Announcements and Meetings / Announcements

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross written premiums (GWP) 424,320,562528,382,355-19.69447,760,556788.433
Net written premiums (NWP) 402,696,533492,309,457-18.20230,528,0251,219.104
Net incurred claims 121,278,747112,501,7817.801102,086,95218.799
Net profit (loss) of policy holders investment 1,927,566-260,186-2,247,558-14.237
Profit (Loss) Insurance Operations minus policy holders investments from operations 2,388,7945,590,423-57.269-67,922-
Net profit (loss) of shareholders capital investment 22,830,6864,650,681390.91-9,759,523-
Net Profit (Loss) before Zakat 24,829,2827,596,181226.865-10,339,372-
Total Comprehensive Income 24,949,3938,777,099184.255-9,297,689-
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after deducting minority equity) 854,203,077834,580,6372.351
Profit (Loss) per Share 0.310.094
All figures are in (Actual) Saudi Arabia, Riyals
Capital
810,000,000
Element ListExplanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year The reason for the increase in net income for the current quarter versus same quarter last year , was mainly due to increase in Shareholders Net Investments income by 391%.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter The reason for the net income for the current quarter versus previous quarter , was mainly due to increase in net shareholders' investments income.
Type of the external auditor's opinion Unmodified opinion
External auditor's report containing reservation It was mentioned in the auditors' review report that based on their review, nothing

Saudi Re for Cooperative Reinsurance Co

No English translation, kindly refer to the Arabic version

Element ListExplanation
Introduction No English translation, kindly refer to the Arabic version
City and Location of the General Meeting No English translation, kindly refer to the Arabic version
Date of the General Meeting 2019-04-29 Corresponding to 1440-08-24
Time of the General Meeting 20:00
Percentage of Attending Shareholders 20.69 %
Voting Results on the Agenda No English translation, kindly refer to the Arabic version
Additional Information No English translation, kindly refer to the Arabic version

Saudi Re for Cooperative Reinsurance Co

No English translation, kindly refer to the Arabic version

Element ListExplanation
Introduction No English translation, kindly refer to the Arabic version
City and Location of the General Meeting No English translation, kindly refer to the Arabic version
Hyperlink of the meeting location No English translation, kindly refer to the Arabic version
Date of the General Meeting 2019-04-29 Corresponding to 1440-08-24
Time of the General Meeting 19:00
shareholding Eligibility to attend general assembly meeting No English translation, kindly refer to the Arabic version
Quorum as percentage of shareholding No English translation, kindly refer to the Arabic version
General Meeting Agenda No English translation, kindly refer to the Arabic version
E-Vote No English translation, kindly refer to the Arabic version
Additional Information No English translation, kindly refer to the Arabic version
Attached Documents

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces its Annual financial results for the period ending on 2018-12-31

Element ListCurrent YearPrevious Year%Change
Gross written premiums (GWP) 721,604,828942,006,884-23.397
Net written premiums (NWP) 616,896,101636,921,477-3.144
Net incurred claims 404,054,355419,114,217-3.593
Net profit (loss) of policy holders investment 4,936,4806,472,176-23.727
Profit (Loss) Insurance Operations minus policy holders investments from operations 8,773,866-2,829,375-
Net profit (loss) of shareholders capital investment 9,701,59346,503,282-79.137
Net Profit (Loss) before Zakat 13,721,68138,887,885-64.714
Total Comprehensive Income 16,757,87736,926,305-54.618
Total Share Holders Equity (after deducting minority equity) 832,647,873828,792,7980.465
Pre operating expenses (first operation year) ---
Profit (Loss) per Share 0.170.48
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
Reason for increase (decrease) in net profit for current year compared to last year The reason for the decrease in net income for the current year versus last year , was mainly due to a decrease in net shareholders net investments income by 79% due to a decrease in the returns of the global equities and fixed income portfolios , although the increase in net underwriting income by 39% due to increase in net earned premiums by 3% and the decrease in claims incurred by 4% which had a positive impact on the underwriting results.
Type of the external auditor's opinion Unmodified opinion
External auditor's report containing reservation It was mentioned in the auditors' report that "In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2018, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRS”) as modified by the Saudi Arabian Monetary Authority (“SAMA”) for the accounting of zakat and income tax."
Reclassifications in annual financial results Certain comparative figures have been reclassified to conform to the presentation of current year.
Additional Information The earnings per share have been calculated before Zakat and Tax.

