Net loss during the third quarter is SR12,545,286 against loss of SR1,947,647 for the same quarter of last year with an increase in loss rate of 544 percent and against losses of SR8,397,328 for the last quarter with an increase in loss rate of 49 percent, according to Tadawul website.
Deficit from insurance operations net of policyholders’ investment returns (insurance operational results for Q3 is SR15,874,399 against losses of SR2,397,345 for the same quarter of last year with an increase in loss rate of 562 percent.
Gross written premiums during Q3 of SR109,621,377 as against SR100,647,035 for the same quarter of last year with a growth rate of 9 percent, whereas the net written premiums during Q3 is SR71,316,280 as against SR71,197,863 for the same quarter of last year with a growth rate of 0.16 percent.
Net claims incurred during Q3 are SR57,880,532 against SR41,799,683 for the same quarter of last year with a higher rate of 38.5 percent.
Policyholders’ net investment returns during Q3 is SR2,014,586 against SR804,535 for the same quarter of last year with a growth rate of 150.5 percent, whereas the shareholders’ net investment returns during Q3 is SR1,325,431 against SR208,623 for the same quarter of last year with a growth rate of 535 percent.
Net profit during the nine months is SR14,963,261 against SR18,146,877 for the same period of last year with a drop rate of 17.5 percent.
Loss per share for the Nine months is SR0.60 against SR0.73 for the same period of last year.
Surplus from insurance operations net of policyholders’ investment returns (insurance operational results) for the nine months is SR7,210,091 against surplus of SR18,303,804 for the same period of last year with a drop rate of 60.6 percent.
Gross written premiums (GWP) during the nine months is SR438,542,261 against SR343,008,469 for the same period of last year with a growth rate of 35.7 percent, where as the net written premiums (NWP) during the nine months is SR234,847,021 against SR285,207,045 for the same period of last year with a growth rate of 21.4 percent.
Net claims incurred during the nine months are SR153,572,682 against SR117,557,245 for the same period of last year with a higher rate of 30.6 percent.
Policyholders’ net investment returns during Q3 is SR6,906,991 against SR3,004,961 for the same period of last year with a growth rate of 130 percent, whereas the shareholders’ net investment returns during Q1 is SR3,881,704 against SR701,433 for the same quarter of last year with a growth rate of 453 percent.
The reason for the losses of Q3 2011 against the same quarter of last year is mainly due to the substantial increase of provision for doubtful debts and to the substantial increase in company’s net share of settled claims during Q3 2011.
Auditor’s review report addressed an emphasis of matter that the condensed interim financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and not in accordance with the standard on Interim Financial Reporting issued by SOCPA.
