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SABB Takaful Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 33,91332,8763.15439,311-13.731
Net Written Premiums (NWP) 28,19927,2483.4926,2407.465
Net Incurred Claims 24,45829,085-15.90819,06428.294
Net Profit (Loss) of Policy Holders Investment 5585168.139581-3.958
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) -7,530-1,315472.623-751902.663
Net Profit (loss) of Shareholders Capital Investment 2,3682,02716.8222,574-8.003
Net Profit (Loss) before Zakat -5,466388-1,522-
Total Comprehensive Income -6,980-1,060558.49-1195,765.546
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross Written Premiums (GWP) 73,22467,3538.716
Net Written Premiums (NWP) 54,43954,775-0.613
Net Incurred Claims 43,52255,757-21.943
Net Profit (Loss) of Policy Holders Investment 1,1391,0538.167
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) -8,281-2,812194.487
Net Profit (loss) of Shareholders Capital Investment 4,9424,04522.175
Net Profit (Loss) before Zakat -3,944988-
Total Comprehensive Income -7,099-2,009253.359
Total Share Holders Equity (after Deducting Minority Equity) 339,012349,232-2.926
Profit (Loss) per Share -0.2-0.06
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
-15,282340,000-4.5
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The increase in net loss is mainly due to a decrease in net underwriting income by 60.6% which is attributed to an increase in total underwriting costs & expenses by 25.3% which is due to an increase in net change in IBNR, net change in outstanding claims and change in unexpired risk reserve. Total operating expenses,net increased by 9.0% due to an increase in general and administrative expenses which is partially offset by an increase in investment income.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The increase in net loss is mainly due to a decrease in net underwriting income by 65.1% which is attributed to an increase in total underwriting costs and expenses by 44.3% which is due to an increase in net change in outstanding claims, net claims and other benefits paid, change in unexpired risk reserve and change in non-unit reserve. The increase in total underwriting costs is partially offset by an increase in total revenue which is due to an increase in net contribution earned and fee and commission income. General and administrative expenses increased by 4.8%
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to The increase in net loss is mainly due to a decrease in net underwriting income by 30.2% as a result of an increase in total underwriting costs and expenses by 8.1% which is mainly due to an increase in net change in IBNR and net change in unexpired risk reserve, and a decrease in total revenue by 3.6% due to a decrease in net contribution earned and fee and commission income. The increase in total underwriting costs is partially offset by an increase in investment income by 25.6%.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain of the prior period amounts have been reclassified to conform with the presentation in the current period. These changes were made for better presentation of balances and transactions in the interim condensed financial statements of the Company.
Additional Information Net loss after zakat and tax during the quarter is SAR 6,789 thousands compared with net loss after zakat and tax of SAR 1,132 thousands for the same quarter previous year with an increase of 499.7% and net loss after zakat and tax of SAR 29 thousands for the previous quarter with an increase of >500%. Net loss after zakat and tax during the period is SAR 6,818 thousands compared with net loss after zakat and tax of SAR 2,070 thousands for the same period previous year with an increase of 229.4%. The total Policyholders comprehensive loss during the quarter is SAR 191 thousand compared with a total comprehensive income of SAR 72 thousands for the same quarter previous year with a decrease of 365.3%, and a total comprehensive loss of SAR 90 thousands for the previous quarter with an increase of 112.2%. The total Shareholders comprehensive loss during the quarter is SAR 6,789 thousands compared with a total comprehensive loss of SAR 1,132 thousands for the same quarter previous year with a increase of 499.7%, and a total comprehensive loss of SAR 29 thousands for the previous quarter with a increase of >500%. The total Policyholders comprehensive loss during the period is SAR 281 thousand compared with a total comprehensive income of SAR 61 thousands for the same period previous year with a decrease of >500%. The total Shareholders comprehensive loss during the period is SAR 6,818 thousands compared with a total comprehensive loss of SAR 2,070 thousands for the same period previous year with a increase of 229.4%.

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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