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Al Sagr Cooperative Insurance Company Announces Its Interim Financial Results For The Six Months Ended June 30, 2011 (Six Months)

1. Net profit for the second quarter ended June 30, 2011 is 8,697 thousand riyals, compared to 2,466 thousand riyals for the same quarter of previous year, an increase of 253% and compared to 1,735 thousand riyals for the previous quarter, an increase of 401%.

2. Insurance operations surplus, net of policyholders return on investments (the results of operations) during the second quarter ended June 30, 2011 is 10,253 thousand riyals, compared to 3,799 thousand riyals for the same quarter of previous year, an increase of 170%.

3. Total Gross Written Premiums (GWP) for the second quarter ended June 30, 2011, is 69,108 thousand riyals, compared to 56,248 thousand riyals for the same quarter of previous year, an increase of 23%. Total Net Written Premiums (NWP) for the second quarter ended June 30, 2011 is 54,993 thousand riyals, compared to 43,778 thousand riyals for the same quarter of previous year, an increase of 26%.

4. Net claims incurred for the second quarter ended June 30, 2011 is 25,149 thousand riyals, compared to 28,008 thousand riyals for the same quarter of previous year, a decrease of 10%.

5. Net profit for the investments of policyholders for the second quarter ended June 30, 2011 is 86 thousand riyals and there are no investments of policyholders during the first quarter of previous year. Net profit for the investment of shareholders funds during the second quarter ended June 30, 2011 is 1,053 thousand riyals, compared to 634 thousand riyals for the same quarter of previous year, an increase of 66%

6. Net profit for the six months period ended June 30, 2011 is 10,432 thousand riyals compared to 2,409 thousand riyals for the same period of previous year, an increase of 333%.

7. Earnings per share for the six months ended June 30, 2011 is 0.52 riyals compared to 0.12 riyals for the same period of previous year.

8. Insurance operations surplus, net of policyholders return on investments (the results of operations) for the six months period ended June 30, 2011 is 13,301 thousand riyals, compared to 5,419 thousand riyals for the same period of previous year, an increase of 145%.

9. Total Gross Written Premiums (GWP) for the six months period ended June 30, 2011, is 150,377 thousand riyals, compared to 136,171 thousand riyals for the same period of previous year, an increase of 10%. Total Net Written Premiums (NWP) for the six months period ended June 30, 2011 is 123,206 thousand riyals, compared to 107,342 thousand riyals for the same period of previous year, an increase of 15%.

10. Net claims incurred for the six months period is 50,286 thousand riyals, compared to 52,601 thousand riyals for the same period of previous year, a decrease of 4%.

11. Net profit for the investments of policyholders for the six months period is 116 thousand riyals and there are no investments of policyholders during the same period of previous year. Net profit for the investment of shareholders funds for the six months period is 1,480 thousand riyals, compared to 1,064 thousand riyals for the same period of previous year, an increase of 39%.

12. The reason for the increase in profit in the three months period compared to the same period of previous year is due to the increase in the net earned premiums by 27% accompanied by a decrease of net incurred claims of 10% and the improvement of Shareholders investments by 66%
The reason for the increase in profits for the six months period compared to the same period of previous year is due to the increase in net earned premiums by 29% and a decrease in net claims incurred by 4%, an increase of investment income for shareholders by 39%.

13. We draw the attention to the fact that these condensed interim financial statements are prepared in accordance with International Accounting standards 34- Interim Financial Reporting (IAS34) and not in accordance with standard on Interim financial reporting issued by SOCPA.

There has been a reclassification for some items for comparison purposes .

© Tadawul 2011