AXA Cooperative Insurance Company announces the interim financial results for six month ended June 30, 2012 which are as follows:
1.The net profit before zakat and tax for the second quarter ended June 30, 2012 is 12,894 thousand riyals compared to a net profit before zakat and tax of 1,153 thousand riyals for the same quarter of the previous year an increase of 1018.3% and compared to a net loss before zakat and tax of 2,035 thousand riyals for the previous quarter ended March 31, 2012.
The net profit after zakat and tax for the second quarter ended June, 2012 is 9,054 thousand riyals compared to a net loss after zakat and tax of 929 thousand riyals for the same quarter of the previous period, and compared to a net loss after zakat and tax of 4,030 thousand riyals for the previous quarter ended March 31, 2012.
2.The surplus from insurance operations, net of return on investments of the policyholders (the results of operations) for the second quarter ended is 11,376 thousand riyals compared to surplus of 2,149 thousand riyals for the same quarter of previous year, an increase of 429.3%.
3.The Gross Written Premiums (GWP) for the second quarter ended is 106,945 thousand riyals compared to 96,859 thousand riyals for the same quarter of previous year with an increase of 10.4%. The Net Written Premiums (NWP) for the second quarter ended is 86,191 thousand riyals compared to 79,326 thousand riyals for the same quarter of previous year, with an increase of 8.6%.
4. The net claims incurred for the second quarter ended is 60,830 thousand riyals, compared to 70,915 thousand riyals for the same quarter of previous year, with a decrease of 14.22 %.
5.The investment income for policyholders during the second quarter ended is 291 thousand riyals. There are no comparatives with the same quarter of previous year. The net income on shareholders investments for the second quarter ended is 3,024 thousand riyals, compared to 568 thousand riyals for the same quarter of previous year with an increase of 432.39%.
6.Earnings per share for the Six month period ended, is 0.55 riyals compared to earnings per share of 0.415 for the same period of the previous year. (CONTINUED)
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