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MENAFN - Arab News - 20/10/2011

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(MENAFN - Arab News) AXA Cooperative Insurance Company announces its preliminary financial results for the period ended on Sept. 30.

The net loss for Q3 ended Sept. 30 is SR344,000 compared to a net loss of SR11,304,000 for the same quarter of previous year, a decrease of 97 percent and compared to a net profit of SR1,153,000 for the previous quarter ended June 30, according to Tadawul website.

The surplus from insurance operations, net of return on investments of the policyholders (the results of operations) for Q3 is SR1,076,000 compared to deficit of SR12,226,000 for the same quarter of previous year.

The gross written premiums (GWP) for Q3 is SR123,212,000 compared to SR154,707,000 for the same quarter of previous year with a decrease of 20.4 percent. The net written premiums (NWP) for Q3 is SR99,569,000 compared to SR130,749,000 for the same quarter of previous year with a decrease of 23.8 percent. The net claims incurred for Q3 is SR62,272,000 compared to SR35,062,000 for the same quarter of previous year with an increase of 77.6 percent.

The investment income for policyholders during Q3 is SR620,000. There are no comparatives with the same quarter of previous year. The net income on shareholders investments for Q3 is SR69,000, compared to SR196,000 for the same quarter of previous year with a decrease of 64.8 percent.

The net loss for the nine- month-period ended Sept. 30 is SR8,653,000 compared to a net loss of SR12,472,000 for the same period of previous year with a decrease of 30.6 percent.

Loss per share for the nine-month-period is SR0.433 compared to a loss per share of SR0.624 for the same period of previous year.

The deficit from insurance operations, net of return on investments of the policyholders (the results of operations) for the nine-month-period ended is SR5,910,000 compared to deficit of SR13,514,000 for the same period of previous year with a decrease of 56.3 percent.

The gross written premiums (GWP) for the nine-month-period is SR344,715,000 compared to SR256,109,000 for the same period of previous year with an increase of 34.6 percent. The net written premiums (NWP) for the nine-month-period ended is SR286,196,000 compared to SR224,521,000 for the same period of previous year with an increase of 27.5 percent.

The net claims incurred for the nine-month-period ended amounted to SR211,207,000 compared to SR42,499,000 for the same period of previous year with an increase of 397.0 percent.

The investment income for policyholders during the nine-month-period ended is SR620,000. There are no comparatives with the same period of the previous year. The net income on shareholders investments for the nine-month-period ended is SR953,000 compared to SR566,000 for the same period of previous year with an increase of 68.4 percent.

Loss for Q3 ended Sept. 30 has decreased compared to same quarter of the previous year. There has been an increased in net earned premium of SR42,789,000 compared to the same period of the previous year. The company achieved better results in accident and liability, motor and marine segments during the quarter, which are offset by higher loss ratio in property and health segments. The company achieved profits in previous quarter ended June 30, 2010 due to higher earned premium compared to current quarter.

Loss for the nine-month-period ended Sept. 30 has decreased compared to same period of the previous year, which is mainly due to overall increase in operations of the company. Net earned premium increased by SR218,250,000. Company achieved better operating results in accident and liability, motor and marine segment, however the profits in these segments offset by losses in property and medical segments.

 






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