ASHIELD Announces the Interim Financial Results

20/01/2013 08:32 AST

Arabian Shield Cooperative Insurance Company announces its Interim Financial Results for the period ending 31/12/2012 as follows:

1.The net profit before Zakat and Income Tax for the (fourth) quarter is 2,395 thousand Saudi Riyals compared to net profit of 6,375 thousand Saudi Riyals for the equivalent quarter from previous year decreased by 62.4 % and compared to net profit of 2,598 thousand Saudi Riyals for the previous quarter decreased by 7.8 %.

2.Surplus from insurance operations excluding investment income from policyholders investments portfolio for the (fourth) quarter is 1,924 thousand Saudi Riyals compared to 7,293 thousand Saudi Riyals for the equivalent quarter from previous year decreased by 73.6 %.

3.Total Gross written premiums (GWP) for the (fourth) quarter is 45,458 thousand Saudi Riyals compared to 46,529 thousand Saudi Riyals for the equivalent quarter from previous year decreased by 2.3 % and Net written premiums (NWP) for the (fourth) quarter is 34,865 thousand Saudi Riyals compared to 37,144 thousand Saudi Riyals for the equivalent quarter from previous year decreased by 6.1 %.

4.The net claims incurred for the (fourth) quarter is 51,901 thousand Saudi Riyals compared to 33,426 thousand Saudi Riyals equivalent quarter from previous year increased by 55.3 %.

5.The net investment income from Policyholders investments portfolio for the (fourth) quarter is 349 thousand Saudi Riyals compared to 138 thousand Saudi Riyals for the equivalent quarter from previous year increased by 152.7 %. The net investment income from Shareholders investment portfolio for the (fourth) quarter is 518 thousand Saudi Riyals compared to net income of 270 thousand Saudi Riyals for the equivalent quarter from previous year increased by 92 %.

6.The net profit before Zakat and Income Tax for the (twelve months) is 9,244 thousand Saudi Riyals compared to net profit of 16,409 thousand Saudi Riyals for the equivalent period from previous year decreased by 43.7 %.

7.Earnings per share for the (twelve months) are 0.46 Saudi Riyals compared to 0.82 Saudi Riyals for the equivalent period from previous year.

8.Surplus from insurance operations excluding investment income from policyholders investments portfolio for the (twelve months) is 7,229 thousand Saudi Riyals compared to 17,495 thousand Saudi Riyals for the equivalent period from previous year decreased by 58.7 %.

9.Total Gross written premiums (GWP) for the (twelve months) is 331.538 thousand Saudi Riyals compared to 274,237 thousand Saudi Riyals for the equivalent period from previous year increased by 20.9 % and Net written premiums (NWP) for the (twelve months) is 250,491 thousand Saudi Riyals compared to 185,142 thousand Saudi Riyals for the equivalent period from previous year increased by 35.3 %.

10.The net claims incurred for the (twelve months) is 181,497 thousand Saudi Riyals compared to 132,110 thousand Saudi Riyals for the equivalent period from previous year increased by 37.4 %.

11.The net investment income from Policyholders investments portfolio for the (twelve months) is 972 thousand Saudi Riyals compared to 447 thousand Saudi Riyals investment income for the equivalent period from previous year increased by 117.5 %. The net investment income from Shareholders investment portfolio for the (twelve months) is 2,758 thousand Saudi Riyals compared to net income of 1,726 thousand Saudi Riyals for the equivalent period from previous year increased by 59.8 %.

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