Wataniya Insurance Company announces its financial results

24/02/2013 07:53 AST

Wataniya Insurance Company announces its financial results for the Year ended 31/12/2012 as follows:

1.Net profit for the year before zakat and income tax amounted to SAR 10,899 thousand as compared to a loss of 10,270 thousand for the period from 26 April 2010 (date of incorporation) to 31 December 2011.

2. Earnings per share amounted to SAR 1.09 as compared to a loss per share of SAR 1.03 per share for the period from April 26, 2010 to December 21, 2011.

3.Total operational surplus (less policyholders investment income) during the year amounted to SAR 14,749 thousand; as compared to an operational deficit for the period from 26 April 2010 (date of incorporation) to 31 December 2011 of SAR 3,112 thousand.

4.Gross Written Premiums for the twelve months was SAR 363,901 thousand; as compared to Gross Written Premiums of SAR 322,582 thousand for the period from April 26, 2010( date of incorporation) to December 31,2011; representing an increase of 13%

Net Written Premiums for the year ended 31 December 2012 was SAR 159,413 thousand; as compared to SAR 126,352 thousand for the period from April 26, 2010 (date of incorporation) to December 31, 2011 representing an increase of 26%

5.Net claims incurred for the twelve months amounted to SAR 67,718 thousand; as compared to SAR 60,679 thousand for the period from April 26, 2010 (date of incorporation) to December 31, 2011 representing an increase of 12%.

6.There was no investment income in the insurance operations for the twelve months ended 31 December 2012 and for the period from 26 April 2010(date of incorporation) to 31 December 2011. The investment income for the shareholder operations for the year ended 31 December 2012 amounted to SAR 166 thousand; as compared to an investment income of SAR 260 thousand for the period from April 26, 2010(date of incorporation) to 31 December 2011 representing a decrease of 36%.

7.The increase in the companys net profit for the twelve months of 2012, compared to the loss for the period from 26 April 2010( date of incorporation) to 31 December 2011 is due to increase in gross written premiums and reduction in general and administrative expenses.

8.The external audit report includes an emphasis of matter paragraph drawing attention to the fact that the management has prepared the financial statements in accordance IFRS and not in accordance with the accounting standards issued by the SOCPA.

Tadawul