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Arabian Shield Cooperative Insurance Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 13,061 20,678 -36.84 42,013 -68.91
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 11,669 20,254 -42.39 45,209 -74.19
Gross written premiums (GWP) 240,908 239,886 0.43 72,476 232.4
Net written premiums (NWP) 148,272 149,333 -0.71 52,160 184.26
Net incurred claims 63,732 88,982 -28.38 38,073 67.39
Net profit (loss) of policy holders investment 1,432 2,107 -32.04 1,659 -13.68
Net profit (loss) of shareholders capital investment 1,827 1,378 32.58 1,330 37.37
Earning or loss per share, Riyals 0.65 1.03 - - -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year Is due to the decrease in the net earned premiums by 26%, decrease in earned commission income by 22%, decrease in investment income by 7%, increase in operating and administrative expenses by 1%, offset by the decrease in net incurred claims by 28% and decrease in other underwriting costs by 28%.
Reasons of increase (decrease) for the period compared with same period last year Is due to the decrease in the net earned premiums by 26%, decrease in earned commission income by 22%, decrease in investment income by 7%, increase in operating and administrative expenses by 1%, offset by the decrease in net incurred claims by 28% and decrease in other underwriting costs by 28%.
Reasons of increase (decrease) for the quarter compared with the previous quarter Is due mainly to the in decrease net earned premium by 11%, decrease in earned commission income by 23%, increase in net incurred claims by 67%, partially offset by the increase in investment income by 9%, decrease in operating and administrative expenses by 2%, decrease in other underwriting costs by 19%.
External auditor's report containing reservation The interim financial statements of the Company have been prepared in accordance with International Accounting Standard 34, (Interim Financial Reporting) and Saudi Arabian Monetary Authority (SAMA) guidance on accounting for Zakat and Income Tax.
Other notes Total Comprehensive Income for the quarter was SR 20,079 thousand compared to SR 16,073 thousand for the equivalent quarter from the previous year, increased by 25% and compared to SR 19,423 thousand for the previous quarter, increased by 3%

Total Comprehensive Income for the period was SR 58,474 thousand compared to SR 29,085 thousand for the equivalent period from the previous year, increased by 101%

Total Comprehensive Income for the quarter was SR 36,149 thousand compared to SR 41,423 thousand for the equivalent quarter from the previous year, decreased by 13% and compared to SR 20,079 thousand for the previous quarter, increased by 80%

Total Comprehensive Income for the period was SR 94,623 thousand compared to SR 70,508 thousand for the equivalent period from the previous year, increased by 34%

Total Shareholders Equity by end of the current period SR 404,786 thousand compared to SR 350,163 thousand for the equivalent period from the previous year, increased by 16% (No minority interest)

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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