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Al Alamiya for 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 10,547 16,544 -36.25 12,018 -12.24
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 9,668 16,095 -39.93 11,476 -15.75
Gross written premiums (GWP) 100,739 86,321 16.7 71,770 40.36
Net written premiums (NWP) 62,785 58,593 7.15 40,731 54.15
Net incurred claims 9,106 7,182 26.79 15,133 -39.83
Net profit (loss) of policy holders investment 848 934 -9.21 757 12.02
Net profit (loss) of shareholders capital investment 1,593 1,638 -2.75 1,554 2.51
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The decrease in the net profit for the quarter compared with the same quarter of the previous year is due to higher net claims incurred, lower reinsurance commission income, higher policy acquisition costs, and higher general and administration expenses. This decrease in the profit is partly offset by higher net premium earned.
Reasons of increase (decrease) for the period compared with same period last year The decrease in the net profit for the period compared with the same period of the previous year is due to higher net claims incurred, lower reinsurance commission income, higher policy acquisition costs, and higher general and administration expenses. This decrease in the net profit is partly offset by higher net premium earned.
Reasons of increase (decrease) for the quarter compared with the previous quarter The decrease in the profit for the quarter compared with the previous quarter is due to lower reinsurance commission income and higher general and administration expenses. This decrease in profit is partly offset by lower net claims incurred. higher net premium earned, lower policy acquisition costs and higher investment income.
Reclassifications in quarterly financial results Statement of Financial Position, Statement of Comprehensive Income, and Statement of Cash Flow are prepared on a consolidated basis and the split of these statements for insurance operations' and shareholders' operations are provided in the notes. Furthermore, Certain comparative figures have been reclassified to conform to the presentation of the current period.
Other notes The total shareholders' equity (there is no minority equity) for the current period reached SAR 374,678 thousands compared to SAR 345,263 thousands for the same period last year reflecting an increase of 8.52%. The net comprehensive income for the current period is SAR 10,123 thousands compared to SAR 16,790 thousands for the same period last year with a decrease of 39.71% . The net comprehensive income for the current quarter is SAR 10,123 thousands compared to SAR 16,790 thousands for the same quarter last year with a decrease of 39.71% and SAR 11,855 thousands for the previous quarter (reflecting a decrease of 14.61%).
Total accumulated losses at the end of current period are SAR 24,038 thousands (6.01 % of share capital) compared to accumulated losses of SAR 54,296 thousands (13.57 % of capital) for the same period last year reflecting a decrease of 7.56 percentage points.

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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