• Decrease in underwriting results of SR 58,501K compared with the same quarter previous year, a decrease of 13%. This was driven by the deferred acquisition costs expensed during the quarter which were related to the premium deficiency resulting from the expected surge in deferred claims post Covid-19 lockdown.

• Increase in the provision for doubtful receivables of SR 24,526K compared with the same quarter last year, an increase of 140.7%.

• Increase in other operating expenses of SR 16,365K compared with the same quarter last year, an increase of 7.9%.

• Decrease in investment and other income of SR 1,194K compared with the same quarter last year, a decrease of 1.85%.

These unfavorable movements were partially offset with an increase in net earned premiums by SR 338,610K in the current quarter compared with the same quarter last year, an increase of 14.3%, while net claims incurred increased by SR 319,807K compared with the same quarter last year, an increase of 17.2%.

Policyholders’ share of insurance operations’ surplus decreased to reach SR 15,324K in the current quarter versus SR 25,574K in the same quarter last year.

Gross Written Premiums (GWP) remained relatively flat at SR 3,076,175K in the current quarter compared with the same quarter previous year, reporting only a decrease of SR 268K.

• Decrease in underwriting results of SR 281,406K compared with the previous quarter, a decrease of 42.1%.

• Increase in the provision for doubtful receivables of SR 15,906K compared with the previous quarter, an increase of 61.1%.

• Increase in other operating expenses of SR 12,140K compared with the previous quarter, an increase of 5.7%.

These unfavorable movements were partially offset with a decrease in policyholders’ share of insurance operations’ surplus of SR 31,013K compared with the previous quarter, a decrease of 66.9%. Investment and other income also increased by SR 5,449K compared to the previous quarter, an increase of 9.4%.

Net earned premiums increased by SR 3,301K in the current quarter compared with the previous quarter, an increase of 0.1%, while net claims incurred increased by SR 380,150K compared with the previous quarter, an increase of 21.1%, primarily as a result of the surge in deferred claims incurred/expected post Covid-19 lockdown.

Gross Written Premiums (GWP) increased by SR 832,957K in the current quarter compared with the previous quarter, an increase of 37.1%.

• Increase in underwriting results of SR 224,414K compared with the same period last year, an increase of 20.0%. Net earned premiums increased by SR 1,225,432K in the current period compared with the same period last year, an increase of 17.9%, while net claims incurred increased by only SR 745,033K compared with the same period last year, an increase of 13.4%. This was due to the significant decline in demand for healthcare services during the Covid-19 lockdown period (March-June, 2020).

• Decrease in the provision for doubtful receivables of SR 44,047K compared to the same period last year, a decrease of 48.7%, primarily driven by the change in the method of calculating bad debt provisions in the current period, as recently mandated by SAMA to be more aligned with IFRS.

These favorable movements were partially offset with an increase in deferred acquisition costs expensed during the period reaching SR 421,722K compared with the same period last year, an increase of 154.5%, which was related to the Premium Deficiency Reserves (PDR) recognized during the current period to account for the expected surge in claims post Covid-19 lockdown. Other operating expenses also increased by 12.6% compared with the same period last year, reaching SR 679,600K, while investment and other income decreased by 2.9%, reaching SR 188,508K in the current period. Policyholders’ share of insurance operations’ surplus increased to reach SR 72,177K in the current period versus SR 53,347K in the same period last year, an increase of 35.3%.

Gross Written Premiums (GWP) increased by SR 368,679K in the current period compared with the same period last year, an increase of 4.4%.

• Total Insurance Operations Comprehensive Income for the current quarter is SR 20,427K compared to SR 30,355K for the same quarter of the last year, a decrease of 32.7%, and SR 63,270 K for the previous quarter, a decrease of 67.7%. Total Shareholders Comprehensive Income for the current quarter is SR 202,009K compared to SR 230,216K for the same quarter of the last year, a decrease of 12.3%, and SR 477,203K for the previous quarter, a decrease of 57.7%.

The earnings per share (EPS) for the current quarter is SR 1.17 per share versus SR 1.89 per share for the same quarter last year by dividing the net income attributed to shareholders after zakat and income tax amount of SR 139,618K over the weighted average number of ordinary outstanding shares of 119,446K for the current quarter and SR 226,583K over 119,594K for the same quarter of the last year.

Total Shareholder Equity (no minority interest) as at end of current period is SR 3,782 Million versus SR 2,925 Million as at end of same quarter last year, an increase of 29.3%.

The profits after Zakat and Income Tax for the current quarter reached SR 139,618K compared to SR 226,583K for the same quarter of last year, a decrease of 38.4%, and SR 387,907K for the previous quarter, a decrease of 64.0%.