AXA Cooperative Insurance Company announces its preliminary financial results for three month and twelve month period ended December 31, 2011 which are as follows:
1.The net loss before zakat and tax for the fourth quarter ended December 31, 2011 is 13,571 thousand riyals compared to a net profit before zakat and tax of 15,291 thousand for the same quarter of the previous period and compared to a net loss before zakat and tax of 344 thousand for the previous quarter ended September 30, 2011 with loss increasing by 3,845.1%.The net loss after zakat and tax for the fourth quarter ended December 31, 2011 is 13,868 thousand riyals compared to a net profit after zakat and tax of 15,011 thousand for the same quarter of the previous period and compared to a net profit after zakat and tax of 685 thousand for the previous quarter ended September 30, 2011.
2.The deficit from insurance operations, net of return on investments of the policyholders (the results of operations) for the fourth quarter is 14,664 thousand riyals compared to surplus of 14,966 thousand riyals for the same quarter of previous year.
3.The Gross Written Premiums (GWP) for the fourth quarter is 83,075 thousand riyals compared to 74,073 thousand riyals for the same quarter of previous year with an increase of 12.2%. The Net Written Premiums (NWP) for the fourth quarter is 64,694 thousand riyals compared to 64,385 thousand riyals for the same quarter of previous year with an increase of 0.5 %.
4. The net claims incurred for the fourth quarter is 73,645 thousand riyals, compared to 44,823 thousand riyals for the same quarter of previous year with an increase of 64.3 %.
5.The investment income for policyholders during the fourth quarter is 388 thousand riyals. There are no comparatives with the same quarter of previous year. The net income on shareholders investments for the fourth quarter is 331 thousand riyals, compared to 690 thousand riyals for the same quarter of previous year with a decrease of 52 %.
6.The net loss before zakat and tax for the twelve month period ended December 31, 2011 is 22,224 thousand riyals compared to net profit before zakat and tax of 2,819 thousand for the previous twelve month period ended December 31, 2010. The net loss after zakat and tax for the twelve month period ended December 31, 2011 is 24,816 thousand riyals compared to net profit after zakat and tax of 767 thousand for the previous twelve month period ended December 31, 2010. (Continued)
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