Trade Union announces the yearly financial results

19/02/2013 08:51 AST

Trade Union Cooperative Insurance Co. announces the financial results for the year ended 31.12.2012 as follows:

1.Pre-Zakat profit during the year is SAR 21,677,178 against pre-Zakat profit of SAR 25,173,165 for the previous year with a drop rate of 13.90%.

2.Earnings per share for the year are SR 0.87 against SR 1.01 for the previous year.

3.Surplus from insurance operations net of policyholders' investment returns (Insurance Operational Results) for the year is SR 5,216,196 against surplus of SR 19,606,687 for the previous year with a drop rate of 73.40 %.

4.Gross Written Premiums (GWP) during the year is SR 560,820,509 against SR 538,092,114 for the previous year with a growth rate of 4.22%, whereas the Net Written Premiums (NWP) during the year is SR 364,927,005 against SR 347,956,774 for the previous year with a growth rate of 4.88%.

5.Net claims incurred during the year are SR 239,321,815 against SR 209,822,304 for the previous year with a higher rate of 14.06%.

6.Policyholders' net investment returns for the year is SR 6,496,310 against SR 4,221,121 for the previous year with a growth rate of 53.90%, whereas the shareholders' net investment returns during the year is SR 11,306,677 against SR 4,475,827 for the previous year with a growth rate of 152.62 %.

7.The reason of the drop in profits of the current period against the same period of last year is mainly due to the increase of net incurred claims and the increase of operational expenses.

8.Auditor's review report addressed an emphasis of matter that the condensed financial statements are prepared in accordance with International Accounting Standards (IFRS) and not in accordance with the standard on Financial Reporting issued by SOCPA.

Tadawul