Al Sagr Cooperative Insurance Company announces its results

19/02/2013 08:29 AST

Al Sagr Cooperative Insurance Company announces its results as follows:

1. Net profit before zakat for the year ended Dec 31, 2012 is 33,122 thousand riyals, compared to 37,029 thousand riyals for the previous year, a decrease of 11%.

2. Earnings per share for the year ended Dec 31, 2012 is 1.40 riyals compared to 1.60 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, 2012 is 26,626 thousand riyals, compared to 38,516 thousand riyals for the previous year, a decrease of 31%.

4. Total Gross Written Premiums (GWP) for the year ended Dec 31, 2012, is 327,222 thousand riyals, compared to 234,667 thousand riyals for the previous year, an increase of 39%. Total Net Written Premiums (NWP) for the year ended Dec 31, 2012 is 275,626 thousand riyals, compared to 188,452 thousand riyals for the previous year, an increase of 46%.

5. Net claims incurred for the year ended Dec 31, 2012 is 126,361 thousand riyals, compared to 109,234 thousand riyals for the previous year, an increase of 16%.

6. Net profit for the investments of policyholders for the year ended Dec 31, 2012 is 5,133 thousand riyals compared to 380 thousand riyals for the previous year, an increase of 1,251%. Net profit for the investment of shareholders funds for the year ended Dec 31, 2012 is 7,129 thousand riyals, compared to 4,532 thousand riyals for the previous year, an increase of 57%.

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

8. The reason for the decrease in profits for the year ended Dec 31, 2012 compared to the previous year is due to the increase in net claims incurred by 16%, increase of policy acquisition costs by 48%, increase of other underwriting expenses by 131%

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.

Earning per share has been calculated after zakat.

Tadawul