Amana Cooperative Insurance Co. announces interim financial results

21/01/2013 07:49 AST

Amana Cooperative Insurance Company announces the interim financial results for the period ending 31/12/2012 (12 months) as follows:

1-Total comprehensive loss (before Zakat )for the period amounted to SAR 18,978 thousands against total comprehensive loss (before Zakat) for the same period last year for SAR 2,662 thousands which is an increase of 613%, and against total comprehensive loss (before Zakat) for the previous quarter for SAR 7,628 thousands which is a increase of 149%.

2-Net deficit from insurance operations after deduction of the policyholders investments income amounted to SAR 17,559 thousands against a loss of SAR 2,828 thousands for the same period last year which is an increase of 521%.

3-Gross written premiums (GWP) for the period amounted to SAR 13,202 thousands against SAR 8,458 thousands for the same period last year which is a increase of 56%.

Net written premiums (NWP) for the period amounted to SAR 7,868 thousands against SAR 5,250 thousands for the same period last year which is an increase of 50%

4-Net incurred claims for the period amounted to SAR 5,104 thousands against SAR 17,366 thousands for the same period last year which is a decrease of 71%.

5-No policyholders investments for the period and neither for the same period last year.

Shareholders investment income for the period amounted to SAR 273 thousands against SAR 2,532 thousands for the same period last year which is an decrease of 89%.

6-Net losses (before Zakat) for the last twelve months amounted to SAR 38,426 thousands against a net loss of SAR 60,996 thousands for the period from May 17, 2010 to 31 December, 2011 which is a decrease of 37%.

7-The loss per share for the last twelve months amounted to SAR 1.2 against SAR 1.91 for the period from May 17, 2010 to 31 December, 2011.

8-The deficit from insurance operations after deduction of the policy holders investments income for the last twelve months amounted to SAR 35,811 thousands against a deficit of SAR 28,103 thousands for the period from May 17, 2010 to 31 December, 2011 which is an increase of 27.4%

9-The Gross written premiums for the last twelve months amounted to SAR 54,110 thousands against SAR 289,790 thousands for the period from May 17, 2010 to 31 December, 2011 which is a decrease of 81%.

The net written premiums for the last twelve months amounted to SAR 34,046 thousands against SAR 182,814 thousands for the period from May 17, 2010 to 31 December, 2011 which is a decrease of 81%.

10-Net incurred claims for the last twelve months amounted to SAR 32,013 thousands against SAR 47,989 thousands for the period from May 17, 2010 to 31 December, 2011 which is a decrease of 33%.

11-There were no policyholders investments for the last twelve months and the same were for the period from May 17, 2010 to 31 December, 2011.

Net investment income on the shareholders investments amounted to SAR 9,122 thousands for the last twelve months against SAR 559 thousands for the period from May 17, 2010 to 31 December, 2011 which is an increase of 1,532%

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