GULFGENERAL announces its year end financials

17/02/2013 07:25 AST

Gulf general cooperative insurance company announces its year end financials for the year ended 31 December 2012 As follows:

1. The net profit before zakat and tax was SR 16,120 thousand compared to a loss before zakat and tax of SR 18,800 thousands during the period from the date of establishment in 3 January 2010 to 31 December 2011.

2. The profit per share before zakat was SR 0.81 compared to a loss per share of SR 0.94 during the period from the date of establishment in 3 January 2010 to 31 December 2011.

3. The insurance operations surplus net of policyholders investment income (Net operational results) during the year was SR 17,634 thousands compared to a deficit of SR 467 thousands during the period from the date of establishment in 3 January 2010 to 31 December 2011.

4. The gross written premium (GWP) during the year amounted to SR 370,576 thousands compared to SR 877,770 thousands during the period from the date of establishment in 3 January 2010 to 31 December 2011 with a decrease of 57.8%. The net written premium (NWP) during the year amounted to SR 162,345 thousands compared to SR 462,487 thousands during the period from the date of establishment in 3 January 2010 to 31 December 2011 with a decrease of 64.9%.

5. The net incurred claims during the year amounted to SR 117,730 thousands compared to SR 257,646 thousands during the period from the date of establishment in 3 January 2010 to 31 December 2011 with a decrease of 54.3 %.

6. There are no investments for policyholders fund during the year. the investment income of the shareholders during the year amounted to SR 2,852 thousands compared to a profit of SR 1,135 thousands during the period from the date of establishment in 3 January 2010 to 31 December 2011 with a decrease of 151%.

7. repoting a profit during the year compared to the reported loss during the period from the date of establishment in 3 January 2010 to 31 December 2011 is due to the decrease of the provision for doubtful debts amounted SR 7,220 thousands during the year ended at 31 December 2012 in addition to premium deficiency reserve reversal amounting SR 1.5 million.

8. The external auditors emphasized that the company prepared its financials based on the international accounting standard number 34 and not according the SOCPA standard, the company assures that there are no major differences of any financial effect on its financial statements since it was prepared on IFRS not on SOCPA standard.

Tadawul