Amana Cooperative Insurance company announced the financial results

22/02/2012 12:47 AST

Amana Cooperative Insurance company announces the financial results for the period 17/05/2010 (inception date) to 31/12/2011 (18 months) as follows:

1-Total comprehensive loss for the period amounted to SAR 60,996 thousands; net loss after zakat and tax amounted to SAR 65,430 thousands; No comparative figures for the previous period.

2-The loss per share for the period 17/05/2010 to 31/12/2011 amounted to SAR 1.91; No comparative figures for the previous period.

3-Net deficit from insurance operations after deduction of the policyholders investments income, amounted to SAR 28,103 thousands; No comparative figures for the previous period.

4-Gross written premiums (GWP) for the period amounted to SAR 289,790 thousands; No comparative figures for the previous period.

Net written premiums (NWP) for the period amounted to SAR 182,814 thousands; No comparative figures for the previous period.

5-Net incurred claims for the period amounted to SAR 47,989 thousands; No comparative figures for the previous period.

6-There is no profit (loss) on the policyholders investments for the period 17/05/2010 and up to 31/12/2011, and the profit on the shareholders investments for the period 17/05/2011 and up to31/12/2011 amounted to SAR 559 thousands; No comparative figures for the previous period.

7-The pre-operating expenses amounted to SAR 33,012 thousands.

8-The deficit is due to the total coverage of the pre-operating expenses and to the administrative expenses of the company since inception on the 17/05/2010 and up to 31/12/2011.

9-The external auditors draw the attention to the fact that these financial statements are prepared according to IAS34 and not according to SOCPA and assure that there were no material differences related to the above mentioned fact.

10-No comparative figures because of the new establishment of the company on 17/05/2011

Tadawul