GULFGENERAL Announces the Interim Financial Results

22/01/2013 08:26 AST

Gulf general cooperative insurance company (GULFGENERAL) announces its interim financials for the period ended 31 December 2012 As follows :

1.The net profit during the 4th quarter before zakat and tax was SR 834 thousand compared to a loss before zakat of SR 14,816 thousands during the same period of last year , and compared to a profit before zakat of SR 15,348 thousands during the previous quarter with a decrease of 94.5%. . the net profit during the fourth quarter after zakat was SR 339 thousands compared to a loss after zakat of SR 15,647 thousands during the same period of last year and compared to a profit after zakat of SR 12,958 thousands during the previous quarter with a decrease of 97.3%. .

2.The insurance operations surplus net of policy holders investment income (Net operational results) during the forth quarter was SR 1,767 thousands compared to a deficit of SR 15,290 thousands during the same period of last year .

3.The gross written premium (GWP) during the forth quarter amounted to SR 56,810 thousands compare to SR 54,667 thousands during the same period of last year with an increase of 3.7%. The net written premium (NWP) during the fourth quarter amounted to SR 21,358 thousands compared to SR 26,547 thousands during the same period of last year with a decrease of 19.5%.

4.The net incurred claims during the fourth quarter amounted to SR 40,301 thousands compared to SR 37,868 thousands during the same period of last year with an increase of 6 %.

5. There are no investments for policy holders fund during the fourth quarter . the investment income of the share holders during the forth quarter amounted to SR 62 thousands compared to a profit of SR 921 thousands during the same period of last year with a decrease of 93%.

6.The net profit before zakat during the twelve months period amounted to SR 15,385 thousands compared to a loss before zakat and tax of SR 18,800 thousands during the period from the date of establishment to 31 December 2011 .The net profit after zakat during the twelve months period amounted to SR 10,007 thousands compared to a loss after zakat and tax of SR 28,136 thousands during the period from the date of establishment to 31 December 2011.

7.The profit per share during the twelve months period was SR 0.50 compared to a loss per share of SR 1.41 from the date of establishment to 31 December 2011.

8. The insurance operations surplus net of policy holders investment income (Net operational results) during the twelve months period was SR 17,634 thousands compared to a deficit of SR 467 thousands during the period of the date of establishment to 31 December 2011.

9. The gross written premium (GWP) during the twelve months period was SR 370,576 thousands compared to SR 877,770 thousands during the period from the date of establishment to 31 December 2011 with a decrease of 57.78%. The net written premium during the twelve months period amounted to SR 162,345 thousands compared to SR 462,487 thousands during the period of the date of establishment to 31 December 2011 with a decrease of 64.89%.

10.Not incurred claims during the twelve months period amounted to SR 117,730 thousands compared to SR 257,646 thousands during the period of the date of establishment to 31 December 2011 with a decrease of 54.3%.

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