LIVA Insurance Co. — Interim / Quarterly Report 2015

Oct 18, 2015

Al Alamiya for Cooperative Insurance Co. announces the interim financial results for the period ending on 30-09-2015 (Nine Months)

8280 · 18/10/2015 18:12:18 · Announcement #39939 · View on Saudi Exchange

Al Alamiya for Cooperative Insurance Co. announces the interim financial results for the period ending on 30-09-2015 (Nine Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	11,230	-	-	9,775	14.88
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	11,826	-	-	10,507	12.55
Gross written premiums (GWP)	106,890	95,707	11.68	88,094	21.34
Net written premiums (NWP)	63,007	39,303	60.31	57,613	9.36
Net incurred claims	32,683	30,507	7.13	25,704	27.15
Net profit (loss) of policy holders investment	101	141	-	78	29.49
Net profit (loss) of shareholders capital investment	918	366	150.82	754	21.75
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	23,077	-	-
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	24,622	-	-
Gross written premiums (GWP)	312,572	244,745	27.71
Net written premiums (NWP)	192,150	120,166	59.9
Net incurred claims	90,702	111,581	-
Net profit (loss) of policy holders investment	261	444	-
Net profit (loss) of shareholders capital investment	2,075	1,198	73.21
Earning or loss per share, Riyals	0.58	-	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year	The profit for the quarter compared to the loss in the same quarter of the previous year is due to higher net premium earned, the overall impact of which was partially offset by the increase in net claims incurred and general and administration expenses and reduction in reinsurance commission income.
Reasons of increase (decrease) for the period compared with same period last year	The profit for the period compared to the loss in the same period of the previous year is due to higher net premium earned and lower net claims incurred, the overall impact of these favourable movements were partially offset by the increase in policy acquisition costs and general and administration expenses and reduction in reinsurance commission income.
Reasons of increase (decrease) for the quarter compared with the previous quarter	The increase of the profit for the quarter compared with the previous quarter is due to higher net premium earned, lower policy acquisition costs and general and administration expenses, the overall impact of these favourable movements was partially offset by the increase in net claims incurred.
External auditor's report containing reservation	We draw attention to the fact that these interim condensed financial statements are prepared in accordance with IAS 34 and not in accordance with the Standard on Interim Financial Reporting issued by SOCPA.
Reclassifications in quarterly financial results	Excess of loss reinsurance premiums and net changes in unearned premiums in the Interim Statement of Comprehensive Income - Insurance Operations for Q3 2014 were decreased by the same amount of SAR 2.8m and for the nine month period ended on 30 September 2014 increased by SAR 2.7m with no effect on the financial results. This was done to incorporate the full year committed excess of loss reinsurance premiums. The same treatment was used in 2015. Earning/(Loss) per share has been restated for the nine month period 2014 using the weighted average number of outstanding shares at the period end.
Other notes	Earning/(Loss) per share has been computed for the current period by using 39,655,882 shares which were the weighted average number of shares outstanding as at 30/09/2015. Earning/(Loss) per share has been computed for the same period of the previous year by using 36,400,000 shares which were the weighted average number of shares outstanding as at 30/09/2014 restated based on the rights issue approved by the general assembly on 06/01/2015G for comparatives purposes.

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