ACE here by declares its financial results

18/02/2013 08:35 AST

ACE Arabia Cooperative Insurance Company here by declares its financial results for the year ended on December 31, 2012 as follows:

1. Profit before zakat and income tax for the year is SAR 25,952 thousand against SAR 15,986 thousand for the year with an increase of 62.34%.

2. Share profit for the year is SAR 2.60 against SAR 1.60 for the previous year.

3. Insurance transactions surplus minus revenue of policyholders investment campaign (operational process result) for the year is SAR 31,004 thousand against SAR 20,813 thousand for the previous year with an increase of 48.96%.

4. Gross Written Premium for the year is SAR 208,608 thousand against SAR 224,669 thousand for the previous year with a decrease of 7.15 %. Net written premium for the year is SAR 101,209 thousand against SAR 102,135 thousand for the previous year with a decrease of 0.91%.

5. Net Claims for the year is SAR (52,345 thousand) against SAR (49,774 thousand) for the previous year with an increase of 5.17%.

6. Net profit of policyholders investment for the year is SAR 634 thousand against SAR 107 thousand for the previous year with an increase of 492.52%. Shareholders investment income for the year is SAR 997 thousand against SAR 315 thousand for the previous year with an increase of 216.51%.

7. Increase in current year profit as compared to last year is due to increase in net earned premiums of the Company and increase in investment income of policyholders as well as shareholders.

8. In audit report auditors draw attention to the fact:

These financial statements have been prepared in accordance with International Financial Reporting Standards and not in accordance with accounting standards generally accepted in the Kingdom of Saudi Arabia. Therefore, the Company confirms that there are no material differences or financial impact on the financial statements as a result of difference standards.

Tadawul