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Walaa Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2020-12-31

Element ListCurrent YearPrevious Year%Change
Gross Written Premiums (GWP) 1,472,7031,215,39421.17
Net Written Premiums (NWP) 849,936735,51615.556
Net Incurred Claims 557,418561,004-0.639
Net Profit (Loss) of Policy Holders Investment 2,81510,402-72.937
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) 73,4513,0292,324.925
Net Profit (loss) of Shareholders Capital Investment 15,14816,358-7.396
Net Profit (Loss) before Zakat 72,62523,159213.592
Total Comprehensive Income 55,46242,44330.674
Total Share Holders Equity (after Deducting Minority Equity) 916,294669,26636.91
Perpetrating Expenses (First Operation Year) ---
Profit (Loss) per Share 0.820.4
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is Net Income before Zakat and Income Tax for the year is SAR 72.63 million as compared with Net Income before Zakat and Income Tax amounting to SAR 23.16 million for the comparative year that is increased by SAR 49.47 million 213.59%. This increase is mainly associated with increase in Net Earned Premiums by SAR 83.74 million 11.75%, increase in Reinsurance Commission by SAR 16.71 million 68.68%, increase in Other Underwriting Income by SAR 8.95 million 394.84% and decrease in Net Claims and Other Benefits Incurred by SAR 3.59 million 0.64%. This increase in income and revenue is partially offset with increase in Policy Acquisition Costs by SAR 5.57 million 13.06%, increase in Other Underwriting Expenses by SAR 6.33 million 24.31%, increase in Allowance for Doubtful Debts by SAR 10.99 million 387.76%, increase in General & Administrative Expenses by SAR 26.75 million 23.24% and decrease in Commission Income on Deposits by SAR 10.68 million 41.68%.
Statement of the type of external auditor's report Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion The joint independent auditors report on the annual financial statements states that the financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2020, and its financial performance and its cash flows for the year ended in accordance with International Financial Reporting Standards (“IFRSs”) that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (“SOCPA”).
Reclassification of Comparison Items Certain comparative figures have been reclassified to conform to the presentation of the current year. These changes have been made to better reflect the balances and transactions in the financial statements of the Company. The Company asserts that there is no financial impact of these re-classifications on Net Results From Insurance Operations, Net Income, Retained Earnings, and Equity.
Additional Information The Earning Per Share is calculated on Income after Zakat and Income Tax. The Earning Per Share for the current year is SAR 0.82 versus Earning Per Share of SAR 0.40 for the comparative year, which is calculated based on the weighted average number of ordinary shares outstanding during the year. The total of shareholder's equity (there are no minority rights) for the current year amounted to SAR 916,294 thousands compared with SAR 669,266 thousands for the comparative year ended 31 December 2019, which reflects an increase of 36.91%. The Retained Earnings as at the end of the year is SAR 81,304 thousands which is 12.58% of the Paid-Up Capital. The Total Comprehensive Income for the current year is SAR 55,462 thousands compared with Total Comprehensive Income of SAR 42,443 thousands for the comparative year which represents a increase of 30.67%. 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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