Al Sagr Cooperative Insurance Company announced its results

22/02/2012 11:59 AST

1. Net profit before zakat for the year ended Dec 31, 2011 is 37,029 thousand riyals, compared to 24,978 thousand riyals for the previous year, an increase of 48%. Net profit after zakat for the year ended Dec 31, 2011 is 32,029 thousand riyals, compared to 19,978 thousand riyals for the previous year, an increase of 60%.

2. Earnings per share for the year ended Dec 31, 2011 is 1.60 riyals compared to 1.00 riyal for the previous year.

3. Insurance operations surplus, net of policyholders return on investments (the results of operations) for the year ended Dec 31, 2011 is 38,516 thousand riyals, compared to 25,035 thousand riyals for the previous year, an increase of 52%.

4. Total Gross Written Premiums (GWP) for the year ended Dec 31, 2011, is 234,667 thousand riyals, compared to 239,556 thousand riyals for the previous year, a decrease of 2%. Total Net Written Premiums (NWP) for the year ended Dec 31, 2011 is 191,282 thousand riyals, compared to 161,527 thousand riyals for the previous year, an increase of 18%.

5. Net claims incurred for the year ended Dec 31, 2011 is 109,234 thousand riyals, compared to 101,334 thousand riyals for the previous year, an increase of 8%.

6. Net profit for the investments of policyholders for the year ended Dec 31, 2011 is 380 thousand riyals compared to 13 thousand riyals for the previous year, an increase of 2,823%. Net profit for the investment of shareholders funds for the year ended Dec 31, 2011 is 4,532 thousand riyals, compared to 5,277 thousand riyals for the previous year, a decrease of 14%.

7. There are no pre-operating expenses since it is not the first year of operations.

8. The reason for the increase in profits for the year ended Dec 31, 2011 compared to the previous year is due to the increase in net earned premiums by 18%.

9. We draw the attention to the fact that these condensed interim financial statements are prepared in accordance with International Accounting standards 34- Interim Financial Reporting (IAS34) and not in accordance with standard on Interim financial reporting issued by SOCPA.

10.There has been a reclassification for some items for comparison purposes

Tadawul