A8260 GULF GENERAL0.0 (0.0 %)
1443/04/02 Sun Nov 7, 2021 15:33:02
Gulf General Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )
1443/04/02 Sun Nov 7, 2021 15:33:02
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| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
| Gross Written Premiums (GWP) | 54,944 | 64,662 | -15.028 | 67,084 | -18.096 |
| Net Written Premiums (NWP) | 38,981 | 40,979 | -4.875 | 45,895 | -15.064 |
| Net Incurred Claims | 51,407 | 38,781 | 32.557 | 54,346 | -5.407 |
| Net Profit (Loss) of Policy Holders Investment | 30 | 174 | -82.758 | 101 | -70.297 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -15,260 | -2,494 | 511.868 | -23,068 | -33.847 |
| Net Profit (loss) of Shareholders Capital Investment | 1,716 | 3,228 | -46.84 | 3,847 | -55.393 |
| Net Profit (Loss) before Zakat | -14,296 | 109 | - | -19,713 | -27.479 |
| Total Comprehensive Income | -14,425 | -414 | 3,384.299 | -19,767 | -27.024 |
| All figures are in (Thousands) Saudi Arabia, Riyals |
| Element List | Current Period | Similar period for previous year | %Change |
| Gross Written Premiums (GWP) | 252,092 | 241,396 | 4.43 |
| Net Written Premiums (NWP) | 188,928 | 160,153 | 17.967 |
| Net Incurred Claims | 157,285 | 102,940 | 52.792 |
| Net Profit (Loss) of Policy Holders Investment | 233 | 735 | -68.299 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -64,628 | 17,702 | - |
| Net Profit (loss) of Shareholders Capital Investment | 9,408 | 776 | 1,112.371 |
| Net Profit (Loss) before Zakat | -57,422 | 14,835 | - |
| Total Comprehensive Income | -58,552 | 12,432 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 398,660 | 170,709 | 133.531 |
| Profit (Loss) per Share | -1.17 | 0.62 | |
| All figures are in (Thousands) Saudi Arabia, Riyals |
| Accumulated Losses | Capital | Percentage % |
| -103,505 | 500,000 | -20.7 |
| 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 increase in losses during the current quarter compared with the same quarter of last year is due to the increase in net incurred claims by 33% and the increase in other underwriting expenses by 141% amounting to SR 3,770 thousand and the decrease in shareholders investments profits by 47% |
| 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 decrease in losses during the current quarter compared with the last quarter is due to decrease in net incurred claims by 5% |
| 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 incurring a loss during the current period compared with a profit during the same period of last year is due to the increase in net incurred claims by 53% and the increase in other underwriting expenses by 304% amounting to SR 13,554 thousand and decrease in investments return of policyholders by 68% |
| 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 | N/A |
| Reclassification of Comparison Items | Some numbers of the previous period were reclassified where required to match the current classifications |
| Additional Information |
The accumulated losses decreased from 42.13% during the last quarter to 20.60% during the current quarter. The Shareholders equity increased by 134% as at September 2021 due to the increase of capital to SR 500 million.
Earning (loss) per share has been calculated after zakat. |
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.