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AXA Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 544,266544,631-0.067236,305130.323
Net Written Premiums (NWP) 511,052528,771-3.35225,442126.688
Net Incurred Claims 227,544222,9742.049236,912-3.954
Net Profit (Loss) of Policy Holders Investment 10,4229,11614.3264,983109.151
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 24,80917,05345.48117,92638.396
Net Profit (loss) of Shareholders Capital Investment 3,9623,7256.3628,418-52.934
Net Profit (Loss) before Zakat 35,31426,83331.60628,61823.397
Total Comprehensive Income -9,11835,530-28,621-
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 700.941625.49312.062
Profit (Loss) per Share 0.590.43
All figures are in (Thousands) 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 Increase in net profit before zakat by SR 8,481 thousand is attributed to overall increase in surplus from insurance operation (mainly due to improvement in Property & casulty segment). In addition, overall increase in investment income by SR 1,543 thousand (Policy & sharehoulders combined) has also contributed to the increase in net profit before zakat and tax compared to same quarter in the previous year.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The Increase in net profit before zakat by SR 6,696 thousand compared to previous period is attributed to overall increase in surplus from insurance operation (mainly due to improvement in Motor segment). In addition, overall increase in investment income by SR 983 thousand (Policy & sharehoulders combined) has also contributed to the increase in net profit before zakat and tax compared to same quarter in the previous year.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items The financial statements have been restated to reflect the change in the accounting policy for zakat and income tax. The change has resulted in a reduction of reported net comprehensive income of the Company for the three month period ended March 31, 2019 by SR 5,141 thousand.
Additional Information Earnings per share has been calculated based on net income after zakat which is computed by dividing net income attributed to shareholders after zakat and income tax amount of SR 29,270 thousand over the weighted average number of ordinary outstanding shares 50,000 shares as at March 31, 2020.

The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 700,941 thousands compared with SAR 625,493 thousands for the same period last year , which is increase of 12.06%. The retained earnings as at the end of the period is SAR 162,499 thousands which is 32.5% of the paid up capital.

The total comprehensive Income (loss) for policyholders for the current quater is SAR (18,654)thousands , compared to SAR 10,695 thousands for the same quarter last year.

The total comprehensive income for shareholders for the current quarter is SAR 13,057 thousands, compared to SAR 27,453 thousands for the same quarter last year.

The profits after Zakat and Income Tax for the current year increased to reach SR 29,270 tousand compared to SR 21,692 thousand for same period of last year , an increase of 34.9%.

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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