Al-Ahli Takaful Company announces the annual financial results

25/02/2013 08:53 AST

Al-Ahli Takaful Company announces the annual financial results for the period ended 31/12/2012 as follows:

1-The net profit before zakat and tax for the year is SAR 1.03 million compared to net loss before zakat and tax of SAR (4.9) million for the previous year.

2-The net profit per share for the year is SAR 0.07 compared to net loss per share SAR (0.49) for the previous year. This ratio is based on the weighted average of outstanding ordinary shares.

3-The surplus from insurance operations, excluding policyholders investment income (operational results) for the year is SAR 2.5 million compared to SAR 315 thousand for the previous year, an increase of 694%.

4-The gross written premiums (GWP) for the year are SAR 153.5 million compared to SAR 188.1 million for the previous year, a decrease of 18% and the net written premiums (NWP) for the year are SAR 29 million compared to SAR 37 million for the previous year, a decrease of 22%.

5-The net claims incurred for the year are SAR 784 thousand compared to SAR 351 thousand for the previous year, an increase of 123%.

6-There was no loss/gain recorded on the policyholders investments for the year as compared to the same period in the previous year. The net profit on Shareholders Investment during the year was SAR1.8 million, as compared to a loss of SAR (740) thousand in the same period in the previous year.

7- There is net profit for the year 2012 as compared to the net loss in the previous year is mainly due to the unrealized profit on shareholders investments and improvements in the underwriting results.

8-It was mentioned in the external auditors report that the company prepared the financial statements in accordance with International Financial Reporting Standards and not in accordance with the accounting standards issued by SOCPA. The company affirms that there are no material differences or financial impact as a result of preparing the financial statements in accordance with the International Financial Reporting Standards rather than the accounting standards issued by SOCPA.

9- Comparative figures of the previous year were reclassified in order to be consistent with the presentation for the current period.

Tadawul