Walaa Cooperative Insurance Co. Reports Interim Financial Results for the Period Ended 2021-09-30 (Nine Months)

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Walaa Cooperative Insurance Co. Reports Interim Financial Results for the Period Ended 2021-09-30 (Nine Months)

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List of items

Current quarter

Similar quarter for the previous year

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Previous quarter

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Gross written premiums (GRP)

548 311 412,572 32.9 842 560 -34,923

Net Written Premiums (NWP)

318,077 177,061 79,642 282 836 12,459

Net claims incurred

240,419 140 171 71,518 221 239 8.669

Net benefit (loss) of policyholder investment

603 723 -16,597 7 146 -91,561

Surplus (deficit) from insurance operations less investment income of policyholders (results of operating procedures)

-41,269 25 184 -12 656 226,082

Shareholders’ net profit (loss) from capital investment

10 173 4,610 120,672 17,901 -43.17

Net profit (loss) before Zakat

-33 115 25,271 10,537

Total comprehensive income

-41,067 32,386 16,997

All figures are in (thousands) Saudi Arabia, Riyals

List of items

Current period

Similar period for the previous year

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Gross written premiums (GRP)

1,734,230 1,044,618 66,015

Net Written Premiums (NWP)

842 731 614,024 37,247

Net claims incurred

676,141 395 623 70,905

Net benefit (loss) of policyholder investment

8,725 2 117 312,139

Surplus (deficit) from insurance operations less investment income of policyholders (results of operating procedures)

-97,211 44 360

Shareholders’ net profit (loss) from capital investment

49,002 10 818 352,967

Net profit (loss) before Zakat

-46,435 42,804

Total comprehensive income

-46,756 22 956

Total shareholders’ equity (after deduction of minority equity)

869,538 883 788 -1.612

Earnings (loss) per share

-0.89 0.44

All figures are in (thousands) Saudi Arabia, Riyals

List of items

Explanation

The reason for the increase (decrease) in net profit in the current quarter compared to the same quarter of last year is

The reason for the net loss before Zakat and taxes for the current quarter compared to the net profit before Zakat and taxes of the same quarter of last year is due to the increase in net claims and other benefits incurred of SAR 100.25 million 71.52%, increase in other technical costs of SAR 22.60 million 305.60%, increase in the acquisition cost of the policy of SAR 1.75 million 13.32% and increase in overheads and administrative costs of SAR 0.60 million 1.52%. This increase in expenses and costs is partially offset by an increase in net earned premiums of SAR 68.30 million, 33.88%, a decrease in additional premium reserves of SAR 10.39 million, 82.96%, an increase in reinsurance commission of SAR 2.90 million, 20.30% and an increase in investment and commission income. of SAR 5.44 million 102.06%.

The reason for the increase (decrease) in net profit in the current quarter compared to the previous period in the current year is

The reason for the net loss before Zakat and taxes for the current quarter compared to the net profit before Zakat and taxes of the previous quarter is due to the increase in net claims and other benefits incurred of SAR 19.18 million 8.67% , increase in other technical costs of SAR 13.24 million 79.03%, decrease in investment income and commissions of SAR 14.27 million 56.98%, increase in acquisition costs of policies of SAR 1.43 million 10.58%, increase in general and administrative expenses of SAR 4.07 million 11.34% and increase in the allowance for doubtful accounts of SAR 4.11 million 96.82%. This increase in costs and charges is partially offset by the increase in net earned premiums of SAR 12.95 million of 5.04% and the increase in other technical income of SAR 0.66 million.

The reason for the increase (decrease) in net profit during the current period compared to the same period last year is

The reason for the net loss before Zakat and taxes for the current period compared to the net profit before Zakat and taxes of the previous period is due to the increase in net claims and other benefits incurred of SAR 280.52 million 70.91 %, increase in other technical costs of SAR 48.33 million 244.78%, increase in other technical reserves of SAR 19.06 million, increase in acquisition costs of SAR policies 8.40 million 24.46%, decrease other technical income of SAR 8.55 million 85.38% and increase in general and administrative expenses of SAR 8.60 million 8.34%. This increase in expenses and costs is offset by an increase in net earned premiums of 159.83 million SAR 27.23%, an increase in reinsurance commission of 14.09 million SAR 45.09%, an increase in investment and commission income of 44.79 million SAR 346.29%, a decrease in additional premium reserves of SAR 55.01 million and decrease in the provision for doubtful accounts of SAR 5.84 million 28.94% .

Declaration of the type of external auditor’s report

Unmodified notice

Modification, reservation or emphasis of a matter as stated in the opinion of the external auditor

N / A

Reclassification of comparators

Certain comparative figures have been reclassified to conform to the current period presentation. These changes have been made to better reflect the balances and transactions in the Company’s condensed interim financial information. The Company states that there is no financial impact of these reclassifications on the net results of the insurance activities, the net income and the shareholders’ equity.

Additional information

Loss / profit per share is calculated on the loss / profit after zakat and income tax for the period. Loss per share for the current period is 0.89 SAR compared to earnings per share of 0.44 for the same period of the previous year, which is calculated on the basis of the weighted average number of ordinary shares outstanding during the period. Total equity (there are no minority rights) for the current period amounts to SAR 869,538 thousand compared to SAR 916,294 thousand at December 31, 2020, a decrease of 5.10%. Retained earnings at the end of the period amounted to SAR 23,719 thousand, or 3.67% of the paid-up capital. The total comprehensive loss for the current quarter is 41,067 thousand SAR compared to the total comprehensive income of 32,386 thousand SAR for the same quarter of last year and compared to the total comprehensive income of 16,997 thousand SAR for the previous quarter. The total aggregate loss for the current period is 46,756 thousand SAR against an overall result of 22,956 thousand SAR for the same period last year.

The Capital Market Authority and the Saudi Stock Exchange assume no responsibility for the content of this disclosure, make no representation as to its accuracy or completeness, and expressly disclaim all liability for any loss resulting from, or incurred in doing so. basis on, any part of this disclosure, and the Issuer accepts full responsibility for the accuracy of the information it contains and confirms, after making all reasonable inquiries, that to its knowledge, there is no other fact or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

Disclaimer

Saudi Arabian Cooperative Insurance Company SJSC published this content on October 31, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on October 31, 2021 05:36:07 AM UTC.

Public now 2021

All the news of the SOCIETE COOPERATIVE D’ASSURANCE WALAA
Sales 2020 831 million
222 million
222 million
2020 net income 58.7 million
15.7 million
15.7 million
2020 net cash position 684 million
182 million
182 million
PER 2020 ratio 23.4x
2020 yield
Capitalization 1,412 million
376 million
376 million
VE / Sales 2019 0.44x
VE / Sales 2020 0.88x
Number of employees
Free float 89.0%

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Number of analysts 1
Last closing price

SAR 21.84

Average price target

SAR 23.00

Spread / Average target 5.31%


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