Gulf Insurance Group — Earnings Release 2020

Mar 18, 2021

AXA Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2020-12-31

8250 · 18/03/2021 09:09:41 · Announcement #62299 · View on Saudi Exchange

AXA Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2020-12-31

Element List	Current Year	Previous Year	%Change
Gross Written Premiums (GWP)	1,417,826	1,409,777	0.57
Net Written Premiums (NWP)	1,288,241	1,321,723	-2.533
Net Incurred Claims	879,321	940,915	-6.546
Net Profit (Loss) of Policy Holders Investment	40,849	31,663	29.011
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	124,764	65,495	90.493
Net Profit (loss) of Shareholders Capital Investment	19,514	22,706	-14.057
Net Profit (Loss) before Zakat	166,836	108,474	53.802
Total Comprehensive Income	160,479	119,912	33.83
Total Share Holders Equity (after Deducting Minority Equity)	870,902	709,812	22.694
Perpetrating Expenses (First Operation Year)	-	-	-
Profit (Loss) per Share	2.77	1.73
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The Increase in net profit before zakat by SR 58 million (53%) can be attributed to improvement in overall loss ratio which improved from 75% in 2019 to 70% in 2020. This improvement of loss ratio is mainly contributed by in Motor and Property & Casualty segments. In addition, the increase in investment income including both for policyholders & shareholders has also contributed to increase in profit. Investment income has increased by SR 6 million which is 11% compared to last year.
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	The joint independent auditors report on the annual financial statements states that the financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2020, and its financial performance and its cash flows for the year ended in accordance with International Financial Reporting Standards (“IFRSs”) that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (“SOCPA”).
Reclassification of Comparison Items	None
Additional Information	Earnings per share has been calculated based on net income after zakat.

The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 870,902 thousands compared with SAR 709,812 thousands for the same period last year , which is increase of 22.69%.

The retained earnings as at the end of the period is SAR 249,718 thousands which is 49.94% of the paid up capital.

The total comprehensive income for policyholders for the current period is SAR 29,541 thousands , compared to SAR 29,757 thousands for the same period last year. The total comprehensive income for the shareholders for the current period is SAR 147,499 thousands, compared to SAR 99,871 thousands for the same period last year which represents an increase of 47.69%. The External Auditor reviewed the financial statements and issued an Unqualified Audit Report.

The Capital Market Authority and Saudi 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.