اعلان الشركة الوطنية للتأمين عن النتائج المالية الأولية للفترة المنتهية في 2021-09-30 ( تسعة أ

A8300 WATANIYA-0.1 (-0.24 %)
1443/04/05 Wed Nov 10, 2021 08:01:54

Wataniya 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)	178,012	159,385	11.686	226,757	-21.496
Net Written Premiums (NWP)	104,246	80,401	29.657	137,602	-24.24
Net Incurred Claims	101,621	74,732	35.98	90,387	12.428
Net Profit (Loss) of Policy Holders Investment	422	356	18.539	323	30.65
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-23,384	-3,474	573.114	-6,183	278.198
Net Profit (loss) of Shareholders Capital Investment	24	241	-90.041	841	-97.146
Net Profit (Loss) before Zakat	-26,075	-4,657	459.909	-7,111	266.685
Total Comprehensive Income	-27,189	-6,265	333.982	-8,240	229.963
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	713,192	641,847	11.115
Net Written Premiums (NWP)	416,828	355,914	17.114
Net Incurred Claims	279,268	191,245	46.026
Net Profit (Loss) of Policy Holders Investment	1,075	1,840	-41.576
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-46,453	6,568	-
Net Profit (loss) of Shareholders Capital Investment	2,461	66	3,628.787
Net Profit (Loss) before Zakat	-51,677	1,657	-
Total Comprehensive Income	-55,029	-4,902	1,022.582
Total Share Holders Equity (after Deducting Minority Equity)	210,803	253,330	-16.787
Profit (Loss) per Share	-2.74	-0.21
All figures are in (Thousands) Saudi Arabia, Riyals

Accumulated Losses	Capital	Percentage %
4,551	200,000	2
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 increase in loss in third quarter 2021 compared to the same quarter last year is due to the increase in technical reserves and other underwriting expenses by SAR 7,650 thousand, and increase in other operating expenses by SR. 12,699 thousand.
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 increase in loss for current quarter compared to the previous quarter is due to the increase in claims incurred by SR. 11,234 thousand and increase in other operating expenses expenses by SAR 8,891 thousand.
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 loss in current period compared to the profit in the same period last year is due to the increase in claims incurred by SAR 88,023 thousand.
Statement of the type of external auditor's report	Emphasis of Matter paragraph
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	The auditors have reviewed the financial statements and have issued an unmodified report there on.In addition the audit reports includes the following Emphasis of matter paragraph. We draw attention to note 1 to the interim condensed financial statements, which indicates that the Company has incurred net losses attributable to the shareholders of Saudi Riyals 27.2 million and Saudi Riyals 54.78 million for the three-month and nine-month periods ended September 30, 2021 respectively, and as of that date, its accumulated losses amounted to Saudi Riyals 4.55 million and the Company's solvency margin is below the minimum solvency requirements as mandated by the Saudi Central Bank ("SAMA"). The Company's financial position as at September 30, 2021, together with the uncertainty as to whether the Board of Directors' proposed remediation actions described in note 1 will be successful or not, indicate that a material uncertainty exists that may cast significant doubts on the Company's ability to continue as a going concern. Our conclusion above is not modified in respect of this matter.
Reclassification of Comparison Items	Certain of the comparative figures have been reclassified and regrouped to conform to the current year presentation. Such reclassifications have not resulted in any additional impact on equity, income, or total comprehensive income for comparative year. The reclassification in comparative interim statement of income for the three month and nine-month period ended September 30, 2021 relates to Value Added Tax accrued on reinsurance commission income amounting to SAR 1.15 million and SAR 3.05 million and Najm fees amounting to SAR 2.5 and SAR 2.5 respectively, from the "general and administrative expenses" to "other underwriting expenses".
Additional Information	The total of shareholders' equity (there are no minority rights) for the current period amounted to SR. 210,803 thousand compared with SR. 253,330 thousand for the same period last year representing a decrease of 17%. The total comprehensive loss for the current quarter is SR 27,189 thousand compared to the total comprehensive loss for the same quarter last year of SR 6,265 thousand representing an increase of 334% The total comprehensive loss for the current period is SAR 55,029 thousand compared to the total comprehensive loss for the same period last year of SAR 4,902 thousand representing an increase of 1022%.

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