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Allianz Saudi Fransi Cooperative Insurance Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 9,674 8,819 9.69 10,330 -6.35
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 2,416 4,000 -39.6 6,663 -63.74
Gross written premiums (GWP) 298,481 299,540 -0.35 251,827 18.53
Net written premiums (NWP) 233,924 252,899 -7.5 161,291 45.03
Net incurred claims 122,871 112,450 9.27 132,956 -7.59
Net profit (loss) of policy holders investment 7,092 4,434 59.95 3,518 101.59
Net profit (loss) of shareholders capital investment 1,387 1,356 2.29 1,381 0.43
Earning or loss per share, Riyals 0.48 0.44 - - -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The increase in net profit before zakat is mainly due to higher level of Net Earned Premium SAR 152.9Mn v.s 147.3Mn and to an increase of 81% in reinsurance commission. The net profit before zakat was also influenced by better investment income (other income) which increased by 20.8%.
Reasons of increase (decrease) for the quarter compared with the previous quarter The decrease in net profit before zakat is mainly driven by the lower reinsurance commission as Q4 2017 included the comission generated from the profit sharing agreements which are usually assessed at the end of the financial period
Reclassifications in quarterly financial results Certain figures for the comparative period have been reclassified to conform with the presentation of the current period
Other notes EPS is calculated based on net profit before Zakat. Shareholders Equity, No Minority Interest, reached SR 256,274,416 as at 31/03/2018 compared to SR 251,104,359 as at 31/12/2017 with an increase of 2.1% due to profit achieved during the current period which resulted in moving our retained earning to the positive side reaching SR 27,982,572 compared to retained earning SR 19,902,207 as at 31/12/2017. On another note total comprehensive income for the current period is SAR 6,763,804 compared to SAR 10,162,333 for same period last year an decrease of 33.4 %.

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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