SAGARINSURANCE Announces the Interim Financial Results

21/01/2013 09:03 AST

AL SAGR COOPERATIVE INSURANCE COMPANY ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE TWELVE MONTHS ENDED DEC 31, 2012 (TWELVE MONTHS)

1. Net profit before Zakat for the fourth quarter ended Dec 31, 2012 is 7,072 thousand riyals, compared to 11,436 thousand riyals for the same quarter of previous year, a decrease of 38% and compared to 7,970 thousand riyals for the previous quarter, a decrease of 11%.

2. Insurance operations surplus, net of policyholders return on investments (the results of operations) during the fourth quarter ended Dec 31, 2012 is 4,639 thousand riyals, compared to 11,374 thousand riyals for the same quarter of previous year, a decrease of 59%.

3. Total Gross Written Premiums (GWP) for the fourth quarter ended Dec 31, 2012, is 76,587 thousand riyals, compared to 31,585 thousand riyals for the same quarter of previous year, an increase of 142%. Total Net Written Premiums (NWP) for the fourth quarter ended Dec 31, 2012 is 67,918 thousand riyals, compared to 21,926 thousand riyals for the same quarter of previous year, an increase of 210%.

4. Net claims incurred for the fourth quarter ended Dec 31, 2012 is 40,228 thousand riyals, compared to 31,109 thousand riyals for the same quarter of previous year, an increase of 29%.

5. Net profit for the investments of policyholders for the fourth quarter ended Dec 31, 2012 is 1,657 thousand riyals compared to 130 thousand riyals for the same quarter of previous year, an increase of 1,175%. Net profit for the investment of shareholders funds during the fourth quarter ended Dec 31, 2012 is 2,160 thousand riyals, compared to 2,742 thousand riyals for the same quarter of previous year, a decrease of 21%.

6. Net profit before Zakat for the twelve months period ended Dec 31, 2012 is 32,823 thousand riyals compared to 37,029 thousand riyals for the same period of previous year, a decrease of 11%.

7. Earnings per share for the twelve months period ended Dec 31, 2012 is 1.6 riyals compared to 1.9 riyals for the same period of previous year.

8. Insurance operations surplus, net of policyholders return on investments (the results of operations) for the twelve months period ended Dec 31, 2012 is 26,294 thousand riyals, compared to 38,516 thousand riyals for the same period of previous year, a decrease of 32%.

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

10. Net claims incurred for the twelve months period ended Dec 31, 2012 is 126,208 thousand riyals, compared to 109,234 thousand riyals for the same period of previous year, an increase of 16%.

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

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