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Saudi Re for Cooperative Reinsurance Co. announces its Annual Financial Results for the Period Ending on 2019-12-31

Element ListCurrent YearPrevious Year%Change
Gross Written Premiums (GWP) 792,847,561721,604,8289.872
Net Written Premiums (NWP) 646,605,277616,896,1014.815
Net Incurred Claims 417,069,784404,054,3553.221
Net Profit (Loss) of Policy Holders Investment 9,138,7644,936,48085.127
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 26,040,6898,773,866196.798
Net Profit (loss) of Shareholders Capital Investment 36,340,6059,701,593274.583
Net Profit (Loss) before Zakat 59,317,69913,721,681332.291
Total Comprehensive Income 42,423,0663,855,0751,000.447
Total Share Holders Equity (after Deducting Minority Equity) 875,070,939832,647,8735.094
Perpetrating Expenses (First Operation Year) ---
Profit (Loss) per Share 0.560.01
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to The reason for the increase in net income for the current year versus last year, was mainly due to an increase in the shareholders net investments income by 275% and an increase in policyholders investments income by 85%. In addition, the net underwriting income has increased by 30% resulted by an increase of the net earned premiums by 5% which had a positive impact on the underwriting results.
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion The joint independent auditors report on the annual financial statements states that '' the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2019, and its financial performance and its cash flows for the year ended in accordance with International Financial Reporting Standards (“IFRS”) as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (‘‘SOCPA’’) (collectively referred to as “IFRS as endorsed in KSA”).
Reclassification of Comparison Items Certain comparative figures have been reclassified to conform to the presentation of current year.
Additional Information The earnings per share have been calculated after Zakat and Tax.

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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