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2015-06-08 (1436-08-21 )      15:44:31


SAUDI ARABIAN COOPERATIVE INSURANCE COMPANY (SAICO)  announces the beginning of the first subscription period and tradable rights trading which starts Tuesday 09/06/2015 and ends on Thursday 18/06/2015.

Saudi Arabian Cooperative Insurance Company announces the interim financial results for the period ending on 31-12-2014 (Twelve Months)

Element

Current quarter

Similar quarter for previous year

% Change Current

Previous quarter

% Change Previous

Net profit (loss) before Zakat

2,565

-8,526

-

9,898

-74.09

Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)

2,788

-8,779

-

10,984

-74.62

Gross written premiums (GWP)

157,056

106,767

47.10

224,597

-30.07

Net written premiums (NWP)

117,443

67,362

74.35

165,107

-28.87

Net incurred claims

117,968

84,136

40.21

75,275

56.72

Net profit (loss) of policy holders investment

270

205

31.71

289

-6.57

Net profit (loss) of shareholders capital investment

92

138

-33.33

74

24.32

 

Element

Current period

similar period for previous year

% Change

Net profit (loss) before Zakat

20,222

-25,785

-

Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)

22,243

-26,665

-

Gross written premiums (GWP)

803,729

623,950

28.81

Net written premiums (NWP)

545,242

376,335

44.88

Net incurred claims

359,487

311,707

15.33

Net profit (loss) of policy holders investment

1,108

705

57.16

Net profit (loss) of shareholders capital investment

363

617

41.17

Earning or loss per share, Riyals

1.82

-2.70

-

 

All figures are in (Thousands) Saudi Arabia, Riyals

 

 

Element

Explanation

Reasons of increase (decrease) for the quarter compared with same quarter last year

The reason for the profit during the fourth quarter compared to the losses for the same quarter last year was due to an increase in net earned premiums by 56% and an increase in commission income by 32%., despite the increase in net claims incurred by 40% and an increase in policy acquisition costs by 28% also an increase in general and administration expenses by 14%.

Reasons of increase (decrease) for the period compared with same period last year

The reason for the profit during the twelve months compared to the losses for the same period last year was due to an increase in net earned premiums by 31%, an increase in other income by 67% also an increase in special commission income by 57% and a decrease in general and administrative expenses by 10%., despite the increase in net claims incurred by 15% and an increase in policy acquisition costs by 8% also an increase in provision of doubtful debts.

Reasons of increase (decrease) for the quarter compared with the previous quarter

The reason of decrease in profit during the fourth quarter compared to the previous quarter in 2014 was due to an increase in net claims incurred by 57% and an increase in general and administration expenses by 14% and an increase in provision for doubtful debts by 67%., despite the increase in net earned premiums by 33% and an increase in commission income by 9%

External auditor's report containing reservation

The company's external auditor's emphasis the following matters in their report for the fourth quarter 2014:

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 Saudi Organization for Certified Public Accountant. The company management emphasizes there will not be any material differences therein.

b. The company’s interim condensed financial statements discloses the Company’s Board of Directors recommendation in their meeting held on 23 June 2014 to increase the authorized share capital from Saudi Riyals 100 million to Saudi Riyals 250 million through a rights issue of Saudi Riyals 150 million. The Company's application to the Capital Market Authority (CMA) for the Rights Issue Prospectus was approved on 26 November 2014 by CMA.

Other notes

Earning per share after zakat

Saudi Arabian Cooperative Insurance Company (SAICO) announces the interim financial results for the period ended 30/09/2014 (nine months)

Saudi Arabian Cooperative Insurance Company (SAICO) announces the interim financial results for the period ended 30 / 09 / 2014 as follows:

1. The Net profit before Zakat during the third quarter was  SR 9,898 thousand compared to the net losses before Zakat of  SR 9,786  thousand for the same quarter last year, and compared to the net profit before Zakat of  SR 4,568 thousand  for the previous quarter in 2014, with an increase of 116.68%.

