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Al-Rajhi Company for Cooperative Insurance announces its Annual Financial Results for the Period Ending on 2020-12-31

Element ListCurrent YearPrevious Year%Change
Gross Written Premiums (GWP) 2,732,8732,569,8046.345
Net Written Premiums (NWP) 2,316,1522,436,136-4.925
Net Incurred Claims 1,604,4662,208,377-27.346
Net Profit (Loss) of Policy Holders Investment 62,80572,738-13.655
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) 198,78523,728737.765
Net Profit (loss) of Shareholders Capital Investment 15,55320,518-24.198
Net Profit (Loss) before Zakat 251,846108,885131.295
Total Comprehensive Income 237,162106,818122.024
Total Share Holders Equity (after Deducting Minority Equity) 1,112,381875,21927.097
Perpetrating Expenses (First Operation Year) ---
Profit (Loss) per Share 5.682.15
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 The Net Profit before Zakat has increased by SAR 142,961 thousand (131.30%) primarily due to improvement in net claims cost by SAR 603,911 thousand (27.35%), increase in Re-takaful/ re-insurance commission income by SAR 13,004 thousand (134.60%) which are partly offset by a reduction in net earned premium of SAR 306,053 thousand (11.60%), increase in policy acquisition costs by SAR 39,163 (35.49%) and increase in allowance of doubtful debt by SAR 26,384 thousand (148.57%). Further, the general and administrative expenses increased by SAR 56,824 (23.56%) compared to last year.
Statement of the type of external auditor's report Unmodified opinion
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 Total Comprehensive Income for the current year is SAR 237,162 thousand versus SAR 106,818 thousand for the previous year, an increase of 122.02%.

Earning per share (EPS) for the period has been calculated based on the Profit after Zakat.

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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