Saudi Arabian Cooperative Insurance Company announces the interim financial results for the period ended at 31/12/2011 (Twelve Months) Saudi Arabian Cooperative Insurance Company announces the interim financial results for the period ended at 31/12/2011 (Twelve Months).
Saudi Arabian Cooperative Insurance Company (SAICO) announces the interim financial results for the period ended at 31/12/2011 as follows
1.The company's net profit before zakat during the 4Q2011 was SR 6,379 thousand compared to a net loss before zakat of SR 18,550 thousand for the same quarter of previous year compared to net profit before zakat of SR 3,051 thousand for the previous quarter with an increase of 109.08%.
The company's net profit after zakat during the 4Q2011 was SR 5,475 thousand compared to a net loss after zakat of SR 18,721 thousand for the same quarter of previous year compared to net profit after zakat of SR 2,657 thousand for the previous quarter with an increase of 106.06%.
2.The company's net surplus from insurance operatios without return on investments for policyholders during the 4Q2011 was SR 6,808 thousand compared to SR 19,317 thousand deficit for the same quarter last year.
3.The company's gross written premiums (GWP) during the 4Q2011 was SR 111,089 thousand compared to SR 123,437 thousand for the same quarter last year with a decrease of 10%, and The net written premiums (NWP) during the 4Q2011 was SR 57,960 thousand compared to SR 75,676 thousand for the same quarter last year with a decrease of 23.41%.
4.The company's net claims incurred during the 4Q2011 was SR 57,271 thousand compared to SR 79,199 thousand for the same quarter last year with a decrease of 27.69%
5.The insurance operations net investment income during the 4Q2011 was 36 thousand while there was no investment income for the same quarter last year and the shareholders investment income during the 4Q2011 was SR 67 thousand compared to SR 60 thousand for the same quarter last year with an increase of 11.67%.
6.The company's net loss before zakat during the (twelve months) was SR 6,082 thousand compared to a net loss before zakat of SR 7,713 thousand for the same period last year with a decrease of 21.15%.
The company's net loss after zakat during the (twelve months) was SR 7,759 thousand compared to a net loss after zakat of SR 9,385 thousand for the same period last year with a decrease of 17.33%
7.The company's Loss per share during the (twelve months) was SR 0.78 compared to losses per share SR 0.94 for the same period last year.
8.The company's net deficit from insurance operations without return on investments for policyholders during the (twelve months) was SR 5,376 thousand compared to SR 7,097 thousand deficits for the same period last year with a decrease of 24.25%.
9.The company's gross written premiums (GWP) during the (twelve months) was SR 548,444 thousand compared to SR 552,694 thousand for the same period last year with a decrease of 0.77%, and The net written premiums (NWP) during the (twelve months) was SR 302,306 thousand compared to SR 311,713 thousand for the same period last year with a decrease of 3.02%.
10.The company's net claims incurred during the (twelve months) was SR 257,873 thousand compared to SR 167,131 thousand for the same period last year with an increase of 54.29%.
11.The insurance operations net investment income during the (twelve months) was SR 76.4 thousand while there was no investment income for the same period last year and the shareholders investment income during the (twelve months) was SR 200 thousand compared to SR 228 thousand for the same period last year with a decrease of 12.28%.
12.The reason for increase in profit of the fourth quarter of 2011 compared to the same quarter last year was mainly due to decrease in claims ratio.
The improved result for 4Q2011 versus previous quarter in 2011 was due to reduction in the provision for doubtful debts.
The reason for decrease for losses compare with the previous twelve months was mainly due to increase in the difference between collected reinsurance commission and the paid insurance commission.
13.The company's external auditor's emphasis the following matters in their report for the 4Q2011:
a. The company's interim condensed financial statement are prepared in accordance with IAS 34 and not in accordance with the standard on Interim Financial Reporting issued by SaudiOrganizationforCertifiedPublicAccountant.
b. The company started its commercial operation effective 08/25/2009 and has entered into an agreement to transfer the insurance portfolio of Saudi Arabian Insurance Company B.S.C (C) to the company starting from 01/01/2009, as the portfolio transfer has not finalized yet therefore the impact has not been reflected in the financial statements.
