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The Mediterranean and Gulf Insurance and Reinsurance Co. announces its Annual Financial Results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 3,332,154 | 2,643,129 | 26.07 | ||
| Result of Insurance Services | 309,914 | -263,287 | - | ||
| Net Profit (Loss) of The Insurance Results | 87,002 | -585,210 | - | ||
| Net Profit (Loss) of The Investment Results | 106,439 | 16,768 | 534.77 | ||
| Net Insurance Financing Expenses | -9,859 | 55,701 | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 201,472 | -396,870 | - | ||
| Total Comprehensive Income | 210,702 | -404,027 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 917,420 | 706,718 | 29.81 | ||
| Profit (Loss) per Share | 1.92 | -3.78 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -257,129 | -24.49 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | Insurance revenues increased during this year by SAR 689 million compared to last year, an increase of 26.07%. This is mainly due to the growth in Gross Written Premiums (GWP) of SAR 280.9 million, a growth of 9.84% which is driven by the strong performance of the health business line as it grew by 32.9% while a significant portion of the 2022 Motor Business was earned in 2023. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The company achieved net income before appropriation and zakat of SAR 206.255 million during the current year compared to a loss of SAR 405.856 million for the last year. The net income after Zakat amounted to SAR 201.472 million during the current year compared to loss of SAR 396.870 million for the last year, which was due to the following main reasons: - Improvement in insurance service result of SR 672.2 million compared with the previous year. This was driven by an increase in insurance revenue of SR 689.03 million, an increase of 26.07%, accompanied by a lower increase in the insurance service expense of 3.99% or SR 115.8 million, compared to the previous year, a direct result of the improved underwriting policy and cost containment. - Increase in net investment income in the profit and loss account of SAR 89.7 million compared to the previous year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Attention is drawn to note 2 to the accompanying financial statements, which states that the Company did not meet the solvency margin requirements as at 31 December 2023. The deficiency in solvency margin indicates that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. However, the accompanying financial statements are prepared using the going-concern assumption based on management’s assessment on the company’s abilities to continue as a going concern. The auditors' opinion is not modified with respect to this matter." |
| 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. The earnings per share (EPS) for the current year are SR 1.92 against a SR 3.78 loss per share for the previous year which is calculated by dividing the net income amount of SR 201.5 million over the weighted average number of ordinary outstanding shares of 105 million for the current period and SR 396.8 million (loss) over 105 million shares for the previous year. The Company's accumulated losses as of 31 December 2023 are 24.5%, an improvement of over 19pp over what it was at 31 December 2022 recording 43.7% of its subscribed capital and as of the same date, the Company's solvency coverage is below the prudential solvency requirements. The solvency coverage now is exceeding 77% mark which is improved by more than 64pp compared to 31 December 2022. |
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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