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Allianz Saudi Fransi Cooperative Insurance Co. announces the interim financial results for the period ending on 31-03-2016 (Three Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 6,764 5,537 22.16 7,099 -4.72
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 8,487 2,033 317.46 5,703 48.82
Gross written premiums (GWP) 158,603 180,453 -12.11 197,732 -19.79
Net written premiums (NWP) 117,005 99,082 18.09 116,805 0.17
Net incurred claims 81,936 50,956 60.8 79,462 3.11
Net profit (loss) of policy holders investment -1,273 3,236 - 1,005 -
Net profit (loss) of shareholders capital investment 509 969 -47.47 1,283 -60.33
Earning or loss per share, Riyals 0.34 0.28 - - -
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 driven by the increase in net earned premiums by 42.3% , while the total claims and expenses has increased by only 31.3% . This was achieved through having different business mix with higher retention while maintaining an excellent technical result.
Reasons of increase (decrease) for the quarter compared with the previous quarter The decrease in net profit before zakat is mainly due to the decrease in the shareholder revenue by 60% due to premium amortization on available for sales investment realized during Q1 2016 .
External auditor's report containing reservation It was mentioned in the external auditors review report that the company prepared the interim financial statements in accordance with the International Accounting Standard on interim financial reporting (IAS 34) and not in accordance with the Standard on Interim Financial Reporting issued by SOCPA.
Reclassifications in quarterly financial results Certain figures for the comparative period have been reclassified to conform with the presentation of the current period

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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