LIVA

09 May, 2024 09:15

LIVA Insurance Co. announces its Interim Financial Results for the period ending on 2024-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Insurance Revenues 110,543130,425-15.244130,734-15.444
Result of Insurance Services 15,90812,15230.90836,051-55.873
Net Profit (Loss) of The Insurance Results 4,424-4,291-716517.877
Net Profit (Loss) of The Investment Results 7,7035,64136.5537,5262.351
Net Insurance Financing Expenses -1,149-1,00214.67-1,0598.498
Net Profit (Loss), After Zakat, Attributable To Shareholders 4,645-867-6,651-30.16
Total Comprehensive Income 4,645-867-10,228-54.585
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (After Deducting the Minority Equity) 394,637374,2905.436
Profit (Loss) per Share 0.12-0.02
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListPercentage of the capital (%)Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
Accumulated Losses 12.63-50,503
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is The insurance revenue during the current quarter is lower by SAR 19,882 thousand representing an overall decrease by (15.24%), compared to same quarter last year, the decrease is mainly driven by the decline of the company's business for group life class and motor class.
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 company achieved a net income before zakat for the current quarter SAR 6,985 thousand compared to SAR 933 thousand for the same quarter last year, an improvement of 648.66%. While the net income after Zakat achieved is SAR 4,645 thousand during the current quarter compared to a loss of (SAR 867) thousand for the same quarter last year, an improvement of 635.76%, this was achieved mainly due to the following reasons: - Improvement of the Results of Insurance Service during the current quarter by SAR 3,756 i.e. 30.91%, mainly driven by the decrease in insurance expenses compared to same quarter last year. - The net expense from reinsurance contracts during the current quarter amounted to (SAR 11,484) thousand compared to (SAR 16,443) thousand in the same quarter last year with an expense decrease of 30.16%. - Investment income during the current quarter amounted to SAR 7,703 thousand, with an increase of 36.55%, compared to SAR 5,641 thousand in the same quarter of last year. This increase in net income during current quarter compared to same quarter last year is partly offset by the following reasons: - The net insurance finance expense during the current quarter amounted to (SAR 1,149) thousand compared to (SAR 1,002) thousand in the same quarter last year with an increase of (14.67)%. - The operating expenses amounted to (SAR 5,558) thousand during the current quarter compared to (SAR 5,066) thousand in the same quarter last year, increased by (9.71%). - The other income amounted to SAR 1,565 thousand during the current quarter compared to SAR 5,651 thousand in the same quarter last year, decreased by (72.31%).
The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is The insurance revenue during the current quarter decreased by (SAR 20,191) thousand with a decrease of (15.44%) compared to previous quarter, this is mainly driven by the decrease of the company's motor line of business.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is The company achieved a net income before zakat for the current quarter SAR 6,985 thousand compared to SAR 7,470 thousand for the previous quarter, a decrease of (6.49%). While the net income after Zakat achieved is SAR 4,645 thousand during the current quarter compared to SAR 6,651 thousand for the previous quarter, decrease of (30.16%), this decrease of profits was mainly driven by: - The insurance service result during the current quarter amounted to SAR 15,908 thousand compared to SAR 36,051 thousand in the previous quarter with the decrease of (55.87%). - The other income amounted to SAR 1,565 thousand during the current quarter compared to SAR 3,998 thousand in the previous quarter, decreased by (60.86%). - The operating expenses amounted to (SAR 5,558) thousand during the current quarter compared to (SAR 3,711) thousand in the previous quarter, increased by (49.77%). This decrease in the net profit is partly offset by: - The net expense from reinsurance contracts -during the current quarter amounted to (SAR 11,484) thousand compared to (SAR 35,335) thousand in the last quarter with the decrease of 67.50%.
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
Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items No reclassification
Additional Information - The total comprehensive income / (loss) during the current quarter amounted to SAR 4,645 thousand compared to (SAR 867) thousand in the same quarter last year with an improvement of 635.76% and SAR 10,228 thousand compared to previous quarter with the decrease of (54.59%). - The Earnings / (loss) per share during the current quarter amounted to SAR 0.12 compared to SAR (0.02) during the same quarter last year. The calculation of Earnings / (Loss) Per Share is based on the net income / (loss) after zakat and income tax attributable to shareholders divided by the number of shares. - The net profit after zakat and income tax attributable to shareholders for the current quarter amounted to SAR 4,645 thousand, with a total of 40,000 thousand shares as of 31-03-2024G. In comparison, during the same quarter last year, the net loss after zakat and income tax attributable to shareholders was (SAR 867) thousand, with the same number of shares, 40,000 thousand shares, as of 31-03-2023G. - The total shareholders’ equity (after deducting the minority’s equity) amounted to SAR 394,637 thousand compared to SAR 374,290 thousand for the same quarter last year with an increase of 5.44%. - The total accumulated losses at the end of the current quarter are (SAR 50,503) thousand which represent (12.63%) of the capital.

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