AXA Cooperative Insurance Company announces its preliminary financial results for three month period ended 31/03/2013G which is as follows:
1.The net profit before zakat and tax for the first quarter ended March 31, 2013 is 4,935 thousand riyals compared to net loss of 3,830 thousand riyals for the same quarter of the previous year. Net loss during the previous quarter ended was 1,566 thousand riyals.
The net profit after zakat and tax for the first quarter ended March 31, 2013 is 3,379 thousand riyals compared to net loss of SR 5,825 thousand riyals in the same quarter of the previous year. Net loss after zakat and tax for the previous quarter ended was 2,547 thousand riyals.
2.The surplus from insurance operations, net of return on investments of the policyholders (the results of operations) for the first quarter is 2,944 thousand riyals, compared to deficit of 5,214 thousand riyals for the same quarter of the previous year.
3.The Gross Written Premiums (GWP) for the first quarter is 270,345 thousand riyals compared to 137,149 for the same quarter of the previous year, an increase of 97.2%. The Net Written Premiums (NWP) for the first quarter is 241,230 thousand riyals compared to 107,535 thousand riyals for the same quarter of the previous year, an increase of 124.4%.
4. The net claims incurred for the first quarter is 123,649 thousand riyals compared to 71,239 thousand riyals for the same quarter of the previous year, an increase of 73.6%.
5.The investment income for policyholders during the first quarter is 724 thousand riyals compared to investment income of 528 thousand riyals for the same quarter of the previous year, an increase of 37.2%. The net income on shareholders investments for the first quarter is 1,666 thousand riyals compared to 888 thousand riyals for the same quarter of the previous year a increase of 87.7%.
6.Earnings per share for the three month period ended March 31, 2013 is 0.25 riyals compared to loss per share of 0.19 riyals for the same quarter of the previous year. (Continue)
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.