| The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is | Insurance Revenue decreased by SR 6,618,301, a decrease of 3%, during the current quarter compared to the previous quarter of the last year. This decline was primarily attributable to a decrease in medical insurance revenue of SR 17,617,017, partially offset by an increase of SR 10,998,716 in revenue from all other non-medical insurance lines combined. It is also noteworthy that total gross written premiums increased from SR 202,401,650 in the corresponding quarter of the previous year to SR 206,145,323 in the current quarter, representing a growth of 1.85%. |
| 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 reason for losses during the current quarter compared to profits in the same quarter of last year is attributed to the deficit in net insurance result by SR 12,442,443 compared to surplus amounting to SR 8,005,687 in same quarter of the last year. The reason for this deficit is attributed to increase in Insurance service expenses by SR 36,092,131, an increase of 26.78%. This despite the favorable decrease in net expenses from reinsurance contracts by SR 16,605,754 , a decrease of 21.07%. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Revenue increased by SR 19,314,164, reflecting a growth of 9.92% compared to the previous quarter of the year. This increase was mainly driven by a rise in Property and Casualty insurance revenue, which grew by SR 27,784,777. However, this growth was partially offset by a decline of SR 8,470,613 in revenue from all other insurance lines combined. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | Net loss increased by SR 765,647 during the current quarter compared to the previous quarter of the last year. The reason for increase in losses was primarily attributable to a higher deficit in the net insurance result and a decrease in net investment income of SR 682,965 and SR 5,333,511, respectively. These adverse impacts were partially offset by an increase in net insurance finance income of SR 4,628,497 and a favorable decrease in other operating expenses of SR 622,331. |
| The reason of the increase (decrease) in the revenues during the current period compared to the same period of the last year is | Insurance Revenue decreased by SR 18,322,639, a decrease of 4.29%, during the current period compared to the previous period of last year. This decline was primarily attributable to decreases in medical and property & casualty (P&C) insurance revenue of SR 35,375,643 and SR 2,973,484, respectively. The overall decline was partially offset by an increase of SR 20,026,487 in revenue from all other insurance lines combined. |
| 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 loss incurred during the current period compared to the profit reported in the same period of the last year, was primarily attributable to a deficit in the net insurance result of SR 24,201,924, compared to a surplus of SR 14,395,603 in the same period of the last year. The loss incurred during the current period compared to the profit reported in the same period of the last year, was primarily attributable to a deficit in the net insurance result of SR 24,201,924, compared to a surplus of SR 14,395,603 in the same period of the last year. This decline was mainly driven by an increase in insurance service expenses of SR 79,431,668, representing a 34.06% increase. The adverse impact was partially offset by a favorable decrease in net expenses from reinsurance contracts amounting to SR 53,836,012, representing a 29.22% reduction, in addition to a decrease in the zakat provision by SR 2,140,595 and an increase in the Company’s share of surplus from insurance pools amounting to SR 5,320,769. |
| 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) | - |
| Reclassification of Comparison Items | - |
| Additional Information | The Loss per share for the current period is SR (0.37) per share versus SR 0.24 for the same period of the last year which is calculated by dividing the net losses after zakat amount of SR (22,021,909) over the total number of ordinary outstanding shares of 59,843,060 for the current period and net profit after zakat amount of SR 14,524,232 over 59,843,060 for the same period of previous year. Total comprehensive loss for the current period is SR (21,747,445) compared to comprehensive income SR 14,276,175 for the same period of last year. Total Equity as at the end of the current period is SR 702,508,588 versus SR 716,934,020 as at the end of the same period of last year, a decrease of 2%. |
