• Decrease in net underwriting results of SR 38,279K compared with the same quarter of the previous year, a decrease of 8.5%. This was driven by the increase in the net claims incurred by SR 534,321K compared with the same quarter of the previous year, an increase of 26.1%, as a result of the rebound in deferred claims from the abnormal low levels witnessed during the COVID-19 lockdown period of the previous year. Net underwriting results were also negatively impacted by the increase in policy acquisition costs expensed of SR 75,825K compared with the same quarter of the previous year, an increase of 112.5%. These movements were partially offset by an increase in net earned premiums of SR 571,867K compared with the same quarter of the previous year, an increase of 22.2%.

• Increase in operating expenses of SR 22,137K compared with the same quarter of the previous year, an increase of 13.7%.

• Increase in the provision for doubtful receivables of SR 13,369K compared with the same quarter of the previous year, an increase of 143.1%.

These unfavorable movements were partially offset due to the following reasons:

• Increase in investment and other income of SR 24,428K compared with the same quarter of the previous year, an increase of 29.2%.

• Policyholders’ share of insurance operations’ surplus decreased to reach SR 23,646K in the current quarter compared to SR 30,414K in the same quarter of the previous year.

Gross Written Premiums (“GWP”) grew by SR 431,563K from the same quarter of the previous year, an increase of 16.8%.

• Increase in net underwriting results of SR 167,558K compared with the previous quarter, an increase of 68.1%. This was driven by an increase in net earned premiums of SR 195,741K from the previous quarter, an increase of 6.6% despite the increase in net claims incurred of SR 5,846K, an increase of 0.23%. These movements in underwriting results were partially offset by an increase in policy acquisition costs reaching SR 143,205K, an increase of 18.5% from the previous quarter.

• Increase in Investment and other income of SR 11,572K compared with the previous quarter, an increase of 11.9%.

• Decrease in the provision for doubtful receivables of SR 8,635K compared with the previous quarter, a decrease of 27.5%.

• These favorable changes were partially offset by an increase in policyholders share of insurance operations’ surplus to reach SR 23,646K in the current quarter compared to SR 7,501K in the previous quarter, an increase of 215.2%.

Gross Written Premiums (“GWP”) dropped by SR 1,221,139K in the quarter compared with the previous quarter, a decrease of 28.9%, due to business seasonality.

• Decrease in net underwriting results of SR 92,105K compared with the same period of the previous year, a decrease of 12.3%. This was driven by the increase in net claims incurred by SR 971,285K compared with the same period of the previous year, an increase of 23.2% along with an increase in policy acquisition costs expensed of 140,025K compared with the same period of the previous year, an increase of 112.9%. This was despite of the increase in net earned premiums by SR 1,019,205K in the current period compared with the same period of the previous year, an increase of 20.1%.

• Increase in the provision for doubtful receivables of SR 27,696K compared to the same period of the previous year, an increase of 105%.

• Increase in the operating expenses of SR 24,823K compared with the same period of the previous year, an increase of 7.6%.

These unfavorable movements were partially offset with the increase in investment and other income by 33%, reaching SR 204,803K in the current period.

A decrease in policyholders’ share of insurance operations’ surplus to reach SR 31,146K in the current period compared to SR 44,903K in the same period of the previous year, a decrease of 30.6%.

Gross Written Premiums (“GWP”) increased by SR 1,401,201K in the current period compared with the same period of the previous year, an increase of 24.1%.

Total Insurance Operations Comprehensive Income for the current quarter is SR 13,282K compared to SR 27,041K for the same quarter of the previous year, a decrease of 50.9%, and comprehensive losses of SR 7,738K for the previous quarter. Total Shareholders Comprehensive Income for the current quarter is SR 205,806K compared to SR 361,148K for the same quarter of the previous year a decrease of 43%, and SR 92,609K for the previous quarter, an increase of 122.2%.

The earnings per share (“EPS”) for the current quarter is SR 2.15 per share versus SR 2.41 per share for the same quarter of the previous year by dividing the net income attributed to shareholders after zakat and income tax amount of SR 256,583K over the weighted average number of ordinary outstanding shares of 119,472K for the current quarter and SR 287,959K over 119,611K shares for the same quarter of the previous year.

Total Shareholder Equity (no minority interest) as at end of current period is SR 3,967 million compared to SR 4,186 million as at end of same quarter previous year, a decrease of 5.2%.

The profits after zakat and income tax for the current quarter reached SR 256,583K compared to SR 287,959K for the same quarter of the previous year, a decrease of 10.9%, and SR 94,068K for the previous quarter, an increase of 172.7%.