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Allianz Saudi Fransi Cooperative Insurance Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 8,819 6,764 30.38 5,070 73.94
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 4,000 8,487 -52.87 -5,186 -
Gross written premiums (GWP) 299,540 158,603 88.86 226,368 32.32
Net written premiums (NWP) 252,899 117,005 116.14 161,043 57.04
Net incurred claims 112,450 81,936 37.24 92,275 21.86
Net profit (loss) of policy holders investment 4,434 -1,273 - 12,246 -63.79
Net profit (loss) of shareholders capital investment 1,356 509 166.4 1,153 17.61
Earning or loss per share, Riyals 0.44 0.34 - - -
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 driven by the increase in net earned premiums by 26%, which was achieved through having different business mix with higher retention while maintaining an excelent techinical result. Also the increase was influenced by a better performance of our investments due to lower premium amortization and higher yields driven by newly purchased investments.
Reasons of increase (decrease) for the quarter compared with the previous quarter The increase in net profit before zakat is mainly due to the increase in net earned premium by 10% and lower charges on premium deficiency reserve SR 25,420 compared to SR 6,077,722 as for the quarter ended 31/12/2016.
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 229,847,908 as at 31/03/2017 compared to SR 221,354,286 as at 31/12/2016 with an increase of 3.8% due to profit incurred during the period moving our retained earning to the positive side reaching SR 6,701,726 compared to accumulated losses SR 448,379 as at 31/12/2016. On another note, the total comprehensive Income for the period ended March 31,2017 have reached 10,162,333 Saudi Riyals representing 37.8% increase compared to 7,370,288 Saudi Riyals for the same period in previous year and 247% % increase compared to 2,927,799 Saudi Riyals for the previous quarter.

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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