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Alinma Tokio Marine Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 136,035 | 146,407 | -7.08 | 118,377 | 14.92 |
| Net Written Premiums (NWP) | - | - | - | - | - |
| Net Incurred Claims | - | - | - | - | - |
| Net Profit (Loss) of Policy Holders Investment | - | - | - | - | - |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | - | - | - | - | - |
| Net Profit (loss) of Shareholders Capital Investment | - | - | - | - | - |
| Net Profit (Loss) before Zakat | 18,731 | 4,028 | 365.02 | 2,103 | 790.68 |
| Total Comprehensive Income | 18,293 | 3,761 | 386.39 | 1,754 | 942.93 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 254,412 | 256,626 | -0.86 |
| Net Written Premiums (NWP) | - | - | - |
| Net Incurred Claims | - | - | - |
| Net Profit (Loss) of Policy Holders Investment | - | - | - |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | - | - | - |
| Net Profit (loss) of Shareholders Capital Investment | - | - | - |
| Net Profit (Loss) before Zakat | 20,834 | 11,965 | 74.12 |
| Total Comprehensive Income | 20,047 | 11,518 | 74.05 |
| Total Share Holders Equity (after Deducting Minority Equity) | 274,810 | 255,728 | 7.46 |
| Profit (Loss) per Share | 0.66 | 0.36 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 62,910 | 300,000 | 20.97 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative period restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9. The following explanation will cover the relevant financial information reflected in the announcement above along with explanation on the new presentation of the financial results which are attached to this announcement: The reason of the increase in Profit before zakat and tax amounted to SAR 18,731 thousand and by 365% compared to the same quarter of the previous year is mainly due to the increase in Insurance revenue by 9.46%. the decrease in insurance service expenses by 36.7% and the increase in Net Investment Income by 2119%. This increase in Net Profit before Zakat and Tax is partially offset with the increase in Net expenses from reinsurance contracts held by 268% as well as the increase in Other operating expenses by 35.16%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative period restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9. The following explanation will cover the relevant financial information reflected in the announcement above along with explanation on the new presentation of the financial results which are attached to this announcement: The reason of the increase in Profit before zakat and tax amounted to SAR 18,731 thousand and by 791% compared to the previous quarter is mainly due to the increase in Insurance revenue by 10.4%. the decrease in insurance service expenses by 19.25% and the increase in Net Investment Income by 31.09%. This increase in Net Profit before Zakat and Tax is partially offset with the increase in Net expenses from reinsurance contracts held by 24.36%. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative period restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9. The following explanation will cover the relevant financial information reflected in the announcement above along with explanation on the new presentation of the financial results which are attached to this announcement: The reason of the increase in Profit before zakat and tax amounted to SAR 20,834 thousand and by 74.12% compared to the similar period of the previous year is mainly due to the increase in Insurance revenue by 4.8%. the decrease in insurance service expenses by 6.1% and the increase in Net Investment Income by 114.7% as well as the increase in the other income by 154%. This increase in Net Profit before Zakat and Tax is partially offset with the increase in Net expenses from reinsurance contracts held by 45.7%. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Reclassification of Comparison Items | The Company has reclassified and restated comparative information to meet the requirements of the newly implemented standards IFRS 17 and IFRS 9. |
| Additional Information | The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9. Refer to the attachment for further details on the financial results items that are relevant under the newly implemented financial reporting standards for insurance companies. The earnings (loss) per share (EPS) for the current quarter is SR 0.61 per share versus SR 0.12 per share for the same quarter of the previous year with an increase of 408.33% The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 274,810 thousand compared with SAR 255,728 thousand for the same quarter last year which reflects an increase of 7.46%. The accumulated losses as at Q2 2023 is SAR 62,910 thousand which is 20.97% of the Paid-Up Capital. Total comprehensive income for the current quarter is SR 18,293 thousand compared to total comprehensive income of SAR 3,761 thousand for the same quarter of the previous year with an increase by 386.39% |
| Attached Documents |  |
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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