Gulf Insurance Group announces its Interim Financial Results for the period ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 367,569 | 362,419 | 1.421 | 362,474 | 1.405 |
| Result of Insurance Services | 96,413 | 65,118 | 48.058 | 25,277 | 281.425 |
| Net Profit (Loss) of The Insurance Results | 47,268 | 1,876 | 2,419.616 | 41,569 | 13.709 |
| Net Profit (Loss) of The Investment Results | 24,947 | 27,610 | -9.645 | 21,964 | 13.581 |
| Net Insurance Financing Expenses | -26,303 | -31,048 | -15.282 | 1,038 | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 27,092 | -20,218 | - | 44,144 | -38.628 |
| Total Comprehensive Income | 56,010 | -34,469 | - | 25,599 | 118.797 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 1,145,967 | 1,030,371 | 11.218 |
| Profit (Loss) per Share | 0.52 | -0.39 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is | The increse in insurance revenue in current quarter by SR 5M is mainly driven by Property and Casualty (P&C) segment. |
| 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 increase in net profit by SR 47M is mainly driven by :
Favourable movements: (i) Increase in net insurance service results by SR 45M mainly due to lower net insurance service cost mainly in Property & Casulty (P&C) segment. (ii) Reduction in net finance cost by SR 5M.
Unfavourable movements: The above were partially offset by decrease in investment income by SR 3M. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | The increse in insurance revenue in current quarter by SR 5M is mainly driven by Property & Casualty (P&C) segment. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | The decrease in net profit by SR 17M is mainly driven by :
Unfavourable movement: Increase in net finance cost by SR 27M mainly from Motor and Property & Casualty segment.
Favourable movements: The above were partially offset by following: (i) Increase in net insurance service results by SR 6M mainly due to increase in insurance revenue by SR 5M. (ii) Increase in investment income by SR 3 as compared to previous quarter. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None. |
| Reclassification of Comparison Items | The co-insurance arrangements, in which the Company is a participant, are insurance contracts as defined in IFRS 17 and the Company shares the surpluses and losses, if applicable, from the insurance pool of such co-insurance arrangements. Accordingly, the financial results of the co-insurance arrangements should have been shown as part of the net insurance results and not in other income, as previously shown in the interim condensed statement of income for the prior periods. Given the rights and obligations from the co-insurance arrangements are managed and settled on a net basis and the bespoke nature of these arrangements, the Company has presented the results from these arrangement on a net basis as part of insurance service results as a separate line item named ‘share of surplus from insurance pool’ in the interim condensed statement of income.
Accordingly, the Company has restated the comparative information for the three-month period ended 31 March 2024 and the share of surplus from insurance pool amounting to Saudi Riyals 2 million has been presented separately from ‘other income’ in the interim condensed statement of income. As a result, the “Total insurance service result” and “Net insurance and investment result” line items for such periods have increased respectively by the same amount.
However, this change has no impact on the statement of financial position as at 31 December 2024 and the related interim condensed statements of changes in equity and cash flows for the three-month period ended 31 March 2024, loss for the period attributable to the shareholders or the basic and diluted losses per share for the three-month period ended 31 March 2024. |
| Additional Information | The earnings per share (EPS) for the current period is SR 0.52 per share versus loss per share (LPS) SR 0.39 for the same period of the previous year which is calculated by dividing the net profit of SR 27,092 thousand for current period over the weighted average number of ordinary outstanding shares of 52,500 thousand for the current period and the net loss of SR 20,218 thousand over 52,500 thousand weighted average number of ordinary shares outstanding for the same period of the previous year.
Total comprehensive income for the current period is SR 56,010 thousand compared to total comprehensive loss of SR 34,469 thousand for the same period of the previous year, an increase of 262%.
Total Shareholder Equity as at the end of the current period is SR 1,145,967 thousand versus SR 1,030,371 thousand as at the end of the same period in the previous year, an increase of 11%. |
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