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United Cooperative Assurance Co. announces its Interim Financial Results for the period ending on 2026-03-31 ( Three Months ) | premargin

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Insurance Revenues	100,685	219,153	-54.057	218,969	-54.018
Result of Insurance Services	10,818	27,847	-61.152	-3,651	-
Net Profit (Loss) of The Insurance Results	-1,313	-22,485	-94.16	-67,066	-98.042
Net Profit (Loss) of The Investment Results	1,184	3,940	-69.949	1,456	-18.681
Net Insurance Financing Expenses	-1,220	-1,183	3.127	-173	605.202
Net Profit (Loss), After Zakat, Attributable To Shareholders	-6,865	-23,320	-70.561	-84,188	-91.845
Total Comprehensive Income Attributable to Shareholders of the Issuer	-6,865	-20,812	-67.014	-74,211	-90.749
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)	17,714	247,502	-92.842
Profit (Loss) per Share	-0.17	-0.58
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	-	-
Accumulated Losses	-458,702	-115
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 revenues for the current quarter amounted to SAR 100,685 thousand, compared to SAR 219,153 thousand for the same quarter of last year. This represents a decrease of 54% which is principally due to decline in business.
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 net loss after Zakat for the current quarter amounted to SAR 6,865 thousand, compared to a net loss after Zakat of SAR 23,320 thousand for the same quarter of last year. This is mainly due to the decrease in net insurance and investment result.
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 SAR 100,685 thousand, compared to SAR 218,969 thousand in the previous quarter. This represents a decrease of 54% which was mainly due change in the mix of business.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is	The net loss after Zakat for the current quarter amounted to SAR 6,865 thousand, compared to a net loss after Zakat of SAR 84,188 thousand for the previous quarter. This is mainly attributable to the decrease in losses in the net insurance service result during the current quarter.
Statement of the type of external auditor's report	Conservation
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)	The external auditors draw attention to note 8 of the interim condensed financial information which indicates the following: the Company carries goodwill amounting to SAR 78.4 million as at 31 March 2026. As of 31 December 2025, Management performed an impairment assessment, with the support of an independent expert, and concluded that no impairment of goodwill is required. In our view, the impairment assessment, in particular the determination of the recoverable amount, was based on market capitalisation without sufficient adjustments or reconciliation and is therefore not consistent with the requirements of IAS 36 Impairment of Assets and IFRS 13 Fair Value Measurement. In addition, limited consideration has been given to value in use based on future cash flows. Consequently, we are unable to agree with management’s conclusion that the carrying amount of goodwill is fully recoverable. Accordingly, the carrying amount of goodwill may be materially overstated as of 31 March 2026. The impact of this matter on the interim condensed financial information has not been determined. In addition, the external auditors draw attention to note 1 of the interim condensed financial information which indicates the following: the Company incurred a net loss of SAR 6.87 million for the period ended 31 March 2026 and had accumulated losses of SAR 458.7 million as of 31 March 2026. These losses exceeded the Company’s share capital as at the period ended, and it also reported net operating cash outflows of SAR 17.34 million for the three-month period ended. These events and conditions, along with other matters as set forth in note 1 to the interim condensed financial information, indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. Our conclusion is not further modified in respect of this matter.
Reclassification of Comparison Items	None
Additional Information	The loss per share (LPS) for the current quarter is SAR (0.17) per share versus SAR (0.58) per share for the same quarter of last year which is calculated by dividing the net loss for the period attributable to the shareholders after Zakat of SAR 6,865 thousand over the weighted average number of ordinary outstanding shares of 40,000 thousand for the current quarter and a net loss attributable to the shareholders after Zakat of SAR 23,320 thousand over 40,000 thousand shares for the same quarter of last year. Total comprehensive loss for the current quarter is SAR 6,865 thousand, compared to total comprehensive loss of SAR 20,812 thousand in the same quarter of last year. Total equity as of the end of the current quarter is SAR 17,714 thousand, a decrease of 93% from SAR 247,502 thousand at the end of the same quarter of last year. Referring to the fact that the Company's accumulated losses have reached 115% of its capital as at March 31, 2026, the Company will continue to apply the procedures and instructions applicable to listed companies whose accumulated losses exceed 50% of their capital. In reference to the qualified conclusion included in the auditor’s review report concerning the impairment assessment of the Company’s goodwill as at 31 December 2025, the Company wishes to clarify the following: In accordance with the requirements of International Accounting Standard 36 “Impairment of Assets” and IFRS 13 "Fair Value Measurement", the company has proactively taken ‎measures in this regard by appointing a Taqeem‑certified external valuation specialist company licensed by the Saudi Authority for Accredited Valuers, to perform an independent impairment assessment of goodwill. Based on the impairment assessment performed by the valuation specialist company, it was concluded that the recoverable amount of goodwill exceeded its carrying amount as at 31 December 2025 and, on this basis, the management concluded that no impairment of goodwill was required to be recognised in the financial statements. As disclosed in the auditor’s review report, the qualified conclusion arises from a difference in professional judgment of the management and its independent expert, with the auditors, regarding the application of the impairment assessment methodology.