AICC Announces the Interim Financial Results

21/01/2013 08:19 AST

ARABIA INSURANCE COOPERATIVE COMPANY (AICC) ANNOUNCES PRELIMINARY FINANCIAL RESULTS FOR THE PERIOD ENDED ON 31/12/2012 (TWELVE MONTHS).

1.The net loss before Tax and Zakat for the fourth quarter is SR. 9,106 thousand riyals, compared to net profit SR. 4,167 thousand riyals for the corresponding quarter of the previous year before Tax and Zakat, and compared to net loss before Tax and Zakat SR. 3,952 thousand riyals for the previous quarter, an increase of 130%.

2.The deficit of insurance operations, net of policyholders return on investments (the results of operations) during the fourth quarter is SR. 14,656 thousand riyals compared to surplus SR. 3,932 thousand riyals for the corresponding quarter of previous year.

3.The gross written premiums (GWP) in the fourth quarter are SR. 144,297 thousand riyals, compared to SR. 146,064 thousand riyals for the corresponding quarter of the previous year, a decrease of 1 %. And the net written premiums (NWP) during the fourth quarter are SR. 174,837 thousand riyals, compared to SR. 83,841 thousand riyals for the corresponding quarter of the previous year, an increase of 109 %.

4.The net claims incurred during the fourth quarter are SR. 118,819 thousand riyals, compared to SR. 56,499 thousand riyals for the corresponding quarter of the previous year, an increase of 110 %.

5.The return on investments of policyholders funds during the fourth quarter is SR. 1,196 thousand riyals, compared to SR. 662 thousand riyals for the corresponding quarter of the previous year of the previous year, an increase of 81 %. The return on investments of shareholders funds during the fourth quarter is SR. 4,049 thousand riyals, compared to SR. 744 thousand riyals for the corresponding quarter of the previous year, an increase of 444 %.

6.The net loss before Tax and Zakat during for the twelve months is SR. 2,859 thousand riyals, compared to net profit SR. 17,290 thousand riyals for the corresponding period of the previous year before Tax and Zakat.

7.The loss per share during the twelve months is SR. 0.14 compared to a profit of SR. 0.86 for the corresponding period of the previous year.

8.The deficit of insurance operations, net of policyholders return on investments (the results of operations) during the twelve months is SR. 11,382 thousand riyals, compared to surplus of SR. 14,785 thousand riyals for the corresponding period of the previous year.

9.The gross written premiums (GWP) in the twelve months are SR. 653,945 thousand riyals, compared to SR. 565,059 thousand riyals for the corresponding period of the previous year, an increase of 16 %. And the net written premiums (NWP) during the twelve months are SR. 498,311 thousand riyals, compared to SR. 351,293 thousand riyals for the corresponding period of the previous year, an increase of 42 %.

10.The net claims incurred during the twelve months are SR. 315,452 thousand riyals, compared to SR. 203,421 thousand riyals for the corresponding period of the previous year, an increase of 55 %.

11.The return on investments of policyholders funds during the twelve months is SR. 3,028 thousand riyals, compared to SR. 2,824 thousand riyals for the same period of the previous year, an increase of 7 %. The return on investments of shareholders funds during the twelve months is SR. 6,779 thousand riyals, compared to SR. 4,106 thousand riyals for the corresponding period of the previous year, an increase of 65 %.

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