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

A8270 BURUJ-0.35 (-1.37 %)
1443/03/29 Thu Nov 4, 2021 08:46:55

Buruj 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)	95,305,140	68,854,463	38.415	35,525,240	168.274
Net Written Premiums (NWP)	84,062,106	56,440,601	48.939	21,073,005	298.908
Net Incurred Claims	16,091,771	33,356,599	-51.758	23,922,947	-32.734
Net Profit (Loss) of Policy Holders Investment	4,377,037	2,422,657	80.67	3,477,930	25.851
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-12,077,473	-15,426,297	-21.708	4,204,420	-
Net Profit (loss) of Shareholders Capital Investment	2,697,070	3,164,565	-14.772	3,257,744	-17.21
Net Profit (Loss) before Zakat	-5,796,279	-10,357,084	-44.035	9,340,019	-
Total Comprehensive Income	-5,778,759	-5,792,181	-0.231	12,360,028	-
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	166,636,507	178,754,457	-6.779
Net Written Premiums (NWP)	135,864,222	146,826,521	-7.466
Net Incurred Claims	68,241,887	93,835,777	-27.275
Net Profit (Loss) of Policy Holders Investment	10,855,931	6,924,149	56.783
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-17,300,198	-10,132,620	70.737
Net Profit (loss) of Shareholders Capital Investment	7,408,862	3,097,225	139.209
Net Profit (Loss) before Zakat	-1,534,091	-2,220,177	-30.902
Total Comprehensive Income	3,066,306	-11,674,570	-
Total Share Holders Equity (after Deducting Minority Equity)	447,585,133	426,484,834	4.947
Profit (Loss) per Share	-0.32	-0.35
All figures are in (Actual) Saudi Arabia, Riyals

Accumulated Losses	Capital	Percentage %
0	300,000,000	0
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 reason for decrease in loss this quarter compared to the same quarter last year is attributed to increase in net underwriting surplus by 225.9% due to decrease in net claims paid and change in net outstanding claims combined by 28.11%. In addition to a release in net IBNR by SAR 7,051,170 against SAR 1,163,553 increase for same quarter of last year, and as a result the net incurred claims decreased by 51.8%. In addition to increase in net profit arising from policy holders and shareholders investments combined by 26.6%.
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 reason for loss during current quarter compared to profit in the previous quarter is attributed to the decrease in net underwriting surplus by 74.4% due to increase in premium deficiency reserve & other technical reserves combined by SAR 10,293,710 against a release in these reserves amount SAR 8,895,174 for previous quarter, and this despite of the favorable decrease in net incurred claims by 32.74% .Also the reason for loss this quarter due to increase in other underwriting expenses by 218.25% due to increase in gross written premiums by 168.27%.
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 reason for decrease in loss for current period compared to same period of the last year is attributed to increase in total combined net investment income from policy holders and shareholders by 82.26%.
Statement of the type of external auditor's report	Unmodified opinion
Reclassification of Comparison Items	No Reclassification
Additional Information	Earnings per share have been calculated based on net income 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.