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Allianz Saudi Fransi Cooperative Insurance Co. announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 6,309 5,511 14.48 6,278 0.49
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 8,791 12,503 -29.69 -168 -
Gross written premiums (GWP) 179,516 175,721 2.16 271,785 -33.95
Net written premiums (NWP) 114,794 100,823 13.86 165,599 -30.68
Net incurred claims 101,855 68,422 48.86 100,398 1.45
Net profit (loss) of policy holders investment -2,477 -7,484 66.9 6,101 -
Net profit (loss) of shareholders capital investment 887 1,206 -26.45 1,145 -22.53
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 19,360 16,737 15.67
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 17,109 16,097 6.29
Gross written premiums (GWP) 609,904 605,481 0.73
Net written premiums (NWP) 397,398 343,565 15.67
Net incurred claims 284,189 198,462 43.2
Net profit (loss) of policy holders investment 2,351 -329 -
Net profit (loss) of shareholders capital investment 2,541 3,177 -20.02
Earning or loss per share, Riyals 0.97 0.84 -
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 27.6% This was achieved through having different business mix with higher retention while maintaining a good technichal result Also the net profit before zakat is Influenced positively by the higher return on investment and other activities - Other Income
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 31.6%. This was achieved through having different business mix with higher retention while maintaining a good technichal result. Also the net profit before zakat is Influenced positively by the higher return on investment and other activities - Other Income.
Reasons of increase (decrease) for the quarter compared with the previous quarter The increase in the net profit before Zakat is mainly due to the increase in the net earned premium by 8%, which is driven by the growth in Motor Business while our expenses have slighlty decreased by 2%.
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.
Other notes EPS is calculated based on net profit before Zakat, Shareholders Equity (No Minority Interest) reached SR 219,770,816 as at 30/09/2016 compared to SR 200,923,336 as at 30/09/2015 with an increase of 8.58% due to profit incurred during the period which resulted in reduceing to reach the accumulated losses balance of SR 4,174,076 as at 30/09/2016.

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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