Allied Cooperative Insurance Group announces interim financial results

21/04/2013 07:42 AST

Allied Cooperative Insurance Group announces the interim financial results for the period ended 31/03/2013 as follows:

1-Net profit before zakat during the first quarter of 2,403 thousand riyals, compared to a net loss of 2,967 thousand riyals for the same quarter of the previous year , and compared to a net loss of 8,543 thousand riyals for the previous quarter.

2-surplus of insurance operations, net after deduction of return on investments of the policyholders (the results of operations) during the first quarter of 1,510 thousands riyals, compared with a deficit of 2,696 thousand riyals for the same quarter of the previous year.

3-Total written premiums (GWP) in the first quarter 106,936 thousand riyals, compared to 67,771 thousand riyals for the same quarter of the previous year, an increase of 58 %. The net written premiums (NWP) 73,559 thousand riyals during the first quarter, compared to 59,265 thousand riyals for the same quarter of the previous year, an increase of 24%.

4-Net claims incurred during the first quarter 23,251 thousand riyals compared to 23,448 thousand riyals for the same quarter of the previous year, a decrease of 1%.

5-there is no profits of investments for the policyholders in the first quarter and there is no profits in the same quarter last year, there is 1,135 thousand riyals profits of investment funds of the shareholders during the first quarter, compared to 0 for the same quarter last year.

6- Profit per share for the three months 0.12 riyals compared loss per share 0.17 riyals for the same period of the previous year. The general assembly meeting agreed to increase the capital in its meeting was hold Tuesday 4/9/2012, we calculate the no of shares according to weighted average in comparative figures

7-The main reason for achieving the profit during the first quarter compare to the same quarter last year due to decreasing in the policy acquisition cost from SR 4,618 thousand riyals in the first quarter compared SR 10,228 thousand riyals for the same quarter last year.

8- The main reason for achieving the profit during the first quarter compare to the previous quarter due to decreasing in the net of cost & expenses from SR 27,869 thousand riyals in the current quarter compared SR 34,784 thousand riyals for the previous quarter.

9- We reclassified some comparative items

10-The external auditor issued his report with a Explanatory Paragraphs

We draw attention to the fact that these interim condensed financial statements are prepared in accordance with IAS 34 and not in accordance with the Standard on Interim Financial Reporting issued by SOCPA

Tadawul