Allianz Saudi Fransi Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

A8040 ALLIANZ SF-0.2 (-0.79 %)
1443/04/03 Mon Nov 8, 2021 08:01:09

Allianz Saudi Fransi Cooperative Insurance Co. 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)	112,338.747	113,803.412	-1.287	246,416.223	-54.41
Net Written Premiums (NWP)	83,981.727	75,942.884	10.585	119,909.186	-29.962
Net Incurred Claims	78,486.623	92,846.915	-15.466	66,235.769	18.495
Net Profit (Loss) of Policy Holders Investment	12,452.644	11,561.176	7.71	11,327.519	9.932
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-16,773.747	-23,607.447	-28.947	-9,821.283	70.789
Net Profit (loss) of Shareholders Capital Investment	3,030.636	1,999.811	51.546	2,651.192	14.312
Net Profit (Loss) before Zakat	-1,062.697	-10,302.579	-89.685	3,781.39	-
Total Comprehensive Income	-3,892.529	-8,557.384	-54.512	3,412.024	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	587,427.972	531,838.456	10.452
Net Written Premiums (NWP)	315,054.402	317,623.636	-0.808
Net Incurred Claims	234,779.421	304,827.311	-22.979
Net Profit (Loss) of Policy Holders Investment	34,885.522	11,430.712	205.191
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-34,621.589	-31,205.734	10.946
Net Profit (loss) of Shareholders Capital Investment	7,859.247	5,688.404	38.162
Net Profit (Loss) before Zakat	7,467.023	-14,880.795	-
Total Comprehensive Income	-4,961.658	-3,844.897	29.045
Total Share Holders Equity (after Deducting Minority Equity)	709,776.601	724,260.8	-1.999
Profit (Loss) per Share	0.004	-0.43
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 loss before Zakat and Tax is mainly due to the decrease in net claims and other benefits incurred by 17% (SAR 75.9Mn vs. SAR 91.5Mn).The decrease in net claims and other benefits incurred is mainly driven by the decrease in motor net claims and other benefits paid by 30.2% (33.2Mn vs. 47.6Mn).
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 decrease in net profit before Zakat and Tax is mainly due to the increase in net claims and other benefits incurred by 14.7% (SAR 75.9Mn vs. SAR 66.2Mn).The increase in net claims and other benefits incurred is mainly driven by the increase in motor net claims and other benefits paid by 16.5% (33.2Mn vs. 28.5Mn) and the increase in medical net claims and other benefits paid by 20.7% (15.9Mn vs. 13.1Mn).
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 increase in net profit before Zakat and Tax is mainly due to the decrease in net claims and other benefits incurred by 24.4% (SAR 234.7Mn vs. SAR 310.5Mn).The decrease in net claims and other benefits incurred is mainly driven by the decrease in motor net claims and other benefits paid by 47.4% (98.8Mn vs. 187.7Mn) while protection and saving net claims and other benefits paid increased by 26.4% (101.1Mn vs. 80Mn).
Statement of the type of external auditor's report	Unmodified opinion
Reclassification of Comparison Items	N/A
Additional Information	For the three months and nine months periods ended September 30, 2021 (loss) / earning per share has been calculated based on net (loss) / profit after Zakat and income Tax for the period divided by total number of shares outstanding of 60,000,000 shares. Earnings /(loss) per share has been calculated for the comparative period by dividing the net profit /(loss) after Zakat and Income Tax by weighted average number of shares outstanding at the reported date. The weighted average number of shares have been adjusted for the prior periods to reflect the bonus element of the right issue as required by IAS 33 "Earning per share". For the three months period ended September 30, 2020 (loss) / earning per share has been calculated based on net (loss) / profit after Zakat and income Tax for the period divided by weighted average number of shares of 59,455,955 shares. For the nine months period ended September 30, 2020 (loss) / earning per share has been calculated based on net (loss) / profit after Zakat and income Tax for the period divided by weighted average number of shares of 43,194,173 shares. The Equity, No Minority Interest, reached SAR 709.8Mn as at 30/09/2021 compared to SAR 714.7Mn as at 31/12/2020 with a decrease of 0.7% due to decrease in fair value reserve on investments during the current period. The comprehensive (loss) / income for the current quarter amounted to SAR (3.9)Mn compared to SAR (8.6)Mn for the same quarter of last year, representing a decrease of 54.5%, while it decreased by 214% compared to previous quarter (SAR 3.4Mn). The comprehensive (loss) / income for the current period amounted to SAR (5.0)Mn compared to SAR (3.8)Mn for the same period of last year, representing an increase of 29.0%.

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