ACIG announces the preliminary financial results

22/01/2013 07:49 AST

Allied Cooperative Insurance Group (ACIG) announces the preliminary financial results for the period ended 31/12/2012 as follows:

1) Net loss before zakat during the fourth quarter of 8,543 thousand riyals, compared to a net loss of 3,355 thousand riyals for the same quarter of the previous year an increase 155%, and compared to a net loss of 8,804 thousand riyals for the previous quarter, a decrease 3%. 2)Net deficit of insurance operations after deducting the return on investments of the policyholders (the results of operations) during the fourth quarter of 8,427 thousand riyals, compared to 3,240 thousand riyals for the same quarter of the previous year, an increase 160%.

3)Total gross written premiums (GWP) in the fourth quarter is 77,566 thousand riyals, compared to 37,732 thousand riyals for the same quarter of the previous year, an increase 105%. Net written premiums (NWP) is 63,763 thousand riyals in the fourth quarter, compared to 33,076 thousand riyals for the same quarter of the previous year, an increase 93%.

4)Net claims incurred during the fourth quarter is 29,285 thousand riyals compared to 21,561 thousand riyals for the same quarter of previous year, an increase of 36% 5)There is no investment income for the policyholders during the fourth quarter and there is no investment for the same quarter of the previous year, there is no profit of investment funds of the shareholders during the fourth quarter, and there is no investment income for shareholders the same quarter of the previous year.

6)Net loss before zakat during the twelve months 23,215 thousand riyals, compared to a net loss of 9,950 thousand riyals for the same period of the previous year, an increase 133%. 7)Loss per share for the twelve months is 1.34 riyals compared to 0.99 riyals for the same period of the previous year.

8)Deficit of insurance operations after deducting the investments of the policyholders (the results of operations) through twelve months is 22,373 thousand riyals, compared to deficit in amount 9,521 thousand riyals for the same period of the previous year an increase 135%.

Tadawul