Al Rajhi Takaful swings into profit in Q3

24/10/2012 10:28 AST

Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) recorded a net profit before Zakat of SAR 3,994 thousand for the 3rd quarter of 2012, compared to a net loss before Zakat of SAR 18,364 thousand for the corresponding quarter of 2011, and compared to net loss before Zakat of SAR 6,031 thousand for the previous quarter of 2012.

The Net profit after Zakat is SAR 3,294 thousand for the 3rd quarter compared to a net loss after Zakat SAR 18,364 thousand for the corresponding quarter of previous year and compared to net loss after Zakat SAR 6,141 thousand for the previous quarter 2012.

Net surplus from insurance operations excluding the income from investment of policyholders funds (operating results) during the 3rd quarter is SAR 24,032 thousand, compared to net surplus SAR 3,120 thousand for the corresponding quarter of the previous year, increased by 670 per cent.

Gross written premium (GWP) for the 3rd quarter is SAR 130,050 thousand, compared to SAR 107,504 thousand for the corresponding quarter of the previous year , increased by 21 per cent,. Net written premium (NWP) during the 3rd quarter is SAR 113,044 thousand, compared to SAR 82,379 thousand for the corresponding quarter of the previous year increased by 37 per cent.

Net claims incurred for the 3rd quarter is SAR 77,890 thousand, compared to SAR 67,115 thousand for the corresponding quarter of the previous year, increased by 16 per cent.

Net income from investment of policyholders funds during the 3rd quarter is SAR 17 thousand, compared to SAR 145 thousand for the corresponding quarter of the previous year , decreased by 88 per cent. Net income from investment of shareholders funds during the 3rd quarter is SAR 2,181 thousand, compared to net loss of Investment SAR 115 thousand for the corresponding quarter of the previous year.

Net loss for nine months periods before Zakat is SAR 1,333 thousand compared to net loss before Zakat SAR 37,099 thousand for the corresponding period of the previous year, decreased by 96 per cent. Net loss after Zakat for nine months periods is SAR 2,054 thousand compared to net loss after Zakat SAR 38,029 thousand for the corresponding period of the previous year, decreased by 95 per cent.

Loss per share during nine months period is SAR 0.10, compared to loss per share SAR 1.90 for the corresponding period of the previous year, decreased by 95 per cent. Net surplus from insurance operations excluding the income from investment of policyholders funds (operating results) for nine months period is SAR 50,991 thousand, compared to SAR 25,271 thousand for the corresponding period of the previous year, increased by 102 per cent.

Gross written premium (GWP) for Nine months period is SAR 450,721 thousand, compared to SAR 363,665 thousand for the corresponding period of the previous year, an increase of 24 per cent. Net written premium (NWP) during nine months period is SAR 321,838 thousand, compared to SAR 245,936 thousand for the corresponding period of the previous year, increased by 31 per cent.

Net claims incurred for nine months period is SAR 234,724 thousand, compared to SAR 146,947 thousand for the corresponding period of the previous year, increased by 60 per cent.

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