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Walaa Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2020-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 412,572282,71945.93298,06538.416
Net Written Premiums (NWP) 177,061143,02323.798196,079-9.699
Net Incurred Claims 139,858133,5754.70381,25272.128
Net Profit (Loss) of Policy Holders Investment 7232,526-71.37755929.338
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 25,1845,061397.60929,042-13.284
Net Profit (loss) of Shareholders Capital Investment 4,6103,96116.3843,27240.892
Net Profit (Loss) before Zakat 25,2717,943218.15428,352-10.866
Total Comprehensive Income 32,386-590-40,558-20.148
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross Written Premiums (GWP) 1,044,618856,47821.966
Net Written Premiums (NWP) 614,024536,38514.474
Net Incurred Claims 393,623418,095-5.853
Net Profit (Loss) of Policy Holders Investment 2,1178,425-74.872
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 44,360-4,228-
Net Profit (loss) of Shareholders Capital Investment 10,81812,116-10.713
Net Profit (Loss) before Zakat 42,8049,294360.555
Total Comprehensive Income 22,95610,122126.793
Total Share Holders Equity (after Deducting Minority Equity) 883,788636,94538.754
Profit (Loss) per Share 0.440.01
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 reason of increase in Net Profit before Zakat & Tax for the current quarter compared with Net Profit before Zakat & Tax of same quarter last year is due to increase in Net Premiums Earned by SAR 23.55 million 13.23%, increase in Reinsurance Commission by SAR 8.28 million 138.56%, increase in Other Underwriting Income by SAR 0.91 million 193.83%, decrease in Additional Premium Reserves by SAR 9.59 million 326.16%, and decrease in Other Technical Reserve by SAR 6.41 million 112.26%. This increase in income is offset with increase in Net Claims and Other Benefits Incurred by SAR 6.28 million 4.70%, increase in Policy Acquisition Cost by SAR 2.03 million 18.20%, increase in Other Underwriting Expenses by SAR 1.40 million 21.29%, increase in Allowance for Doubtful Debts by SAR 8.90 million, increase in General & Administrative Expenses by SAR 9.82 million 33.44%.and decrease in Commission Income on Deposits by SAR 3.03 million 49.37%.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason of decrease in Net Profit before Zakat & Tax for the current quarter compared with Net Profit before Zakat & Tax of previous quarter is due to decrease in Other Underwriting Income by SAR 6.62 million 82.73%, increase in Net Claims and Other Benefits Incurred by SAR 58.61 million 72.13% , increase in Other Technical Reserves by SAR 2.30 million 76.65%, increase in Policy Acquisition Costs by SAR 1.30 million 10.89%, increase in Other Underwriting Expenses by SAR 1.86 million 30.56% and increase in General & Administrative Expenses by SAR 11.04 million 39.25%. This increase in costs is offset with increase in Net Premiums Earned by SAR 5.50 million 2.78%, increase in Reinsurance Commission by SAR 4.70 million 49.22%, decrease in Additional Premium Reserves by SAR 64.43 million 124.14% and decrease in Allowance for Doubtful Debts by SAR 2.17 million 21.85%.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to The reason of increase in Net Profit before Zakat & Tax for the current period compared with Net Profit before Zakat & Tax of previous period is due to increase in Net Premiums Earned by SAR 56.28 million 10.61%, increase in Reinsurance Commission by SAR 13.27 million 73.84%, increase in Other Underwriting Income by SAR 8.39 million 518.67%, decrease in Net Claims and Other Benefits Incurred by SAR 24.47 million 5.85%, decrease in Other Technical Reserves by SAR 11.68 million 218.61% and decrease in Policy Acquisition Costs by SAR 2.49 million 6.76%. This increase in Income is offset with increase in Additional Premium Reserves by SAR 39.66 million as company provided additional reserve to cover the potential impact of two month extension of motor policies, increase in Other Underwriting Expenses by SAR 2.04 million 10.99%, increase in Allowance for Doubtful Debts by SAR 16.84 million 502.39%, increase in General & Administrative Expenses by SAR 12.71 million 14.08% and decrease in Commission Income on Deposits by SAR 8.81 million 45.18%.
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion The joint independent auditors report on review of Interim Condensed Financial Statements states that the financial statements have been prepared in accordance with International Accounting Standard 34 - "Interim Financial Reporting" (IAS 34) as endorsed in the Kingdom of Saudi Arabia.
Reclassification of Comparison Items Certain comparative figures have been reclassified to conform to the presentation of the current period. These changes have been made to better reflect the balances and transactions in the condensed interim financial information of the Company. The Company asserts that there is no financial impact of these re-classifications on Net Results From Insurance Operations and Net Income.
Additional Information The Earning Per Share is calculated on Profit after Zakat and Income Tax. The Earning Per Share for the current period is SAR 0.44 versus Earning Per Share of SAR 0.01 for the same period of the previous year, which is calculated based on the weighted average number of ordinary shares outstanding during the period. The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 883,788 thousands compared with SAR 669,266 thousands as at 31 December 2019, which reflects a increase of 32.05%. The Retained Earnings as at the end of the period is SAR 67,633 thousands which is 10.46% of the Paid-Up Capital. The Total Comprehensive Income for the current quarter is SAR 32,386 thousands compared with Comprehensive Loss of SAR 590 thousands for the same quarter last year and compared with Comprehensive Income of SAR 40,558 thousands for the previous quarter. The total Comprehensive Income for the current period is SAR 22,956 thousands compared with Total Comprehensive Income of SAR 10,122 thousands for the same period last year. Further to receipt of regulatory approvals, on 01 March 2020, Walaa Cooperative Insurance Company completed the merger with MetLife AIG ANB Cooperative Insurance Company. On this date, the net assets and business activities of MetLife AIG ANB Cooperative Insurance Company were transferred to Walaa in exchange for 11,839,706 newly issued ordinary shares of Walaa.

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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