Investor Presentaiton
14
Comparison between IFRS 17 & 4 - P&L
(Re)Insurance revenue (A)
(Re)Insurance service expenses (B)
إعادة
Saudi Re
2023-Q1
IFRS 17 & 9
129,289
(124,516)
2022-Q1
IFRS 17 & 9
161,630
(138,526)
2023-Q1
IFRS 4
211,849
(187,550)
In Thousands, SAR
2022-Q1
IFRS 4
234,936
(176,650)
Net income/expenses from retrocession contracts (C)
5,682
(21,336)
(4,480)
(26,107)
Insurance service result D=(A+B+C)
10,454
1,769
19,818
32,179
Net investment income (E)
11,128
2,091
11,209
1,506
Finance income/(expenses) from (re)insurance contracts issued
Finance income/(expenses) from retrocession contracts
(8,822)
13,213
222
430
Net insurance finance income/(expenses) (F)
Net insurance and investment result G=(D+E+F)
(8,600)
12,982
13,642
17,502
0
31,027
0
33,684
Other Income
Other finance costs
Other operating expense (income)
Share of profit of equity accounted investee
Total income for year before zakat & tax
Total Income attributed to reinsurance operations
Net Income for year before zakat & tax attributable to shareholders
Zakat & Income tax expense
21
64
21
47
(390)
(145)
(390)
0
(5,955)
(5,572)
(18,487)
(20,578)
9,358
19,081
6,004
7,079
16,016
30,930
18,175
20,232
(103)
(1,396)
(716)
(1,396)
15,913
29,534
17,459
18,836
(4,714)
(3,630)
(2,846)
(3,630)
Net income for the year after zakat & tax attributable to shareholders
**Zakat & Income Tax expenses reflects the Deferred Acquisition Cost
11,200
25,904
14,613
15,206
deduction from Zakat Base
Gross Claims and Exp. Ratio
96%
86%
89%
75%
RI (income)/Exp. Ratio
-4%
13%
2%
11%
Net Claims and Exp. Ratio (Underwriting Ratio)
92%
99%
91%
86%
Unattributable G&A Ratio
Net Combined Ratio
Total Combined Ratio
5%
3%
9%
9%
97%
102%
99%
95%
Finance Expense/(Income) Ratio
7%
-8%
0.0%
0.0%
103%
94%
99%
95%
Restricted 3
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