Medgulf announces the interim financial results

21/04/2013 09:45 AST

The Mediterranean & Gulf Cooperative Insurance & Re-insurance company (Medgulf) announces the interim financial results for the period ended 31/03/2013 as follows:

1-The net profit before zakat for the first quarter is SAR 30,683,841 compared to SAR 49,604,114 for the same quarter of the previous year, decreased by 38.1%, and to SAR 131,936,630 for the previous quarter, decreased by 76.7%.

2-The surplus from insurance operations, excluding policyholders investments income (operational results) for the first quarter is SAR 31,147,789 compared to SAR 50,577,288 for the same quarter of the previous year, decreased by 38.4%.

3-The total gross written premiums (GWP) for the first quarter are SAR 911,138,259 compared to SAR 870,662,176 for the same quarter of the previous year, increased by 4.6% and the net written premiums (NWP) for the first quarter are SAR 703,796,452 compared to SAR 653,411,036 for the same quarter of the previous year, increased by 7.7%.

4-The net claims incurred for the first quarter are SAR 488,829,070 compared to SAR 377,217,824 for the same quarter of the previous year, increased by 29.6%.

5-The net income of policyholders investments for the first quarter is SAR 1,850,537 compared to SAR 1,297,289 for the same quarter of the previous year, increased by 42.6% and the net income of shareholders investments for the first quarter is SAR 3,770,073 compared to SAR 3,937,345 for the same quarter of the previous year, decreased by 4.2%.

6-The earnings per share for the three months is SAR 0.384 compared to SAR 0.620 for the same period of the previous year.

7-The reason behind the decrease in net profit during the current quarter compared to the same quarter of the previous year is the increase in net claims incurred. The reason behind the decrease in shareholders investments income during the current quarter compared to the same quarter of the previous year is the decrease in realised gains on sale of available for sale investments.

8-The reason behind the decrease in net profit during the current quarter compared to the previous quarter is the decrease in net underwriting result due to the decrease in net premium earned and to the decrease in reinsurance commission income.

9-The auditors report draws attention to the fact that the financial statements are prepared in accordance with International Financial Reporting Standards and not in accordance with accounting standards generally accepted in the Kingdom of Saudi Arabia issued by the Saudi Organization for Certified Public Accountants.

Tadawul