Saudi Reinsurance Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )
November 07, 2021 at 01:18 am EDT
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A8200 SAUDI RE0.02 (0.11 %) 1443/04/02 Sun Nov 7, 2021 08:03:58
Saudi Reinsurance Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )
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Element List
Current Quarter
Similar quarter for previous year
%Change
Previous Quarter
% Change
Gross Written Premiums (GWP)
159,201,360
198,922,235
-19.968
120,806,578
31.782
Net Written Premiums (NWP)
127,971,998
169,187,121
-24.36
76,223,323
67.89
Net Incurred Claims
165,401,200
124,949,393
32.374
131,930,434
25.37
Net Profit (Loss) of Policy Holders Investment
1,001,252
837,246
19.588
841,844
18.935
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)
845,466
10,728,875
-92.119
7,569,625
-88.83
Net Profit (loss) of Shareholders Capital Investment
12,744,086
7,799,015
63.406
12,847,689
-0.806
Net Profit (Loss) before Zakat
11,422,849
15,756,847
-27.505
16,892,381
-32.378
Total Comprehensive Income
6,801,368
13,100,431
-48.082
13,537,451
-49.758
All figures are in (Actual) Saudi Arabia, Riyals
Element List
Current Period
Similar period for previous year
%Change
Gross Written Premiums (GWP)
1,114,291,954
857,976,714
29.874
Net Written Premiums (NWP)
996,571,043
740,438,650
34.591
Net Incurred Claims
418,769,250
284,671,503
47.106
Net Profit (Loss) of Policy Holders Investment
2,600,437
2,823,870
-7.912
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)
23,146,258
17,204,490
34.536
Net Profit (loss) of Shareholders Capital Investment
33,824,174
24,114,996
40.261
Net Profit (Loss) before Zakat
47,896,740
35,072,256
36.565
Total Comprehensive Income
36,571,683
25,092,907
45.745
Total Share Holders Equity (after Deducting Minority Equity)
959,751,154
900,163,846
6.619
Profit (Loss) per Share
0.42
0.31
All figures are in (Actual) Saudi Arabia, Riyals
Element List
Explanation
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 the decrease in the net income for the current quarter versus same quarter last year , was mainly due to the increase in claims incurred by 32%.
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 reason for the decrease in the net income for the current quarter versus previous quarter for the current year , was mainly due to increase in claims incurred by 25%.
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 reason for the increase the net income for the current period for the year 2021, versus the same period of 2020 , was mainly due to the increase in net earned premiums by 34% and increase in the shareholders' net investment income by 40%.
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
It was mentioned in the auditors' review report that based on their review, nothing has come to their attention that causes them to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with applicable International Accounting Standard 34 (Interim Financial Reporting) that is endorsed in Kingdom of Saudi Arabia.
Reclassification of Comparison Items
Certain comparative figures have been reclassified to conform to the presentation of current year.
Additional Information
The earnings per share have been calculated after Zakat and Tax.
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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Disclaimer
Saudi Re for Cooperative Reinsurance Company SJSC published this content on 07 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 November 2021 05:17:03 UTC.
Saudi Reinsurance Company SJSC formerly Saudi Re For Cooperative Reinsurance Company is a Saudi Arabia-based entity that engaged in providing insurance and reinsurance services. The Company has nine segments which include Engineering segment provides risks cover for machinery and for the works and liability cover. Fire insurance cover fire, flood, earthquake, and other external perils. Marine insurance covers cargo, terminals and ships or other means of transport of cargo. Motor insurance cover motor vehicles involved in accidents. Protection includes term and credit life insurance. General accidents cover money, liabilities, and personal accidents. Health segment provides health insurance. Specialty includes companyâs participation in writing worldwide property, marine, energy, specialty, and liability insurance. Others cover Aviation, Energy, Agriculture and Political Risks.