ACIG announces the annual financial results for 12 month period

26/02/2013 08:42 AST

Allied Cooperative Insurance Group (ACIG) announces the annual financial results for the year ended 31/12/2012 as follows

1)Net loss before zakat 23,215 thousand riyals, compared to 9,950 thousand riyals for the previous year, an increase 133%.

2)Loss per share is 1.33 riyals compared to 0.99 riyals for the previous year , this is after zakat

3)Deficit of insurance operations after deducting the investments of the policyholders (the results of operations) is 22,373 thousand riyals, compared to 9,521 thousand riyals for the previous year an increase 135%.

4)Total gross written premiums (GWP) during the year is 186,821 thousand riyals, compared to 168,391 thousand riyals for the previous year, an increase of 11%. Net written premiums (NWP) during the year is 150,009 thousand riyals, compared to 140,565 thousand riyals for the previous year, an increase of 7%.

5)Net claims incurred during the year are 100,522 thousand riyals, compared to 75,148 thousand riyals for the previous year, an increase of 34%.

6)There is no income of investment of the policyholders during the year, compared to 54 thousand riyals for the previous year a decrease 100%.there is no profits of investments funds of the shareholders within the year compared to 37 thousand riyals for the last year, a decrease of 100%.

7)Increasing loss during the current period comparing to same period of the previous year due to increase in net claims incurred, where it is 100,522 thousand riyals during the current period compared 75,148 thousand riyals for the same period of the previous year 8)The external auditor issued his report with a Explanatory Paragraphs , We draw attention to the fact that these interim condensed financial statements are prepared in accordance with International Financial Reporting Standards and not in accordance with the accounting standards generally accepted in the Kingdom of Saudi Arabia

9)There is classification in some items

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