs of SAR 35,893 thousand (35.96%) and is partly offset by the decrease in net claims incurred by SAR 25,981 thousand (2.09%), increase in reinsurance commission income of SAR 11,140 thousand (69.94%) and decrease in general & administrative expenses of SAR 33,904 thousand (15.14%).
Statement of the type of external auditor's report Unmodified opinion
Reclassification of Comparison Items The comparative amounts of previous periods have been reclassified to match with the current presentation. The company hereby confirms that there are no classification changes in the net underwriting surplus or net profit before Zakat.
Additional Information Earnings per share (EPS) for the periods were calculated based on the Profit after Zakat.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Al-Rajhi Company for Cooperative Insurance SJSC published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 09:21:03 UTC.

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