7.The net profit before tax for the six months period ended June 30, 2012 is 11,131 thousand riyals compared to a net loss before tax of 8,309 thousand for the same period of previous year. The net profit after tax for six months period ended June 30, 2012 is 5,296 thousand riyals compared to net loss after zakat of 11,031 thousand riyals for the same period of the previous year.
8.The surplus from insurance operations, net of return on investments of the policyholders (the results of operations) for the six month period ended is 8,128 thousand riyals compared to deficit of 7,606 thousand riyals for the same period of previous year.
9.The Gross Written Premiums (GWP) for the six month period is 244,094 thousand riyals compare to 221,503 thousand riyals for the same period of previous year with an increase of 10.2%. The Net Written Premiums (NWP) for the six month period ended is 193,726 thousand riyals compared to 186,627 thousand riyals for the same period of previous year with an increase of 3.8 %.
10. The net claims incurred for the six month period ended is 130,104 thousand riyals, compared to 148,935 thousand riyals for the same period of previous year, with a decrease of 12.6 %.
11.Investment income for policyholders during the six months ended is SR 819 thousand riyals. There are no comparatives with the same period of the previous year. The net income on shareholders investments for the six month period ended is 3,741 thousand riyals, compared to 884 thousand riyals for the same period of previous year with an increase of 323.19%.
12.The net profit after tax in the current quarter compared to loss in same quarter of the previous year is due to higher surplus from underwriting which increased by SR 9,518 compared to same quarter of the previous year. The Company posted a loss in previous quarter of the same year compared to profit in current quarter which was due to large loss in property insurance segment. The net profit after tax for six months period ended June 30, 2012 of 5,236 thousand riyals compared to loss of 11,633 during the same period of the previous year is mainly attributed to the fact that Company made underwriting surplus of 8,947 thousand riyals compared to deficit of 7,606 thousand riyals in the same period of the previous year. Investment income also contributed to the profit which increased by 2,857 thousand riyals.(CONTINUED)
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