2. The net surplus from insurance operations, before policy holder’s investment income during the third quarter was SR 10,984 thousand, compared to a SR 10,042 thousand deficit for the same quarter last year.

3. The gross written premiums (GWP) during the third quarter were SR 224,597 thousand, compared to SR 133,393 thousand for the same quarter last year, with an increase of 68.37%. And the net written premiums (NWP) during the third quarter were SR 165,107 thousand compared to SR 97,620 thousand for the same quarter last year, with an increase of 69.13%.

4. The Net claims incurred during the third quarter were SR 75,275 thousand compared to SR 83,031 thousand for the same quarter last year, with a decrease of 9.34%.

5. The Net investment  income from the policyholders operations during  the third quarter  was SR 289 thousand compared to a net investment income of SR 160 thousand for the same quarter last year, with an increase of 80.63%. The Net investment income of shareholders during the third quarter was SR 74 thousand compared to the net investment income of SR 156 thousand  for the same quarter last year, with a decrease of 52.56%.

6. The Net profit before Zakat during the nine months was SR 17,657 thousand compared to the net losses before Zakat of SR 17,259 thousand for the same period the last year.

7. The earning per share during the nine months were SR 1.63 compared to the losses per share of SR 1.85 for the same period last year.

8. The net surplus from insurance operations, before policyholder’s investment income during the nine months was SR 19,455 thousand, compared to a SR 17,885 thousand deficit for the same period last year. (To be continued)

Saudi Arabian Cooperative Insurance Company (SAICO) announces the interim financial results for the period ended 30/09/2014 (nine months) (continue)

9. The gross written premiums (GWP) during the nine months were SR 646,674 thousand, compared to SR 517,183 thousand for the same period last year, with an increase of 25.04%. And the net written premiums (NWP) during the nine months were SR 427,799 thousand compared to SR 308,973 thousand for the same period last year, with an increase of 38.46 %.

10. The Net claims incurred during the nine months were SR 241,519 thousand compared to SR 227,572 thousand for the same period last year, with an increase of 6.13%.

11. The Net investments income from the policyholders operations during  the nine months was SR 838 thousand compared to a net investment income of SR 499 thousand for the same period last year, with an increase of 67.94%. The Net investment income of shareholders during the nine months was SR 271 thousand compared to the net investment income of SR 479 thousand for the same period last year, with a decrease of 43.42%.

12. The reason for the profit during the third quarter compared to the losses for the same quarter last year was due to an increase in net earned premiums and a decrease in general and administrative expenses and a decrease in net claims incurred.

13. The reason for the profit during the nine months compared to the losses for the same period last year was due to an increase in net earned premiums, other income and special commission income and a decrease in general and administrative expenses.

14. The reason of increase in profit during the third quarter compared to the previous quarter in 2014 was due to an increase in net earned premiums and an increase in commission income and a decrease in net claims incurred.

15. The company's external auditor's emphasis the following matters in their report for the third quarter 2014:

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 Saudi Organization for Certified Public Accountant. The company management emphasizes there will not be any material differences therein.

b. The company’s interim condensed financial statements discloses the Company’s Board of Directors recommendation in their meeting held on 23 June 2014 to increase the authorized share capital from Saudi Riyals 100 million to Saudi Riyals 250 million through a rights issue of Saudi Riyals 150 million. The Company's application to the Capital Market Authority (CMA) for approval of the Rights Issue Prospectus has been made and is currently under review by the CMA.

SAUDI ARABIAN COOPERATIVE INSURANCE COMPANY ANNOUNCES THE RESULTS OF SHAREHOLDER ORDINARY GENERAL ASSEMBLY MEETING (SECOND TIME)

2014-06-24 (1435-08-26 )      08:15:53

Saudi Arabian Cooperative Insurance Company has announced that the company held its Ordinary general assembly meeting (Second Time) in the Prince Salman Social Center in Riyadh on 23-06-2014 corresponding to 25-08-1435 at 16:00. All resolutions of the meeting are as follows:

1. What was approved was report of Board of Directors for the year that ended on 31/12/2013.

2. What was approved of the auditors' report, the balance sheet, profit and loss for the year that ended on 12/31/2103.

3. Approved to Discharge of the members of the Board of Directors for their actions during the year that ended on 31/12/2013.

