‏“‏Wataniya Insurance” records SR17.3 mln profits during Q1‎

Wataniya ‎Insurance Company recorded a net profit before zakat during the first quarter of 17.3 million riyals, compared to a loss of 25.2 million riyals in the same quarter of last year. This came after announcing the preliminary financial results for the period ending on 09-30-2022 (nine months). ,).

The total written premiums (GWP) in the first quarter amounted to 510.5 million riyals, compared to 267.7 million riyals in the same quarter of the previous year, with a growth of 90.6%.

The total shareholders’ equity “without minority rights” in the current period amounted to 414.7 million riyals, compared to 211 million riyals in the same period last year, with a growth of 96.4%.

Earnings per share in the current period reached 0.37 riyals, compared to a loss of 0.86 riyals in the same period last year.

The profit in the current quarter compared to the loss in the same quarter of last year is due to the increase in total written insurance premiums by 242,812 thousand riyals, and the increase in investment income and other revenues by 11,774 thousand riyals.

The company applied International Financial Reporting Standard 17 (Insurance Contracts) and International Financial Reporting Standard 9 (Financial Instruments), in accordance with the standards approved in the Kingdom of Saudi Arabia, as of January 1, 2023 and with retrospective effect, which led to a fundamental change in presenting the financial results of all Periods starting from the first quarter of 2023 and re-measurement of similar periods from previous years according to the new standards. As a result, the company announced the financial results according to the data available in the above announcement. As for the inconsistent data, it was indicated by “0” under IFRS 17 and IFRS 9.

The financial results for the previous quarter were announced in accordance with the previous standards, International Financial Reporting Standard 4 and International Accounting Standard 39, and the company did not disclose the balances for the relevant period in accordance with the requirements of the new standards in the financial statements for the current quarter. Therefore, the changes between the current quarter and the previous quarter were not explained due to the inconsistency of the financial standards between the two periods.

The company also applied IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), according to the standards adopted in the Kingdom of Saudi Arabia, as of January 1, 2023 and retroactively, which led to a radical change in the presentation of financial results for all periods starting from the first quarter of 2023 and re-measuring similar periods from previous years according to the new standards.

As a result, the company announced the financial results according to the data available in the above announcement. As for the inconsistent data, it was indicated by “0” according to IFRS 17 and IFRS 9.

Please see the announcement’s attachments for additional details of the financial results, which are consistent with the way the financial statements are presented in accordance with the new standards for insurance companies.

The total comprehensive income for the current quarter amounted to 14,739 thousand riyals, compared to a comprehensive loss of 25,868 thousand riyals for the same quarter of the previous year.

Total shareholder equity (no minority interest) at the end of the current quarter amounted to 414,777 thousand riyals, compared to 211,108 thousand riyals for the same quarter of the previous year, an increase of 96%.