Oct 18 2011 |
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Arabia Insurance Cooperative Company announces the interim financial results for the period ended on 30/09/2011 (Nine Months).
Arabia Insurance Cooperative Company announces the interim financial results for the period ended 30/09/2011 as follows:1. Net income during the third quarter is 3,799 thousand riyals, compared to net income of 2,421 thousand riyals for the same quarter of previous year, an increase of 56.92 % and compared to net income of 5,254 thousand riyals for the previous quarter, a decrease of 27.70 %.
2. Surplus of insurance operations, net of policyholders return on investments (the results of operations) during the third quarter is 4,105 thousand riyals, compared to 1,770 thousand riyals for the corresponding quarter of previous year, an increase of 131.92 %.
3. Gross written premiums (GWP) in the third quarter is 181,987 thousand riyals, compared to 173,259 thousand riyals for the corresponding quarter of last year, an increase of 5%. And net written premiums (NWP) during the third quarter is 93,677 thousand riyals, compared to 90,109 thousand riyals for the corresponding quarter of last year, an increase of 3.95%.
4. Net claims incurred during the third quarter is 50,665 thousand riyals, compared to 40,298 thousand riyals for the corresponding quarter of last year, an increase of 25.70%.
5. Return on investment of policyholders during the third quarter is 494 thousand riyals compared to 38 thousand riyals for the same quarter of previous year, an increase of 1200 %. Net return on shareholders funds during the third quarter is 774 thousand riyals, compared to 1,071 thousand riyals for the corresponding quarter of last year, a decrease of 27.73%.
6. Net income during the nine months is 13,124 thousand riyals, compared to net income of 8,463 thousand riyals for the corresponding period of previous year, an increase of 55.07 %.
7. Earnings per share for the nine months is 0.66 riyal compared to earnings per share of 0.42 riyal for the corresponding period of last year.
8. Surplus of insurance operations, net of policyholders return on investments (the results of operations) during the nine months is 10,852 thousand riyals, compared to 7,034 thousand riyals for the corresponding period of previous year, an increase of 54.28 %.(continued)
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