AMANA COOPERATIVE INSURANCE

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AMANA COOPERATIVE INSURANCE COMPANY ANNOUNCES THE FINANCIAL RESULTS FOR THE YEAR ENDING 31/12/2012

2013-02-25 (1434-04-15 )

Amana Cooperative Insurance Company announces the financial results for the year ending 31/12/2012 as follows:

  1. Net loss (before Zakat ) for the period amounted to SAR 38,426 thousands against Net loss (before Zakat), for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011, of SAR 60,996 thousands which is a decrease of 37%.
  2. The loss per share amounted to SAR 1.2 against SAR 1.91 for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011.
  3. Net deficit from insurance operations net of the policyholders investments income amounted to SAR 35,811 thousands against a loss of SAR 28,103 thousands for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011 with an increase of 27%.
  4. Gross written premiums (GWP) for the period amounted to SAR 54,110 thousands against SAR 289,790 for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011 with a drop of 81%.
    Net written premiums (NWP) for the period amounted to SAR 34,046 thousands against SAR 182,814 thousands for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011 with a drop of 81%.
  5. Net incurred claims for the period amounted to SAR 32,013 thousands against SAR 47,989 for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011 with a drop of 33%.
  6. No policyholders investments for the period neither for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011.
    Shareholders investment income for the period amounted to SAR 800 thousands against SAR 601 thousands for the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011 which is an increase of 33%.
  7. The decrease in the net losses during year 2012 compared to the period from the 17th of May 2010 (date of incorporation) and up to 31/12/2011 is due to the decrease in the underwriting expenses as a result of the decrease in GWP accompanied with increase in net share of unearned premium and to that the per-operating expenses are included in the previous period figures.
  8. The external auditors draw the attention to the fact that these financial statements are prepared according to IAS34 and not according to SOCPA and assure that there were no material differences related to the above mentioned fact.
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AMANA COOPERATIVE INSURANCE COMPANY ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING 31/12/2012 (12 MONTHS)

2013-01-20 (1434-03-08 )

Amana Cooperative Insurance Company announces the interim financial results for the period ending 31/12/2012 (12 months) as follows:

  1. Total comprehensive loss (before Zakat )for the period amounted to SAR 18,978 thousands against total comprehensive loss (before Zakat) for the same period last year for SAR 2,662 thousands which is an increase of 613%, and against total comprehensive loss (before Zakat) for the previous quarter for SAR 7,628 thousands which is a increase of 149%.
  2. Net deficit from insurance operations after deduction of the policyholders investments income amounted to SAR 17,559 thousands against a loss of SAR 2,828 thousands for the same period last year which is an increase of 521%.
  3. Gross written premiums (GWP) for the period amounted to SAR 13,202 thousands against SAR 8,458 thousands for the same period last year which is a increase of 56%.
    Net written premiums (NWP) for the period amounted to SAR 7,868 thousands against SAR 5,250 thousands for the same period last year which is an increase of 50%
  4. Net incurred claims for the period amounted to SAR 5,104 thousands against SAR 17,366 thousands for the same period last year which is a decrease of 71%.
  5. No policyholders investments for the period and neither for the same period last year. Shareholders investment income for the period amounted to SAR 273 thousands against SAR 2,532 thousands for the same period last year which is an decrease of 89%.
  6. Net losses (before Zakat) for the last twelve months amounted to SAR 38,426 thousands against a net loss of SAR 60,996 thousands for the period from May 17, 2010 to 31 December, 2011 which is a decrease of 37%.
  7. The loss per share for the last twelve months amounted to SAR 1.2 against SAR 1.91 for the period from May 17, 2010 to 31 December, 2011.
  8. The deficit from insurance operations after deduction of the policy holders investments income for the last twelve months amounted to SAR 35,811 thousands against a deficit of SAR 28,103 thousands for the period from May 17, 2010 to 31 December, 2011 which is an increase of 27.4%
  9. The Gross written premiums for the last twelve months amounted to SAR 54,110 thousands against SAR 289,790 thousands for the period from May 17, 2010 to 31 December, 2011 which is a decrease of 81%.
    The net written premiums for the last twelve months amounted to SAR 34,046 thousands against SAR 182,814 thousands for the period from May 17, 2010 to 31 December, 2011 which is a decrease of 81%.
  10. Net incurred claims for the last twelve months amounted to SAR 32,013 thousands against SAR 47,989 thousands for the period from May 17, 2010 to 31 December, 2011 which is a decrease of 33%.
  11. There were no policyholders investments for the last twelve months and the same were for the period from May 17, 2010 to 31 December, 2011.
    Net investment income on the shareholders investments amounted to SAR 9,122 thousands for the last twelve months against SAR 559 thousands for the period from May 17, 2010 to 31 December, 2011 which is an increase of 1,532%
  12. The increase in the net losses during fourth quarter of 2012 compared to the forth quarter of 2011 is due to the change in the companys strategy and to its reorganization and development of its infrastructure through the development of the sales channels of general insurance and not focus on the medical insurance only.
  13. The decrease in the net losses for the twelve months of 2012 compared to the period from May 17, 2010 to 31 December, 2011 is due to the decrease in policy acquisition costs and because the pre-operating expenses are included in the previous period.
  14. The increase in the net losses during the during fourth quarter of 2012 compared to the third quarter of 2012 is due to the decrease in written premiums for medical and motor as a result of the decrease in prices.
  15. The external auditors draw the attention to the fact that these financial statements are prepared according to IAS34 and not according to SOCPA and assure that there were no material differences related to the above mentioned fact.
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AMANA COOPERATIVE INSURANCE COMPANY ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING 30/09/2012 (NINE MONTHS)

