Al Rajhi Takaful net profit plummets 71.2 per cent

21/01/2013 07:40 AST

Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) posted a net profit of SAR 1,477 thousand for the 4th quarter compared to a net profit of SAR 5,125 thousand for the corresponding quarter of 2011, a decrease of 71.2 per cent.

Al Rajhi Takaful posted a net profit before Zakat of SAR 2,118 thousand for the 4th quarter of 2012 compared to a net profit before Zakat of SAR 5,125 thousand for 2011, a decrease of 58.7 per cent.

Al Rajhi Takaful posted a net profit after Zakat SAR 3,294 thousand for the previous quarter 2012, representing a decrease by 55.2 per cent.

Net profit before Zakat for the previous quarter was SAR 3,994 thousand, representing a decrease of 47 per cent.

The surplus from insurance operations excluding the income from investment of policyholders funds (operating results) during the 4th quarter is SAR 20,720 thousand, compared to surplus SAR 29,665 thousand for the corresponding quarter of the previous year, decreased by 30.2 per cent.

Gross written premium (GWP) for the 4th quarter is SAR 150,143 thousand, compared to SAR 129,679 thousand for the corresponding quarter of the previous year, increased by 15.8 per cent. Net written premium (NWP) during the 4th quarter is SAR 124,465 thousand, compared to SAR 98,869 thousand for the corresponding quarter of the previous year increased by 25.9 per cent.

Net claims incurred for the 4th quarter is SAR 81,417 thousand, compared to SAR 44,776 thousand for the corresponding quarter of the previous year, increased by 81.8 per cent.

Net income from investment of policyholders funds during the 4th quarter is SAR 146 thousand, compared to SAR 137 thousand for the corresponding quarter of the previous year, increased by 6.6 per cent. Net income from investment of shareholders funds during the 4th quarter is SAR 1,869 thousand, compared to SAR 2,334 thousand for the corresponding quarter of the previous year, decreased by 20 per cent.

Net profit for twelve months period before Zakat is SAR 785 thousand compared to net loss before Zakat SAR 31,975 thousand for the corresponding period of the previous year. Net loss after Zakat for twelve months periods is SAR 577 thousand compared to net loss after Zakat SAR 32,905 thousand for the corresponding period of the previous year, decreased by 98.3 per cent.

Loss per share during twelve months period is SAR 0.03, compared to loss per share SAR 1.65 for the corresponding period of the previous year.

The surplus from insurance operations excluding the income from investment of policyholders funds (operating results) for twelve months period is SAR 71,711 thousand, compared to SAR 54,935 thousand for the corresponding period of the previous year, increased by 30.5 per cent.

Gross written premium (GWP) for Twelve months period is SAR 600,864 thousand, compared to SAR 493,344 thousand for the corresponding period of the previous year, an increase of 21.8 per cent. Net written premium (NWP) during twelve months period is SAR 446,303 thousand, compared to SAR 344,805 thousand for the corresponding period of the previous year, increased by 29.4 per cent.

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