AXA Insurance Profits Fell to SR25.4 mln during 1Q, down 42%

The net profit before zakat for AXA Cooperative Insurance Company decreased to SR25.4 million during the first quarter, compared to SR44 million during the same quarter of the previous year, by 42%.

This came after AXA Cooperative Insurance announcement on Wednesday the consolidated preliminary financial results for the period ending on 31.03.2022 (three months).

As for the net investment profits of shareholders’ funds, it amounted to SR10.4 million during the first quarter, compared to SR4 million during the same quarter of the previous year, an increase of 147%.

The surplus of insurance operations, minus the return on investments of policyholders (the results of operations) amounted to SR8 million during the first quarter, compared to SR30 million during the same quarter of the previous year, a decline of 73%.

Profits per share during the current period amounted to SR0.41, compared to SR0.73 during the same period of the previous year.

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 decrease in net profit before zakat is due to reduction in surplus from insurance operations mainly in motor segment. Overall underwriting surplus has reduced from 29,821 to 7,932 compared to same quarter of the previous year.”

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 net profit before zakat due to reduction in insurance results which have reduced to 7,932 in current quarter from 27,955 in previus quarter.

The total of shareholder’s equity (there are no minority rights) for the current period amounted to SR 991,251 thousands compared with SAR 900,394 thousands for the same period last year , which is increase of 10.09%. The retained earnings as at the end of the period is SR 379,606 thousands which is 75.92 % of the paid up capital.

The total comprehensive Income (loss) for policyholders for the current quater is SR (19,006) thousands , compared to SR (6,290) thousands for the same quarter last year.

The total comprehensive income for shareholders for the current quarter is SR15,940 thousands, compared to SR 39,827 thousands for the same quarter last year.

The profits after Zakat and Income Tax for the current year decreased to reach SR 20,287 thousand compared to SR 36,559 thousand for same quater of last year, an decrease of 44.5%. The External Auditor reviewed the financial statements and issued an Unqualified Audit Report. “