4. Approved the appointment of auditors :

A-PricewaterhouseCoopers
B-Deloitte & Touche Bakr Abulkhair & Co

From among the candidates by the audit committee to review the company's accounts for the year of 2014 and quarterly financial statements and annual and approved of their fees.

5. Cancel the bonuses specific to Article No. (17) Which the total amount of SR. 180,000 (one hundred eighty thousand riyals) for the chairman and SR. 120,000 (one hundred and twenty thousand riyals) for the members of the Board of Directors, in year 2013, approval of the General Assembly.

6. Approved the recommendation of the Board of Directors on the agency agreement with ACE Insurance Agencies Ltd. and ACE Insurance Brokers Co., Ltd., which owns two the Chairman of 10% of the shares for each.

7. Approved the recommendation of the Board of Directors to add some articles to the conflicts of interest of the corporate governance of the company that comply with the rules issued by the Capital Market Authority.

SAUDI ARABIAN COOPERATIVE INSURANCE COMPANY INVITES ITS SHAREHOLDERS TO ATTEND THE ORDINARY GENERAL ASSEMBLY (SECOND MEETING).

2014-06-16 (1435-08-18 )      15:56:50

Saudi Arabian Cooperative Insurance Company is pleased to invite its shareholders attend Ordinary general assembly (Second Meeting) to be held in the Riyadh - Prince Salman Social Center on 23-06-2014 corresponding to 25-08-1435 at 16:00 to consider the following agenda:

1. Approval of Board of Directors report for the year that ended on 31/12/2013.

2. Approval of the auditors' report, the balance sheet, profit and loss for the year that ended on 12/31/2103.

3. Discharge of the members of the Board of Directors for their actions during the year that ended on 31/12/2013.

4. Approve the appointment of auditors from among the candidates by the audit committee to review the company's accounts for the year of 2014 and quarterly financial statements and annual and fix their fees.

5. Approve the bonuses specific to Article No. (17) Which the total amount of SR. 180,000 (one hundred eighty thousand riyals) for the chairman and SR. 120,000 (one hundred and twenty thousand riyals) for the members of the Board of Directors, in year 2013.

6. Approve the recommendation of the Board of Directors on the agency agreement with ACE Insurance Agencies Ltd. and ACE Insurance Brokers Co., Ltd., which owns two the Chairman of 10% of the shares for each.

7. Approve the recommendation of the Board of Directors to add some articles to the conflicts of interest of the corporate governance of the company that comply with the rules issued by the Capital Market Authority.

Note note that he is meeting for the second time valid irrespective of the number of shares represented meeting. Each shareholder owning 20 or more shall have the right to attend the general assembly meeting whether in person or by proxy, subject to presentation of corroborating evidence or a written power of attorney endorsed by the chamber of commerce authorizing another shareholder, other than the member of the board of directors or employees of the company, to attend the general assembly meeting on their behalf and it should be sent to fax number:011-4751197 and delivered to the company prior 3 day of the meeting.
Contact details : phone number:011-8749666

SAUDI ARABIAN COOPERATIVE INSURANCE COMPANY ANNOUNCES NON-CONVENING ITS ORDINARY GENERAL ASSEMBLY.

2014-06-12 (1435-08-14 )      08:06:59

Saudi Arabian Cooperative Insurance Company announces that it's Ordinary general assembly meeting was not convened due to lack of quorum, which was scheduled to be held on 11-06-2014 Prince Salman Social Center-Riyadh. based on that the assembly will be determined later by the company after obtaining the regulatory approvals.

SAUDI ARABIAN COOPERATIVE INSURANCE COMPANY ANNOUNCES SAMA'S TEMPORARY APPROVAL FOR ITS INSURANCE PRODUCTS.

