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) (continuation)
9.Gross written premium (GWP) for the six month period is SR 136,055 thousand, an increase of 31%, compared to SR 104,131 thousand for the same period of the previous year. Net written premium (NWP) for the six month period is SR 69,643 thousand, an increase of 8%, compared to SR 64,387 thousand for the same period of the previous year.10. Net incurred claims during the six month period are SR 59,279 thousand, an increase of 111%, compared to SR 28,140 thousand for the same period of the previous year.
11.Income from investment of policyholders funds during the six month period is SR 175 thousand, an increase of 48%, compared to SR 118 thousand for the corresponding period of the previous year. Income from investment of shareholders funds during the six month period is SR 452 thousand, a decrease of 3%, compared to SR 466 thousand for the same period of the previous year.
12. The net loss during the second quarter compared to the profit of the previous quarter is due to reduction in net earned premium, increase in net claims incurred and the increase in provision for doubtful debts as the company extends credit facility to its customers and provision is required to be made as per SAMA circular dated 07/08/1431. The increase in net loss during the six month period compared to the same period of the previous year is due to increase of net claims incurred.
13.The external auditors issued their report with emphasis of matter stating: We draw attention to the fact that these interim financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and not in accordance with the Standard on Interim Financial Reporting issued by SOCPA.
The company hereby confirms that there are no material changes in the financial results due to the change of standards.
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