Salama Cooperative Insurance Company announces its financial results

26/02/2013 08:58 AST

Salama Cooperative Insurance Company announces its financial results for the year ended 31/12/2012 as follows:

1. Net loss before zakat is SR 11.16 million compared to a profit of SR 4.07 million in the previous year.

2. Loss per share for the year is SR 1.30 after zakat compared to earnings per share of SR 0.23 after zakat in the previous year.

3. Deficit from insurance operations excluding investment income from policyholders' investment portfolio is SR 17.28 million compared to a surplus of SR 3.89 million in the previous year.

4. The gross written premiums (GWP) is SR 204.26 million compared to SR 218.66 million in the previous year, decreased by 6.6% and net written premiums (NWP) is SR 176.23 million compared to SR 180.38 million in the previous year, decreased by 2.3%.

5. The net claims incurred are SR 154.31 million compared to SR 83.76 million in the previous year, increased by 84.2%.

6. The net investment income from policyholders' investments portfolio is SR 1.26 million compared to SR 1.02 million in the previous year, increased by 23.5% and net investment income from shareholders' investments portfolio is SR 5.26 million compared to SR 537 thousand in the previous year, increased by 880.3%.

7. The reason for losses in the year compared to a profit in previous year is due to is due to decrease in net earned premium as well as an increase in net claims incurred, general and administrative expenses and allowance for doubtful debts.

8. The Auditors report draws attention to the fact that the financial statements are prepared in accordance with IFRS and not in accordance with the standard on Interim Financial Reporting issued by Saudi Organization for Certified Accountants (SOCPA).

Tadawul