Feb 21 2012 |
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Ace Arabia Cooperative Insurance Company hereby declares its reissued financial results for the period ended on 31/12/2010
Ace Arabia Cooperative Insurance Company hereby declares its reissued financial results for period ended on 31/12/2010 after receiving the approval from SAMA to transfer the portfolio of ACE Arabia Insurance and International Insurance Company and as per Articles of Association, the financial statements cover the period from July 4, 2009 to December 31, 2010. Accordingly, these accompanying financial statements do not include comparative figures and as mentioned below:1.Income before zakat & income tax is SR 34,094 thousand, and net income after zakat and income tax is SR 27,684 thousand.
2.Earnings per share is SR 3.41 and no comparison with the previous period.
3.Surplus of insurance operations less policyholders investments (operational results) SR 53,743 thousand.
4.Gross written premium for the period SR 386,742 thousand, net written premium for the period SR 180,087 thousand.
5.Net claims incurred SR 88,012 thousand.
6.No investment income for the policyholders for the period and net investment income for the shareholders for the period is SR 271 thousand.
7.Incorporation and floatation expenses are SR 7,613 thousand.
8.Income for the period is high because of surplus of policyholders operations.
9.In audit report auditors draw attention to the fact:
a.We draw attention to note 5 of the reissued financial statements, that the Company reissued these financial statements as at December 31, 2010 as the reasons for the qualification in our Audit Report dated February 14, 2011 on that financial statements are no longer relevant, having received the approval from respective regulatory parties on transfer the insurance portfolio and net assets of ACE Arabia Insurance Company, BSC and International Insurance Company BSC.
b.These reissued financial statements have been prepared in accordance with International Financial Reporting Standards and not in accordance with accounting standards generally accepted in the Kingdom of Saudi Arabia.
Therefore, the Company confirms that there are no material differences or financial impact on the financial statements as a result of difference standards.
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