MALATH Announces Its Interim Consolidated Financial Results

20/01/2013 09:52 AST

Malath cooperative insurance and reinsurance company announces its interim financial results for the period ended on December 31, 2012 as follows:

1. Income before Zakat 409 thousand for the 4th quarter ended 31 /12/2012 compared to SR 6,803 thousand for the corresponding quarter of the previous year, a decrease of 94%, and an Income before Zakat of SR 8,087 thousand for the previous quarter of 2012, a decrease of 95% while net profit of SR 347 thousand for the 4th quarter ended 31 Dec. 2012 compared to a net profit of SR 4,803 thousand for the corresponding quarter of the previous year, a decrease of 93%, and a net profit of SR 5,574 thousand for the previous quarter of 2012, a decrease of 94%.

2.Net deficit from insurance operations excluding the income from investment of policyholders funds (operating results) during the 4th quarter is SR1,907 thousand, compared to net surplus SR 6,729 thousand for the corresponding quarter of the previous year.

3.Gross written premium (GWP) for the 4th quarter is SR 192,644 thousand, an increase of 4%, compared to SR 185,039 thousand for the corresponding quarter of the previous year. Net written premium (NWP) during the 4th quarter is SR 177,537 thousand, compared to SR 161,209 thousand for the corresponding quarter of the previous year, an increase of 10%.

4.Net incurred claims for the 4th quarter is SR 86,942 thousand, compared to SR 55,736 thousand for the corresponding quarter of the previous year, an increase of 56%.

5.Income from investment of policyholders funds during the 4th quarter is SR 707 thousand, compared to SR 462 thousand for the corresponding quarter for the previous year with 53% increase. Income from investment of shareholders funds during the 4th quarter is SR 1,564 thousand, compared to SR 436 thousand for the corresponding quarter of the previous year , a decrease of 259%.

6. Income before Zakat for the 12 months period is SR 37,467 thousand, compared to SR 20,855 thousand for the same period of the previous year, an increase of 80% and the net profit for the 12 months period is SR 30,467 thousand, compared to SR 14,092 thousand for the same period of the previous year, an increase of 116%.

7. Earnings per share during the 12 months period is SR 1.02 , compared to SR 0.47 for the same period of the previous year.

8.Net surplus from insurance operations before considering the income from investment of policyholders funds (operating results) during the 12 months is SR 22,123 thousand, compared to SR 20,324 thousand for the same period of the previous year , an increase of 9%.

9.Gross written premium (GWP) for the 12 month period is SR 558,064 thousand, compared to SR 600,911 thousand for the same period of the previous year , a decrease of 7%. Net written premium (NWP) for the 12 month period is SR 464,343 thousand, compared to SR 446,362 thousand for the same period of the previous year , an increase of 4%.

10. Net incurred claims during the 12 months period are SR 315,905 thousand, compared to SR 241,206 thousand for the same period of the previous year , an increase of 31%.

11.Income from investment of policyholders funds during the 12 months period is SR 2,476 thousand, an increase of 50%, compared SR 1,654 thousand for the corresponding period of the previous year. Income from investment of shareholders funds during the 12 months period is SR 16,498 thousand, an increase of 592%, compared to SR 2,384 thousand for the same period of the previous year.

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