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Gulf General Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 67,08446,868.0643.133130,064-48.422
Net Written Premiums (NWP) 45,895.426,192.0675.226104,052-55.891
Net Incurred Claims 54,34623,526131.00351,5325.46
Net Profit (Loss) of Policy Holders Investment 101233-56.652102-0.98
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -23,06815,291--26,300-12.288
Net Profit (loss) of Shareholders Capital Investment 3,8475,243-26.6253,8450.052
Net Profit (Loss) before Zakat -19,71318,750--23,413-15.803
Total Comprehensive Income -19,76717,371--24,360-18.854
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross Written Premiums (GWP) 197,148176,73411.55
Net Written Premiums (NWP) 149,947.4119,17425.822
Net Incurred Claims 105,87864,15965.024
Net Profit (Loss) of Policy Holders Investment 203561-63.814
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -49,36820,196-
Net Profit (loss) of Shareholders Capital Investment 7,692-2,452-
Net Profit (Loss) before Zakat -43,12614,494-
Total Comprehensive Income -44,12712,614-
Total Share Holders Equity (after Deducting Minority Equity) 117,903170,891-31.006
Profit (Loss) per Share -2.210.63
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
-84,262200,000-42.13
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 main reason for the increase in losses during the current quarter compared to the same quarter of last year is due to the increase in net incurred claims by 131% and the huge increase in unearned premium reserve.
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 main reason for the decrease in losses during the current quarter compared to the previous quarter is due to the increase in net earned premium by 19% and decrease in net claims ratio by 12%.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The main reason for the decrease in net profit for the current period compared to the same period of the previous year is attribute to the increase in net incurred claims by 65% and increase in unearned premium reserves.
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 N/A
Reclassification of Comparison Items N/A
Additional Information The procedures and instructions of the companies whose shares are listed in the market, whose accumulated losses amounted to 20% or more of their capital, will be applied.

The company completed the increase in capital from SR 200 million to SR 500 million through the right issue shares of an amount of SR 300 million.

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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