Jul 20 2011 |
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The Saudi United Cooperative Insurance Company (Walaa) announces its interim financial results for the period ended on June 30, 2011 (Six Months)
The Saudi United Cooperative Insurance Company ( Walaa ) announces its interim financial results for the period ended on June 30, 2011 as follows:1.Net loss of SR 10,167 thousand for the quarter ended 30 June 2011, an increase of 402%, compared to a net loss of SR 2,024 thousand for the corresponding quarter of the previous year, and a net profit of SR 637 thousand for the previous quarter of 2011.
2.Net deficit from insurance operations before considering the income from investment of policyholders funds (operating results) during the second quarter is SR 9,955 thousand, an increase of 426%, compared to a net deficit of SR 1,892 thousand for the corresponding quarter of the previous year.
3.Gross written premium (GWP) for the second quarter is SR 73,338 thousand, an increase of 40%, compared to SR 52,257 thousand for the corresponding quarter of the previous year. Net written premium (NWP) during the second quarter is SR 31,370 thousand, a decrease of 7% compared to SR 33,582 thousand for the corresponding quarter of the previous year.
4.Net incurred claims for the second quarter is SR 32,166 thousand, an increase of 109%, compared to SR 15,374 thousand for the corresponding quarter of the previous year.
5.Income from investment of policyholders funds during the second quarter is SR 92 thousand, an increase of 53%, compared to SR 60 thousand for the corresponding quarter of the previous year. Income from investment of shareholders funds during the second quarter is SR 205 thousand, a decrease of 12% compared to SR 233 thousand for the corresponding quarter of the previous year.
6.Net loss for the six month period is SR 9,436 thousand, an increase of 48%, compared to SR 6,377 thousand for the same period of the previous year.
7.Loss per share during the six month period is SR 0.47, compared to a loss of SR 0.32 for the same period of the previous year.
8.Net deficit from insurance operations before considering the income from investment of policyholders funds (operating results) during the six months is SR 9,105 thousand, an increase of 48%, compared to the deficit of SR 6,168 thousand for the same period of the previous year. (to be continued)
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