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1443/04/02 Sun Nov 7, 2021 16:37:08
The Mediterranean and Gulf Insurance and 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) 378,230 422,137 -10.401 292,745 29.201
Net Written Premiums (NWP) 25,453 336,111 -92.427 165,784 -84.646
Net Incurred Claims 244,538 264,724 -7.625 367,519 -33.462
Net Profit (Loss) of Policy Holders Investment 445 1,049 -57.578 540 -17.592
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -38,528 -1,424 2,605.617 -324 11,791.358
Net Profit (loss) of Shareholders Capital Investment 15,761 9,242 70.536 9,847 60.058
Net Profit (Loss) before Zakat -23,380 7,593 - 8,835 -
Total Comprehensive Income -31,340 28,278 - 9,208 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross Written Premiums (GWP) 1,699,890 1,934,050 -12.107
Net Written Premiums (NWP) 982,321 1,079,759 -9.024
Net Incurred Claims 992,806 836,833 18.638
Net Profit (Loss) of Policy Holders Investment 1,177 4,790 -75.427
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -34,379 25,522 -
Net Profit (loss) of Shareholders Capital Investment 31,556 19,666 60.459
Net Profit (Loss) before Zakat -5,003 42,877 -
Total Comprehensive Income -13,980 49,981 -
Total Share Holders Equity (after Deducting Minority Equity) 750,506 760,862 -1.361
Profit (Loss) per Share -0.16 0.41
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
-11,322 700,000 -1.62
All figures are in (Thousands) 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 main reason behind the net loss before zakat and income tax during the current quarter compared to same quarter of the previous year is the decrease in net underwriting results by 65.7%.

The main reason behind the increase in shareholders investments income during the current quarter compared to the same quarter of the previous year by 70.5% is the increase in realized gain on available for sale investments.

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 main reason behind the net loss before zakat and income tax during the current quarter compared to the previous quarter is the decrease in net underwriting result by 46.7% due to the decrease in net earned premium by 39.3% .

The main reason behind the increase in shareholders investments income during the current quarter compared to the previous quarter by 51.2% is the realized gain on available for sale investments.

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 main reason behind the net loss before zakat and income tax during the current period compared to the same period of the previous year is the decrease in net underwriting result by 44.5% due to the increase in net claims incurred by 18.6% .

The main reason behind the increase in shareholders investments income during the current period compared to the same period of the previous year by 60.5% is the realized gain on available for sale investments.

Statement of the type of external auditor's report Emphasis of Matter paragraph
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion We draw attention to note 2 to the accompanying interim condensed financial information. The Company did not meet the solvency margin requirements as at 30 September 2021. The deficiency in solvency margin indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. However, the accompanying interim condensed financial information are prepared using the going-concern assumption based on management's assessment on Company's ability to continue as a going-concern. Our conclusion is not modified with respect to this matter.
Reclassification of Comparison Items Certain prior period figures have been reclassified to conform to current period presentation. There was no financial impact on net income due to the reclassification.
Additional Information The weighted average number of ordinary outstanding shares have been adjusted to reflect the decrease in the company capital from 80 million to 70 million shares as approved in the extra ordinary general assembly meeting held on 22 April 2021. Furthermore, comparative periods earnings per share has been recalculated to reflect the decrease in the weighted average number of ordinary outstanding shares.

The earnings per share (EPS) for the current quarter has been caculated by dividing the net loss after zakat and income tax amount of SAR 25,630 thousand over the weighted average number of ordinary outstanding shares of 70,000 thousand and re-calculated for the same quarter of the last year by dividing the net income after zakat and income tax amount SAR 3,581 thousand over the revised weighted average number of ordinary outstanding shares of 70,000 thousand.

The earnings per share (EPS) for the current period has been calculated dividing the net loss after zakat and income tax amount of SAR 11,753 thousand over the weighted average number of ordinary outstanding shares of 74,354 thousand and re-calculated for the same period of the last year by dividing the net income after zakat and income tax amount SAR 30,839 thousand over the revised weighted average number of ordinary outstanding shares of 74,354 thousand.

The total shareholders` equity (no minority interest) at current period is SAR 750,506 thousand compared to SAR 760,862 thousand during the same period of the previous year, a decrease of 1.36%.

The Accumulated losses as at the end of the period is SAR 11,322 thousands which is 1.6% of the paid up capital.

The net loss after zakat and income tax during the current quarter is SAR 25,630 thousand comparing to net income after zakat and income tax of SAR 3,581 thousand during the same quarter of the previous year, comparing to net income after zakat and income tax of SAR 6,584 thousand during the previous quarter.

The net loss after zakat and income tax during the current period is SAR 11,753 thousand comparing to net income after zakat and income tax of SAR 30,839 thousand during the same period of the previous year.

The total insurance operations comprehensive income during the current quarter is SAR 71 thousand comparing to SAR 71 thousand during the same quarter of the previous year, no change and comparing to SAR 94 thousand during the previous quarter, a decrease of 32.4%. The total shareholders` comprehensive loss during the current quarter is 31,411 thousand compared to the shareholders` comprehensive income of SAR 28,207 thousand during the same quarter of the previous year and comparing to the shareholders` comprehensive income of SAR 9,136 thousand during the previous quarter.

The total insurance operations comprehensive income during the current period is SAR 214 thousand comparing to SAR 3,283 thousand during the same period of the previous year, a decrease of 93.5%. The total shareholders` comprehensive loss during the current period is SAR 14,194 thousand comparing to the total shareholders` comprehensive income of SAR 49,729 thousand during the same period of the previous year.

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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MEDGULF - The Mediterranean & Gulf Insurance & Reinsurance Co. CJSC 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 13:47:05 UTC.