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Allianz Saudi Fransi Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2016 (Six Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 6,278 5,707 10.01 6,764 -7.19
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) -168 1,582 - 8,487 -
Gross written premiums (GWP) 271,785 249,308 9.02 158,603 71.36
Net written premiums (NWP) 165,599 143,660 15.27 117,005 41.53
Net incurred claims 100,398 79,084 26.95 81,936 22.53
Net profit (loss) of policy holders investment 6,101 3,919 55.68 -1,273 -
Net profit (loss) of shareholders capital investment 1,145 1,002 14.27 509 124.95
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 13,051 11,245 16.06
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 8,319 3,615 130.12
Gross written premiums (GWP) 430,389 429,760 0.15
Net written premiums (NWP) 282,604 242,742 16.42
Net incurred claims 182,334 130,040 40.21
Net profit (loss) of policy holders investment 4,828 7,156 -32.53
Net profit (loss) of shareholders capital investment 1,654 1,971 -16.08
Earning or loss per share, Riyals 0.65 0.56 -
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 the increase in the net earned premium by 26.6%. This was achieved through having different business mix with higher retention while maintaining a good technical result.
Reasons of increase (decrease) for the period compared with same period last year The increase in net profit before Zakat is mainly due to the increase in the net earned premium by 34%, which has a higher monetary value than the increase in the incurred claims. This was achieved through having different business mix with higher retention while maintaining a good technical result.
Reasons of increase (decrease) for the quarter compared with the previous quarter The decrease in the net profit before Zakat is mainly due to the increase in the net incurred claims by 22.5%, which is driven by the growth in Motor Business .
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. Certain figures for the comparative period have been reclassified to conform with the presentation of the current period.
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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