AXA Cooperative Insurance Company announces its interim financial results for three month period ended March 31, 2012 which are as follows:
1.The net loss before zakat and tax for the first quarter ended March 31, 2012 is 2,035 thousand riyals compared to a net loss before zakat and tax of 9,462 thousand riyals for the same quarter of the previous year a decrease of 78.5% and compared to a net loss before zakat and tax of 13,571 thousand riyals for the previous quarter ended December 31, 2011 with a decrease of 85.0%.
The net loss after zakat and tax for the first quarter ended March 31, 2012 is 4,030 thousand riyals compared to a net loss after zakat and tax of 10,102 thousand riyals for the same quarter of the previous period a decrease of 60.1%, and compared to a net loss after zakat and tax of 14,294 thousand riyals for the previous quarter ended December 31, 2011 with a decrease of 71.8%.
2.The deficit from insurance operations, net of return on investments of the policyholders (the results of operations) for the first quarter ended is 3,248 thousand riyals compared to deficit of 9,755 thousand riyals for the same quarter of previous year, a decrease of 66.7%.
3.The Gross Written Premiums (GWP) for the first quarter ended is 137,149 thousand riyals compared to 124,644 thousand riyals for the same quarter of previous year with an increase of 10.0%. The Net Written Premiums (NWP) for the first quarter ended is 107,535 thousand riyals compared to 107,301 thousand riyals for the same quarter of previous year with an increase of 0.2 %.
4. The net claims incurred for the first quarter ended is 69,274 thousand riyals, compared to 78,020 thousand riyals for the same quarter of previous year with a decrease of 11.2 %.
5.The investment income for policyholders during the first quarter ended is 528 thousand riyals. There are no comparatives with the same quarter of previous year. The net income on shareholders investments for the first quarter ended is 717 thousand riyals, compared to 316 thousand riyals for the same quarter of previous year with an increase of 126.9 %.
6.Loss per share for the three month period ended is 0.102 riyals compared to loss per share of 0.473 for the same quarter of the previous year. (Continued)
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