Al Alamiya for Cooperative Insurance losses increase to SR26 mln during Q3, by 50%

Al Alamiya for Cooperative Insurance recorded a net loss before zakat during the third quarter of SR26.1 million, compared to SR17.3 million in the same quarter of last year, at a rate of 50.3%,
This came after the announcement on Thursday of the preliminary financial results for the period ending on 30-09-2022 (nine months).
The net profit of shareholders’ funds investments in the third quarter amounted to SR2.1 million, compared to SR1.3 million in the same quarter of the previous year, an increase of 59.7%.
The net profit of policyholders’ investments in the third quarter amounted to SR1.1 million, compared to SR300 thousand in the same quarter of the previous year, a growth of 275.3%.
As for the net loss before zakat in the 9-month period, it amounted to SR46.5 million, compared to SR16.5 million in the same period last year, an increase of 181.5%.
The total shareholders’ equity “without minority rights” in the current period amounted to SR310 million, compared to SR380 million in the same period last year, a decrease of 18.5%.
The loss per share in the current period is SR1.26, compared to SR0.56 in the same period last year.
The reason for the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
The reason for the increase in the net loss for the current quarter compared with the same quarter of the previous year is due to higher net claims incurred, higher general and administrative expenses, higher other underwriting expenses, and higher policy acquisition costs. This is partly offset by higher net premiums earned, higher other income, higher investment income, higher reinsurance commissions, and lower allowance for doubtful debts.
The reason for the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
The reason for the net loss for the current quarter compared with the net profit of the previous quarter is due to higher net claims incurred, higher other underwriting expenses and higher general and administrative expenses. This loss is partly offset by higher net premiums earned, higher other income, lower policy acquisition costs, higher reinsurance commissions, higher investment income, and lower allowance for doubtful debts.
The reason for the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
The reason for the increase in the net loss for the current period compared with the same period of the previous year is due to higher net claims incurred, higher policy acquisition costs, higher other underwriting expenses, lower reinsurance commissions, higher general and administrative expenses, and higher allowance for doubtful debts. This loss is partly offset by higher net premiums earned, higher other income and higher investment income.
The total shareholders’ equity (there is no minority equity) for the current period reached SR 310,016 thousands compared to SR 380,489 thousands for the same period last year reflecting a decrease of 18.52%. The net comprehensive loss for the current quarter is SR (31,209) thousands compared to net comprehensive loss of SR (20,393) thousands for the same quarter last year with an increase of 53.04% and net comprehensive loss of SR (1,324) thousands for the previous quarter reflecting an increase of 2,257.18%.
The net comprehensive loss for the current period is SR (56,815) thousands compared to net comprehensive loss of SR (23,192) thousands for the same period last year with an increase of 144.98%.
The loss per share for the current period is SR (1.26) versus the loss per share of SR (0.56) for the same period last year.
The loss per share was calculated on the basis of net loss after zakat and income tax attributable to shareholders divided by the number of shares.
The net loss after zakat and income tax attributable to shareholders for current period is SR (50,513) thousands and the number of shares as of 30-09-2022 is 40,000 thousands shares.
While in last year same period, net loss after zakat and income tax attributable to shareholders was SR (22,458) thousands and the number of shares as of 30-09-2021g were 40,000 thousands shares.
Gross accumulated losses at the end of current period are SR (87,393) thousands compared to accumulated loss of SR (23,961) thousands for the same period last year. Gross accumulated losses at the end of current period are SR (87,393) thousands which are (21.85) % of Capital.