2014-06-01 (1435-08-03 )      09:08:06

Saudi Arabian Cooperative Insurance Company announces obtaining on 01-06-2014 corresponding to 03-08-1435 the Saudi Arabian Monetary Agency (SAMA) letter No. 351000099068 dated 29-05-2014 corresponding to 30-07-1435 containing SAMA's temporary approval to use of insurance products for 6 Months for sale number (25) insurance product

The product details are as follows:

1 . Lock all the dangers of property
2 . Personal Accident Insurance - Individuals
3 . Fire insurance
4 . Securing the fire and the dangers attendant
5 . Personal Accident Insurance groups
6 . Public Liability Insurance
7 . Liability insurance of goods
8 . Insurance dishonesty / latencies and damage caused by crime
9 . Secure transfer of funds armored car
10 . Comprehensive liability insurance
11 . Secure server overall
12 - Professional Liability Insurance
13 . Liability Insurance managers and staff
14 . Business interruption insurance
15 . Diversified Insurance
16 . Comprehensive insurance for homes
17 . Contractors Liability Insurance
18 . Comprehensive insurance for construction work
19 . Secure factories and mechanisms Contractors
20 . Securing pressure boilers
21 . Insurance damage machines
22 . Securing the dangers of cold storage
23 . Secure electronic equipment
24 . Personal Accident Insurance Groups health insurance
25 . Extra insurance Personal Accident

SAUDI ARABIAN COOPERATIVE INSURANCE COMPANY INVITES ITS SHAREHOLDERS TO ATTEND THE ORDINARY GENERAL ASSEMBLY MEETING.

2014-05-15 (1435-07-16 )      15:53:18

The board of directors of Saudi Arabian Cooperative Insurance Company is pleased to invite its shareholders owning 20 shares or more to attend Ordinary general assembly Meeting to be held in the Riyadh - Prince Salman Social Center on 11-06-2014 corresponding to 13-08-1435 at 16:00 to consider the following agenda:

1. Approval of Board of Directors report for the year that ended on 31/12/2013.
2. Approval of the auditors' report, the balance sheet, profit and loss for the year that ended on 12/31/2103.
3. Discharge of the members of the Board of Directors for their actions during the year that ended on 31/12/2013. 4. Approve the appointment of auditors from among the candidates by the audit committee to review the company's accounts for the year of 2014 and quarterly financial statements and annual and fix their fees.
5. Approve the bonuses specific to Article No. (17) Which the total amount of SR. 180,000 (one hundred eighty thousand riyals) for the chairman and SR. 120,000 (one hundred and twenty thousand riyals) for the members of the Board of Directors, in year 2013.
6. Approve the recommendation of the Board of Directors on the agency agreement with ACE Insurance Agencies Ltd. and ACE Insurance Brokers Co., Ltd., which owns two the Chairman of 10% of the shares for each.
7. Approve the recommendation of the Board of Directors to add some articles to the conflicts of interest of the corporate governance of the company that comply with the rules issued by the Capital Market Authority.
The quorum necessary for the meeting to be in session should be attended by the shareholders representing 50% of the company's capital. Each shareholder owning 20 or more shall have the right to attend the general assembly meeting whether in person or by proxy, subject to presentation of corroborating evidence or a written power of attorney endorsed by the chamber of commerce authorizing another shareholder, other than the member of the board of directors or employees of the company, to attend the general assembly meeting on their behalf and it should be sent to fax number:011-4751197 and delivered to the company prior 3 day of the meeting.
Contact details : phone number:011-8749666

SAUDI ARABIAN COOPERATIVE INSURANCE COMPANY ANNOUNCES SAMA'S TEMPORARY APPROVAL FOR ITS INSURANCE PRODUCTS.

2014-05-01 (1435-07-02 )      16:10:26 

Saudi Arabian Cooperative Insurance Company announces obtaining on 01-05-2014 corresponding to 02-07-1435 the Saudi Arabian Monetary Agency (SAMA) letter No. 351000085592 dated 01-05-2014 corresponding to 02-07-1435 containing SAMA's temporary approval to use of insurance products for 4 Months up to 31/08/2014 for the following products : Renewal of temporary approvals for M

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