ARCCI Announces the Interim Financial Results

20/01/2013 08:40 AST

Al Rajhi Company for Cooperative Insurance (ARCCI) announces its interim financial results for the period ended 31/12/2012 (Twelve Months) as follows:

1. The Net profit before Zakat is SR 2,118 thousand for the 4th quarter compared to a net profit before Zakat of SR 5,125 thousand for the corresponding quarter of previous year, decreased by 58.7 %. and compared to net profit before Zakat of SR 3,994 thousand for the previous quarter 2012, decreased by 47 %. The Net profit after Zakat is SR 1,477 thousand for the 4th quarter compared to a net profit after Zakat SR 5,125 thousand for the corresponding quarter of previous year, decreased by 71.2 %. and compared to net profit after Zakat SR 3,294 thousand for the previous quarter 2012, decreased by 55.2 %.

2. The surplus from insurance operations excluding the income from investment of policyholders funds (operating results) during the 4th quarter is SR 20,720 thousand, compared to surplus SR 29,665 thousand for the corresponding quarter of the previous year, decreased by 30.2 %.

3.Gross written premium (GWP) for the 4th quarter is SR 150,143 thousand, compared to SR 129,679 thousand for the corresponding quarter of the previous year , increased by 15.8 %,. Net written premium (NWP) during the 4th quarter is SR 124,465 thousand, compared to SR 98,869 thousand for the corresponding quarter of the previous year increased by 25.9 %.

4.Net claims incurred for the 4th quarter is SR 81,417 thousand, compared to SR 44,776 thousand for the corresponding quarter of the previous year, increased by 81.8 %.

5.Net income from investment of policyholders funds during the 4th quarter is SR 146 thousand, compared to SR 137 thousand for the corresponding quarter of the previous year , increased by 6.6 %. Net income from investment of shareholders funds during the 4th quarter is SR 1,869 thousand, compared to SR 2,334 thousand for the corresponding quarter of the previous year, decreased by 20 %.

6. Net profit for twelve months period before Zakat is SR 785 thousand compared to net loss before Zakat SR 31,975 thousand for the corresponding period of the previous year. Net loss after Zakat for twelve months periods is SR 577 thousand compared to net loss after Zakat SR 32,905 thousand for the corresponding period of the previous year, decreased by 98.3 %.

7.Loss per share during twelve months period is SR 0.03, compared to loss per share SR 1.65 for the corresponding period of the previous year.

8.The surplus from insurance operations excluding the income from investment of policyholders funds (operating results) for twelve months period is SR 71,711 thousand, compared to SR 54,935 thousand for the corresponding period of the previous year, increased by 30.5 %.

9.Gross written premium (GWP) for Twelve months period is SR 600,864 thousand, compared to SR 493,344 thousand for the corresponding period of the previous year, an increase of 21.8 %. Net written premium (NWP) during twelve months period is SR 446,303 thousand, compared to SR 344,805 thousand for the corresponding period of the previous year, increased by 29.4 %.

10.Net claims incurred for twelve months period is SR 316,141 thousand, compared to SR 191,724 thousand for the corresponding period of the previous year, increased by 64.9 %.

11.Net income from investment of policyholders funds during twelve months period is SR 670 thousand, compared to SR 365 thousand for the corresponding period of the previous year, increased by 83.6 %.

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