| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 5,240,382 | 4,409,764 | 18.835 | 5,133,449 | 2.083 |
| Result of Insurance Services | 362,983 | 389,808 | -6.881 | 6,012 | 5,937.641 |
| Net Profit (Loss) of The Insurance Results | 360,870 | 351,186 | 2.757 | -11,689 | - |
| Net Profit (Loss) of The Investment Results | 196,434 | 186,217 | 5.486 | 172,628 | 13.79 |
| Net Insurance Financing Expenses | - | - | - | - | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 387,296 | 380,232 | 1.857 | 48,602 | 696.872 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 253,661 | 451,133 | -43.772 | 13,487 | 1,780.781 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 5,891,803 | 5,568,564 | 5.804 |
| Profit (Loss) per Share | 2.61 | 2.55 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is | Insurance revenue for the current quarter amounted to SR 5,240,382K, compared to SR 4,409,764K during the similar quarter of the previous year, an increase of 18.84%, which was principally driven by business growth and increase in insured lives. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Profit before zakat and income tax attributable to shareholders for the current quarter amounted to SR 453,174K, compared to SR 443,698K during the similar quarter of the previous year, an increase of 2.14%. Net profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR 387,296K, compared to SR 380,232K during the similar quarter of the previous year, an increase of 1.86%, which was due to the following main reasons: • Insurance service result for the current quarter amounted to SR 362,983K, compared to SR 389,808K during the similar quarter of the previous year, a decrease of 6.88%, which was principally driven by increased inflationary trends. This decrease was partially offset by a reduction in net expenses from reinsurance contracts held. Consequently, the net insurance service result for the current quarter amounted to SR 360,870K, compared to SR 351,186K during the similar quarter of the previous year, an increase of 2.76%. • Net investment results for the current quarter amounted to SR 196,434K, compared to SR 186,217K during the similar quarter of the previous year, an increase of 5.49%. • Net other revenue for the current quarter amounted to SR 17,887K, compared to SR 12,715K during the similar quarter of the previous year, an increase of 40.68%. These favorable movements were partially offset by the following: • Other operating expenses for the current quarter amounted to SR 122,017K compared to SR 106,420K during the similar quarter of the previous year, an increase of 14.66%. Total comprehensive income for the current quarter amounted to SR 253,661K compared to SR 451,133K during the similar quarter of the previous year, a decrease of 43.77%. Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SR 7,541,733K compared to SR 6,440,958K during the similar quarter of the previous year, an increase of 17.09%. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Insurance revenues for the current quarter amounted to SR 5,240,382K, compared to SR 5,133,449K during the previous quarter, an increase of 2.08%, which was principally driven by business growth. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | Profit before zakat and income tax attributable to shareholders for the current quarter amounted to SR 453,174K, compared to SR 74,987K during the previous quarter, an increase of 504.34%. Net profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR 387,296K, compared to SR 48,602K during the previous quarter, an Increase of 696.87%, which was due to the following main reasons: • Insurance service result for the current quarter amounted to SR 362,983K, compared to SR 6,012K during the previous quarter, an increase of 5937.64%, which was principally driven by seasonal trends in claims utilization. • Net insurance service result for the current quarter amounted to SR 360,870K, compared to losses of SR 11,689K during the previous quarter, an increase of 3187.26%, which was principally driven by seasonal trends in claims utilization. • Net investment results for the current quarter amounted to SR 196,434K, compared to SR 172,628K during the previous quarter, an increase of 13.79%. • Net other revenue for the current quarter amounted to SR 17,887K, compared to SR 14,947K during the previous quarter, an increase of 19.67%. These favorable movements were partially offset by the following: • Other operating expenses for the current quarter amounted to SR 122,017K compared to SR 100,899K during the previous quarter, an increase of 20.93%. Total comprehensive income for the current quarter amounted to SR 253,661K compared to SR 13,487K during the previous quarter, an increase of 1780.78%. Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SR 7,541,733K compared to SR 3,817,561K during the previous quarter, an increase of 97.55%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | No Reclassification. |
| Additional Information | The earnings per share (EPS) for the current quarter is SR 2.61 per share versus SR 2.55 per share for the similar quarter of the previous year which is calculated by dividing the net income attributed to the shareholders after zakat and income tax of SR 387,296K over the weighted average number of ordinary outstanding shares of 148,497K for the current quarter and SR 380,232K over 149,339K shares for the similar quarter of the previous year. Total shareholders’ equity (no minority interest) as at end of current quarter is SR 5,891,803K versus SR 5,568,564K as at end of the same quarter of the previous year, an increase of 5.80%. Total equity at end of current quarter is SR 5,860,124K versus SR 5,579,639K as at end of the similar quarter of the previous year, an increase of 5.03%. |
