PRESS RELEASE: ENAYA ON 31/10/2023
| Element List | Current Quarter | Similar Quarter For Previous Year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 76,159 | 76,771 | -0.8 | 58,409 | 30.39 |
| Net Written Premiums (NWP) | 76,159 | 76,771 | -0.8 | 58,409 | 30.39 |
| Net Incurred Claims | – | – | – | – | – |
| Net Profit (Loss) of Policy Holders Investment | – | – | – | – | – |
| Surplus (deficit) of insurance operations minus the revenues of policy holders’ investments (operational procedures results) | – | – | – | – | – |
| Net Profit (loss) of Shareholders Capital Investment | – | – | – | – | – |
| Net Profit (Loss) before Zakat | 10,899 | -5,676 | – | 4,667 | 133.53 |
| Total Comprehensive Income | 10,573 | -5,676 | – | 4,417 | 139.37 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar Period For Previous Year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 206,188 | 173,341 | 18.95 |
| Net Written Premiums (NWP) | 206,188 | 173,341 | 18.95 |
| Net Incurred Claims | – | – | – |
| Net Profit (Loss) of Policy Holders Investment | – | – | – |
| Surplus (deficit) of insurance operations minus the revenues of policy holders’ investments (operational procedures results) | – | – | – |
| Net Profit (loss) of Shareholders Capital Investment | – | – | – |
| Net Profit (Loss) before Zakat | 20,766 | -13,574 | – |
| Total Comprehensive Income | 19,440 | -14,074 | – |
| Total Share Holders Equity (after Deducting Minority Equity) | 187,395 | 40,248 | 365.6 |
| Profit (Loss) per Share | 0.85 | -0.94 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -42,605 | 230,000 | -18.52 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
Explanation of Financial Results and Presentation:
Comparison between Quarter Ended 30 September 2023 and Quarter Ended 30 September 2022:
- Net Income Improvement: Net income before Zakat and tax increased from SAR 5,676K to SAR 10,899K, mainly driven by:
- Increase in insurance revenue by SAR 9,862K (16.02% improvement).
- Increase in net investment income by SAR 2,340K (144.89% increase).
- Decrease in insurance service expenses by SAR 9,153K (13.11% decrease).
- Partially Offset by:
- Decrease in other income by SAR 3,956K (132.71% decrease).
- Increase in other operating expenses by SAR 824K (41.62% increase).
- Gross Written Premiums (GWP): GWP decreased by SAR 612K (0.80%).
Comparison between Quarter Ended 30 September 2023 and Quarter Ended 30 June 2023:
- Net Income Improvement: Net income before Zakat and tax increased from SAR 4,667K to SAR 10,899K, mainly due to:
- Increase in insurance revenue by SAR 9,982K (16.25% improvement).
- Increase in net investment income by SAR 67K (1.72% increase).
- Decrease in other operating expenses by SAR 686K (19.66% decrease).
- Partially Offset by:
- Increase in insurance service expenses by SAR 271K (0.45% increase).
- Decrease in other income by SAR 4,232K (129.94% decrease).
- Gross Written Premiums (GWP): GWP increased by SAR 17,750K (30.39%).
Comparison between Period Ended 30 September 2023 and Period Ended 30 September 2022:
- Net Income Improvement: Net income before Zakat and tax increased from a loss of SAR 13,574K to a profit of SAR 20,766K, primarily due to:
- Increase in insurance revenue by SAR 16,914K (9.90% improvement).
- Decrease in insurance service expenses by SAR 14,456K (7.72% decrease).
- Increase in net investment income by SAR 8,452K (269.52% increase).
- Partially Offset by:
- Decrease in other income by SAR 1,908K (32.90% decrease).
- Increase in other operating expenses by SAR 3,574K (60.55% increase).
- Gross Written Premiums (GWP): GWP increased by SAR 32,847K (18.95%).
Additional Information:
- Total Comprehensive Income: Improved from a loss of SAR 5,676K to a profit of SAR 10,573K.
- Total Shareholders’ Equity: Increased from SAR 40,248K to SAR 187,395K.
Other Disclosures:
- External Auditor’s Emphasis on Matter: Note 1 describes the status of the signed binding merger agreement with United Cooperative Assurance Company, with no modification to the auditor’s conclusion.
- Reclassification and Restatement: Comparative information was reclassified and restated to comply with IFRS 17 and IFRS 9.
- Attachment: Attached financial results provide further details relevant to the newly implemented financial reporting standards for insurance companies.
