Allianz Saudi Fransi Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2022-12-31

2023-03-16 15:48:53

Element ListCurrent YearPrevious Year%Change
Gross Written Premiums (GWP) 848,254.77763,115.111.16
Net Written Premiums (NWP) 515,558.39453,355.0913.72
Net Incurred Claims 367,606.85316,794.9316.04
Net Profit (Loss) of Policy Holders Investment 6,512.344,055.6860.57
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) 5,091.724,605.910.55
Net Profit (loss) of Shareholders Capital Investment 17,776.0510,983.3361.84
Net Profit (Loss) before Zakat 28,035.4916,485.3370.06
Total Comprehensive Income -11,416.09-3,445.24231.36
Total Share Holders Equity (after Deducting Minority Equity) 699,876.93711,293.02-1.6
Perpetrating Expenses (First Operation Year) 00-
Profit (Loss) per Share 0.330.09
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The reason behind the increase in net profit before Zakat and Tax for the current year compared to the previous year is attributed to the increase in net earned premium by 14.8% due to the increase in business and also the increase in investment income by 61.5% compared to the previous year.
Statement of the type of external auditor's report Unmodified opinion
Reclassification of Comparison Items Certain amount of prior year have been reclassified to conform to the presentation in the current year.
Additional Information For the year ended December 31, 2022 and the year ended December 31, 2021 earning per share has been calculated based on net profit after Zakat and income Tax for the period divided by total number of shares outstanding of 60,000,000 shares. The Equity, No Minority Interest, reached SAR 699.9Mn as at 31/12/2022 compared to SAR 711.3Mn as at 31/12/2021 with a decrease of 1.6 % mainly due to decrease in fair value reserve on investments during the current period. The Shareholders net income after zakat and income tax for the current year reached SR 19.9Mn compared to SR 5.6Mn during the previous year, an increase of 254.5% The insurance operations comprehensive loss for the current period amounted to SAR (8.9)Mn compared to SAR (2.7)Mn during previous year, an Increase of 223.6%. The shareholders operations comprehensive loss for the current period amounted to SAR (1.4)Mn compared to shareholders operations comprehensive income of SAR 0.2 Mn for the previous year.