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Wataniya Insurance Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 179,694207,948-13.587302,768-40.649
Net Written Premiums (NWP) 126,764144,688-12.388148,749-14.779
Net Incurred Claims 42,29699,619-57.54274,217-43.01
Net Profit (Loss) of Policy Holders Investment -----
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 14,763-15,272--3,237-
Net Profit (loss) of Shareholders Capital Investment 9841,069-7.951-1,513-
Net Profit (Loss) before Zakat 12,702-15,023--7,023-
Total Comprehensive Income 8,947-16,325--8,219-
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross Written Premiums (GWP) 482,462478,8510.754
Net Written Premiums (NWP) 275,513290,758-5.243
Net Incurred Claims 116,513179,443-35.069
Net Profit (Loss) of Policy Holders Investment ---
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 11,526-7,409-
Net Profit (loss) of Shareholders Capital Investment -5292,657-
Net Profit (Loss) before Zakat 6,002-7,100-
Total Comprehensive Income 1,051-10,797-
Total Share Holders Equity (after Deducting Minority Equity) 259,283229,36813.042
Profit (Loss) per Share 0.07-0.52
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The profit in the second quarter of 2020 as compared to the loss in the second quarter of 2019 is due to the decrease in the net claims incurred by SAR 57,323 thousand.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The profit in the second quarter of 2020 compared to the loss in the first quarter of 2020 is due to the decrease in the net claims incurred by SAR 31,921 thousand.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to The profit during the six months of 2020, compared to the loss for the previous period of 2019 is due to the decrease in the net incurred claims by SAR 62,930 thousand.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items -
Additional Information The total of shareholders’ equity (there are no minority rights) for the current period amounted to SAR. 259,283 thousand compared with SAR. 229,368 thousand for the same period last year which is an increase of 13%. The total comprehensive income for the second quarter of 2020 is SAR 8,947 thousand compared to the total comprehensive loss for the same quarter last year of SAR 16,325 thousand and as compared to the total comprehensive loss for the previous quarter of SAR 8,219 thousand. The total comprehensive income for the current period is SAR 1,051 thousand compared to the total comprehensive loss for the same period last year of SAR 10,797 thousand. Earning per share calculated after Zakat and income tax.

The Capital Market Authority and the Saudi Stock 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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