Saudi Re for Cooperative Reinsurance Co

Correction announcement from Saudi Re for Cooperative Reinsurance Co. in regards to the company’s interim Financial results for the period ending on 2018-09-30 ( Nine Months ) announcement.

Element ListExplanation
Date on which the incorrect announcement was published on Tadawul`s website 2018-11-11 Corresponding to 1440-03-03
Subject of the incorrect announcement the company’s interim Financial results for the period ending on 2018-09-30 ( Nine Months ) announcement.
Incorrect statements in the previous announcement .Accumulated Losses 29,467,928 Riyals
Correct Statement The Retained Earnings 29,467,928 Riyals and there are no Accumulated Losses

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )

Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross written premiums (GWP) 83,274,213 302,584,661 -72.479 62,187,704 33.907
Net written premiums (NWP) 51,044,388 89,326,574 -42.856 43,014,231 18.668
Net incurred claims 96,054,749 114,146,248 -15.849 93,410,872 2.83
Net profit (loss) of policy holders investment 2,393,816 1,494,649 60.159 932,130 156.811
Profit (Loss) Insurance Operations minus policy holders investments from operations 1,043,680 -11,205,844 - 1,830,847 -42.994
Net profit (loss) of shareholders capital investment 9,265,426 11,268,670 -17.777 5,601,657 65.405
Net Profit (Loss) before Zakat 10,029,120 -271,290 - 6,435,752 55.834
Total Comprehensive Income 13,998,124 -271,290 - 3,280,343 326.727
All figures are in (Actual) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross written premiums (GWP) 673,844,272 879,844,453 -23.413
Net written premiums (NWP) 586,368,076 608,716,252 -3.671
Net incurred claims 301,967,401 312,743,343 -3.445
Net profit (loss) of policy holders investment 3,428,005 4,927,886 -30.436
Profit (Loss) Insurance Operations minus policy holders investments from operations 8,102,375 -14,157,305 -
Net profit (loss) of shareholders capital investment 19,517,769 37,240,909 -47.59
Net Profit (Loss) before Zakat 24,060,731 20,670,209 16.402
Total Comprehensive Income 26,055,244 20,670,209 26.052
Total Share Holders Equity (after deducting minority equity) 845,571,785 814,990,731 3.752
Profit (Loss) per Share 0.297 0.255
All figures are in (Actual) Saudi Arabia, Riyals

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. Announcess Saudi Re Announces that Has Been Assigned an AA+ Insurance Financial Strength Rating (IFSR) By SIMAH's Credit Rating Agency (Tassnief)

Element ListExplanation
Announcement Detail Saudi Re is pleased to announce that it has been assigned an AA+ Insurance Financial Strength Rating (IFSR) by SIMAH's Credit Rating Agency, Tassnief, with stable outlook. According to the rating issued on on 26 Sep. 2018, the AA+ Rating of Saudi Re reflects its strong financial profile supported by its strong equity base and debt-free capital structure. It also incorporates the strength of the business profile having a well-established franchise in the key targeted markets that the company operates in, as well as the improved level of diversification for the international business, and the entry into the Lloyd’s market and a well diversified GPW mix among the major lines of business. Furthermore, the report noted the sound governance framework, conservative investment policy, improved underwriting procedures and risk management techniques which resulted in an improvement in technical performance of the Saudi Re.

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

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Saudi Re for Cooperative Reinsurance Co

No English translation, see the Arabic Version.

No English translation, see the Arabic Version.

Saudi Re for Cooperative Reinsurance Co

No English translation, see the Arabic Version.

No English translation, see the Arabic Version.

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

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Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces the results of shareholder Ordinary general assembly meeting

Saudi Re for Cooperative Reinsurance Co. has announced that the company held its Ordinary general assembly meeting in the in on 30-04-2018 corresponding to 14-08-1439 at 21:30. All resolutions of the meeting are as follows:

Saudi Re for Cooperative Reinsurance Co

no translation, see Arabic.

No translation, see Arabic version

Saudi Re for Cooperative Reinsurance Co

No Translation see Arabic version

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces the annual financial results for the period ending on 31-12-2017

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

Saudi Re for Cooperative Reinsurance Co

No Translation see Arabic version

Saudi Re for Cooperative Reinsurance Co

No Translation see Arabic version

Saudi Re for Cooperative Reinsurance Co

No Translation see Arabic version

Saudi Re for Cooperative Reinsurance Co

No Translation see Arabic version