25/02/2013 10:31 AST

SANAD Cooperative Insurance announces its annual financial results for the period ended 31 December 2012, as detailed below:

1. Net losses before Zakat for the year 2012 was SR 4,744k compared to a loss before Zakat of SR 27,933k for the same period in 2011, representing an 83.0% decrease.

2. Losses per share after Zakat and Tax for the year 2012 were SR 0.37 compared to losses after Zakat and Tax of SR 1.50 per share for the same period in 2011.

3. The deficit from insurance operations, before investment income, for the year ended 31st December 2012 was SR 5,667k compared to a deficit of SR 27,898k for the same period in 2011, representing a 79.7% decrease.

4. Gross written premiums (GWP) for the year ended 31st December 2012 were SR 183,528k compared to SR 231,326k for the same period in 2011, representing a 20.7 % decrease. Net written premiums (NWP) for the year ended 31st December 2012 were SR 138,134k compared to SR 170,437k for the same period in 2011, representing a 19.0% decrease.

5. The costs for claims incurred for the year ended 31st December 2012 were SR 92,513k compared to SR 123,740k for the same period in 2011, representing a 25.2% decrease.

6. Net investment income from insurance operations for the year ended 31st December 2012 was SR471k compared to SR 225k for the same period in 2011 representing a 109% increase. Net investment income of shareholders for the year ended 31st December 2012 was SR 2,393k compared to SR 1,053k for the same period in 2011, representing a 127.3% increase.

7. The reason for the decreased loss during the year 2012 compared to the corresponding previous year of 2011 was due to decrease of net claims incurred of SR 31,227K, representing a 25.2% decrease. Furthermore, there was a significant improvement in impairment against doubtful receivables, due to better receivable management during the year.

8. The joint auditors interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34 and not in accordance with the Standard of interim financial reporting issued by SOCPA.

However the company assures that there are no significant differences in the results contained within the financial statements due to using International Accounting Standards rather than the SOCPA accounting standards.

9. Corresponding figures in 'premium ceded' and 'other underwriting expenses' have been reclassified, to conform to current year classifications.


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SANAD Cooperative Insurance announced its annual financial results

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SANAD Cooperative Insurance announces its annual financial results for the period ended 31 December 2011, as detailed below:

1. Net losses for the year 2011 was SR. 27,933k (after Zakat 30,

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