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Saudi Re for Cooperative Reinsurance Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 131,336,82582,206,51359.764527,717,654-75.112
Net Written Premiums (NWP) 81,928,92140,124,263104.187489,322,609-83.256
Net Incurred Claims 101,258,85187,033,27416.34458,463,25873.2
Net Profit (Loss) of Policy Holders Investment 208,8881,999,442-89.5521,777,737-88.249
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 2,908,6625,622,316-48.2653,566,951-18.455
Net Profit (loss) of Shareholders Capital Investment 9,148,38913,314,613-31.297,167,58927.635
Net Profit (Loss) before Zakat 9,025,52517,740,504-49.12410,824,351-16.618
Total Comprehensive Income 5,367,06512,736,754-57.8616,625,409-18.992
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross Written Premiums (GWP) 659,054,479506,527,07430.112
Net Written Premiums (NWP) 571,251,529442,820,79529.002
Net Incurred Claims 159,722,110208,312,021-23.325
Net Profit (Loss) of Policy Holders Investment 1,986,6243,927,010-49.411
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 6,475,6148,023,878-19.295
Net Profit (loss) of Shareholders Capital Investment 16,315,97836,145,299-54.86
Net Profit (Loss) before Zakat 19,315,40742,569,786-54.626
Total Comprehensive Income 11,992,47434,291,958-65.028
Total Share Holders Equity (after Deducting Minority Equity) 887,063,413866,939,8312.321
Profit (Loss) per Share 0.160.44
All figures are in (Actual) 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 reason for the decrease in the net income for the current quarter versus same quarter last year , was mainly due to the increase in net claims incurred by 16% which had an impact on the underwriting results. In addition due to the decrease in net shareholders' investments income by 31% and the decrease in net policyholders' investments income by 90%.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for the decrease in the net income for the current quarter versus previous quarter for the current year , was mainly due to the increase in net claims incurred by 73% which had an impact on the underwriting results. In addition due to the decrease in net policyholders' investments income by 88%.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to The reason for the decrease the net income for the current period for the year 2020, versus the same period of 2019 , was mainly due to the decrease in net shareholders' investments income by 55% and the decrease in net policyholders' investments income by 49%.
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion It was mentioned in the auditors' review report that based on their review, nothing has come to their attention that causes them to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with applicable International Accounting Standard 34 (Interim Financial Reporting) as endorsed in Kingdom of Saudi Arabia.
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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