AXA Cooperative Insurance Company announces its financial results for year ended 31/12/2012G which is as follows:
1.The net profit before zakat is 10,302 thousand riyals compared to net loss before zakat of 12,703 thousand riyals for the previous year.
The net profit after zakat is 5,685 thousand riyals compared to loss after zakat of SR 16,044 thousand riyals for the previous year.
2.Earnings per share are 0.515 compared to loss per share of 0.635 in the previous year.
3.The surplus from insurance operations, net of return on investments of the policyholders (the results of operations) is 3,952 thousand riyals compared to deficit of 15,296 thousand riyals for the previous year.
4.The Gross Written Premiums (GWP) is 460,486 thousand riyals compared to 427,790 thousand riyals for the previous year, an increase of 7.6%. The Net Written Premiums (NWP) is 364,119 thousand riyals compared to 353,928 thousand riyals for the previous year, an increase of 2.9%.
5. The net claims incurred are 267,679 thousand riyals compared to 273,683 thousand riyals for the previous year, a decrease of 2.19%.
6.The investment income for policyholders is 1,620 thousand riyals compared to 1,055 thousand riyals previous year, an increase of 53.5%. The net income on shareholders investments is 6,665 thousand riyals compared to 1,978 thousand riyals for the previous year, an increase of 236.9%.
7.The Company has made profit during the year compared to a loss in the previous year which is mainly due to improved loss ratio, lower administrative expenses, lower acquisition costs and higher investment income.
8.Emphasis of matter para in auditors report:
i.Attention is drawn to note 2 of the financial statements:
The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and not in accordance with standards issued by the Saudi Organization for Certified Accountants and the Company stresses that there is no material financial impact on the financial statements as a result of preparation, in accordance with IFRS.
9.Certain figures have been reclassified during the year.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.