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Amana Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 76,94277,978-1.32843,72775.959
Net Written Premiums (NWP) 65,25666,663-2.1132,566100.38
Net Incurred Claims -55,087-61,789-10.846-62,768-12.237
Net Profit (Loss) of Policy Holders Investment -----
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -31,296-24,75626.417-35,273-11.274
Net Profit (loss) of Shareholders Capital Investment 3,3071,81881.9031,301154.189
Net Profit (Loss) before Zakat -29,244-23,30325.494-35,535-17.703
Total Comprehensive Income -31,813-20,99151.555-35,314-9.913
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) -58,605-26,084124.677
Profit (Loss) per Share -2.31-0.87
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
-188,026130,000-144.64
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
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 reason for the increase in net loss before Zakat of Q1 2022 vs in Q1 2021 by SAR -5,941K (-18.16%) is recognized from the following net effects:

1.Increase in net underwriting result by SAR -6,540K (26.42%) and,

2.Increase in shareholders’ Investment Income by SAR 0.599K (41.23%) in comparison for current quarter with same quarter of the previous year.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The reason for the decrease in net loss before Zakat of Q1 2022 vs Q4 2021 by SAR 6,291K (17.70%) primarily due to the following main effects:

1.Improvement in underwriting results by SAR 2,505K and,

2.Lowe in Other underwriting results by SAR 4,026K

Statement of the type of external auditor's report Unmodified Conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion none
Reclassification of Comparison Items Some items have been re-classified to confirm to current period presentation.
Additional Information 'The Company's accumulated losses as of 31 March 2022 are 144.64% (31 December 2021: 120.94%) of the Company's share capital, and as of the same date, the Company's solvency reached -83.81% (31 December 2021: -48.08). These events and conditions indicate a material uncertainty on the Company's ability to continue as a going concern. However, various strategic options, including capital restructuring, were considered by the Company's Board of Directors and has already approved the business plan for 2022 on 18 January 2022. Further, an increase in share capital through rights issues amounting to SR 300 million was approved in the extraordinary general assembly meeting dated 28 February 2022.

The share capital increase is subject to the subsequent regulatory approval of CMA while approval from SAMA was received on 25 April 2022. Based on the above, the management is satisfied that the Company will continue as a going concern for the foreseeable future.

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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