Wataniya Insurance Co. — Interim / Quarterly Report 2013

Jan 20, 2014

Wataniya Insurance Company announces the interim financial results for the period ending on 31-12-2013 (Twelve Months)

8300 · 20/01/2014 17:48:47 · Announcement #33037 · View on Saudi Exchange

Wataniya Insurance Company announces the interim financial results for the period ending on 31-12-2013 (Twelve Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	-	2,410	-	352	-
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	-	2,972	-	364	-
Gross written premiums (GWP)	67,366	96,728	-	123,226	-
Net written premiums (NWP)	30,982	50,371	-	71,053	-
Net incurred claims	79,549	24,319	227.11	58,109	36.9
Net profit (loss) of shareholders capital investment	637	8	7,862.5	439	45.1
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	-	10,899	-
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	-	14,749	-
Gross written premiums (GWP)	486,843	363,901	33.78
Net written premiums (NWP)	248,249	159,413	55.73
Net incurred claims	228,640	67,718	237.64
Net profit (loss) of shareholders capital investment	1,469	247	494.74
Earning or loss per share, Riyals	-	1.09	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year	The decrease in the company's net profit in the third quarter as compared to the previous period is due to increase in the net incurred claims
Reasons of increase (decrease) for the period compared with same period last year	The company has made a loss for the twelve months of 2013, compared to a profit for the previous period due to additional IBNR and Premiums Deficiency Reserves as calculated by the Actuary of approximately SR 24 million
Reasons of increase (decrease) for the quarter compared with the previous quarter	The company loss in the fourth quarter of 2013 as compared to a profit the third quarter of 2013 was due to additional IBNR and Premiums Deficiency Reserves as calculated by the Actuary of approximately SR 24 million
External auditor's report containing reservation	The external audit report includes an emphasis of matter paragraph drawing attention to the fact that the Interim Condensed Financial statements are prepared in accordance with IAS 34 and not in accordance with the Standard of Interim Financial Reporting issued by SOCPA
Other notes	The loss per share was calculated before provision for zakat and income tax for the previous 12 months

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