AXA Cooperative Insurance Company announces its interim financial results for three month and twelve month period ended 31/12/2012G which is as follows:
1.The net loss before zakat for the fourth quarter ended December 31, 2012 is 1,566 thousand riyals compared to net loss of 20,633 thousand riyals for the same quarter of the previous year, a decrease of 92.4%. Net profit during the previous quarter ended was 1,754 thousand riyals.
The net profit after zakat for the fourth quarter ended December 31, 2012 is 2,547 thousand riyals compared to net loss of SR 21,168 thousand riyals in the same quarter of the previous year. Net loss after zakat for the previous quarter ended September 30, 2012 was 1,141 thousand riyals.
2.The deficit from insurance operations, net of return on investments of the policyholders (the results of operations) for the fourth quarter is 2,439 thousand riyals, compared to deficit of 25,655 thousand riyals for the same quarter of the previous year, a decrease of 90.5%.
3.The Gross Written Premiums (GWP) for the fourth quarter is 91,052 thousand riyals compared to 83,075 for the same quarter of the previous year, an increase of 9.6%. The Net Written Premiums (NWP) for the fourth quarter is 73,850 thousand riyals compared to 64,507 thousand riyals for the same quarter of the previous year, an increase of 14.5%.
4. The net claims incurred for the fourth quarter is 71,010 thousand riyals compared to 71,716 thousand riyals for the same quarter of the previous year, a decrease of 0.98%.
5.The investment income for policyholders during the fourth quarter is 667 thousand riyals compared to investment income of 383 thousand riyals for the same quarter of the previous year, an increase of 74%. The net income on shareholders investments for the fourth quarter is 724 thousand riyals compared to 460 thousand riyals for the same quarter of the previous year a decrease of 57.4%.
6.The net profit before zakat for the current twelve month period ended December 31, 2012 is 10,302 thousand riyals compared to net loss before zakat of 12,703 thousand riyals for the same period of the previous year.
The net profit after zakat for the twelve month period ended December 31, 2012 is SR 5,685 thousand riyals. The net loss after zakat for the previous period ended was 16,044 thousand riyals. (Continue)
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