Malath Announces its Annual Financial Results

18/02/2013 08:46 AST

Malath cooperative insurance and reinsurance company announces its Annual Financial Results for the period ending 31/12/2012 as follows:

1. Income before Zakat for the year is SR 37,467 thousand, compared to SR 20,855 thousand for the previous year, an increase of 80%

2. Earnings per share for the year is SR 1.02 , compared to SR 0.47 for the previous year.

3.Surplus from insurance operations excluding investment income from policyholders investments portfolio for the year is 22,123 thousand riyals compared to 20,324 thousand riyals for the previous year, an increase of 9%.

4.Total Gross written premiums (GWP) for the year is 558,064 thousand riyals compared to 600,911 thousand riyals for the previous year, decreased by 7% and Net written premiums (NWP) for the year is 464,343 thousand riyals compared to 446,362 thousand riyals for the previous year, increased by 4%.

5.The net claims incurred for the year are 315,905 thousand riyals compared to 241,206 thousand riyals for the previous year, increased by 31%.

6.The net investment income from policyholders investments portfolio for the year is 2,476 thousand riyals compared to 1,654 thousand riyals for the previous year increased by 50% and net investment income from shareholders investment portfolio for the year is 16,498 thousand riyals , increased by 592%, compared to 2,384 thousand riyals for the previous year.

7. The increase in net income for 2012 versus the previous year 2011 was mainly due to the shareholders investments income by SR 12 million which resulted from selling 2.65 million shares of Saudi Re , in addition to net surplus from insurance operations increase

8. The external auditors issued their report with emphasis of matter stating: We draw attention to the fact that these interim financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and not in accordance with the Standard on Interim Financial Reporting issued by SOCPA. The company hereby confirms that there are no material changes in the financial results due to the change of standards.

9. During 2012 , Malath company covered all its accumulated loss from first financial year 2008 that include IPO & pre operation expenses and start building its legal reserve & Accumulated surplus within the shareholders equity

10. Earnings per share in 2 above base on Income net of Zakat

Tadawul