Amana Cooperative Insurance Company announces the financial results

26/02/2013 08:36 AST

Amana Cooperative Insurance Company announces the financial results for the year ending 31/12/2012 as follows:

1-Net loss (before Zakat ) for the period amounted to SAR 38,426 thousands against Net loss (before Zakat), for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011, of SAR 60,996 thousands which is a decrease of 37%.

2-The loss per share amounted to SAR 1.2 against SAR 1.91 for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011.

3-Net deficit from insurance operations net of the policyholders investments income amounted to SAR 35,811 thousands against a loss of SAR 28,103 thousands for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011 with an increase of 27%.

4-Gross written premiums (GWP) for the period amounted to SAR 54,110 thousands against SAR 289,790 for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011 with a drop of 81%.

Net written premiums (NWP) for the period amounted to SAR 34,046 thousands against SAR 182,814 thousands for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011 with a drop of 81%.

5-Net incurred claims for the period amounted to SAR 32,013 thousands against SAR 47,989 for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011 with a drop of 33%.

6-No policyholders investments for the period neither for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011.

Shareholders investment income for the period amounted to SAR 800 thousands against SAR 601 thousands for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011 which is an increase of 33%.

7-The decrease in the net losses during year 2012 compared to the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011 is due to the decrease in the underwriting expenses as a result of the decrease in GWP accompanied with increase in net share of unearned premium and to that the per-operating expenses are included in the previous period figures.

8-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.

Tadawul