achieved Buroj Cooperative Insurance Company, AProfits Her destiny 20.1 One million riyals by the end of 2023, compared to losses of 29 million riyals achieved during the same period in 2022.
The company said that the reason for achieving profits during the current period compared to the similar period of the previous year is due to:
– Positive increase in total written insurance premiums amounting to 53,961,368, an increase of 14.63%.
– The surplus in the result of insurance services amounted to 4,985,722 Saudi riyals, compared to a deficit of 56,527,720 Saudi riyals during the previous year.
– Positive decrease in insurance services expenses in the amount of 105,663,112 Saudi riyals, a decrease of 23.86%.
– Positive decrease in total claims incurred by 23.12%.
– Net investment income increased by 8,824,845 Saudi riyals, an increase of 44.47% compared to the previous year.
In return, this came The decrease in revenues during the current year compared to last year is mainly due to a decrease in total earned premiums of 36,015,508 Saudi riyals, a decrease of 8.67%.
additional information:
The company also said that shareholders’ equity (no minority rights) at the end of the period amounted to 441,377 million riyals, compared to 417,513 million riyals at the end of the similar period of the previous year.
The total comprehensive income for the current period amounted to 24,352 million Saudi riyals, compared to the total comprehensive loss of (22,289) million Saudi riyals for the similar period of the previous year.
The Company has remeasured and reclassified the financial statements to comparative figures to align with the requirements of IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments).
The Company has applied IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), in accordance with standards adopted in the Kingdom of Saudi Arabia, as of January 1, 2023 and retrospectively, which resulted in a material change in the method of presenting financial results for all periods beginning From the first quarter of 2023 onwards, with similar periods from previous years remeasured, according to the new standards.
Statement of the type of auditor’s report: Unmodified opinion
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