Allianz Saudi Fransi Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
|Element List||Current Year||Previous Year||%Change|
|Gross Written Premiums (GWP)||848,254.77||763,115.1||11.16|
|Net Written Premiums (NWP)||515,558.39||453,355.09||13.72|
|Net Incurred Claims||367,606.85||316,794.93||16.04|
|Net Profit (Loss) of Policy Holders Investment||6,512.34||4,055.68||60.57|
|Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)||5,091.72||4,605.9||10.55|
|Net Profit (loss) of Shareholders Capital Investment||17,776.05||10,983.33||61.84|
|Net Profit (Loss) before Zakat||28,035.49||16,485.33||70.06|
|Total Comprehensive Income||-11,416.09||-3,445.24||231.36|
|Total Share Holders Equity (after Deducting Minority Equity)||699,876.93||711,293.02||-1.6|
|Perpetrating Expenses (First Operation Year)||0||0||-|
|Profit (Loss) per Share||0.33||0.09|
|All figures are in (Thousands) Saudi Arabia, Riyals|
|The reason of the increase (decrease) in the net profit during the current year compared to the last year is||The reason behind the increase in net profit before Zakat and Tax for the current year compared to the previous year is attributed to the increase in net earned premium by 14.8% due to the increase in business and also the increase in investment income by 61.5% compared to the previous year.|
|Statement of the type of external auditor's report||Unmodified opinion|
|Reclassification of Comparison Items||Certain amount of prior year have been reclassified to conform to the presentation in the current year.|
|Additional Information||For the year ended December 31, 2022 and the year ended December 31, 2021 earning per share has been calculated based on net profit after Zakat and income Tax for the period divided by total number of shares outstanding of 60,000,000 shares. |
The Equity, No Minority Interest, reached SAR 699.9Mn as at 31/12/2022 compared to SAR 711.3Mn as at 31/12/2021 with a decrease of 1.6 % mainly due to decrease in fair value reserve on investments during the current period.
The Shareholders net income after zakat and income tax for the current year reached SR 19.9Mn compared to SR 5.6Mn during the previous year, an increase of 254.5%
The insurance operations comprehensive loss for the current period amounted to SAR (8.9)Mn compared to SAR (2.7)Mn during previous year, an Increase of 223.6%.
The shareholders operations comprehensive loss for the current period amounted to SAR (1.4)Mn compared to shareholders operations comprehensive income of SAR 0.2 Mn for the previous year.
The Capital Market Authority and Saudi 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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