2012-10-22 (1433-12-06 )

Amana Cooperative Insurance Company announces the interim financial results for the period ending 30/09/2012 (9 months) as follows:

  1. Total comprehensive loss (before Zakat )for the period amounted to SAR 7,628 thousands against total comprehensive loss (before Zakat) for the same period last year for SAR 695 thousands which is a increase of 997%, and against total comprehensive loss (before Zakat) for the previous quarter for SAR 11,541 thousands which is a decrease of 33.9%.Total comprehensive loss (after Zakat) for the period amounted to SAR 8,891 thousands against total comprehensive loss (after Zakat) for the same period last year for SAR 1,632 which is a increase of 444%, and against total comprehensive loss (after Zakat) for the previous quarter for SAR 12,765 thousands which is a decrease of 30%
  2. Net deficit from insurance operations after deduction of the policyholders investments income amounted to SAR 7,709 thousands against a loss of SAR 882 thousands for the same period last year which is an increase of 774%.
  3. Gross written premiums (GWP) for the period amounted to SAR 10,163 thousands against SAR 58,059 for the same period last year which is a decrease of 82.5%. Net written premiums (NWP) for the period amounted to SAR 6,319 thousands against SAR 36,209 thousands for the same period last year which is a decrease of 82.5%
  4. Net incurred claims for the period amounted to SAR 6,101 thousands against SAR 15,262 for the same period last year which is a decrease of 60%.
  5. No policyholders investments for the period and neither for the same period last year. Shareholders investment income for the period amounted to SAR 211 thousands against SAR 200 thousands for the same period last year which is an increase of 5.5%.
  6. Net losses (before Zakat) for the last nine months amounted to SAR 20,979 thousands against a net loss of SAR 10,004 for the same period last year which is an increase of 109%. Net losses (after Zakat) for the last nine months amounted to SAR 24,728 thousands against a loss of SAR 13,173 thousands for the same period last year which is an increase of 87%.
  7. The loss per share for the last nine months amounted to SAR 0.66 against SAR 0.31 for the same period last year.
  8. The deficit from insurance operations after deduction of the policy holders investments income for the last nine months amounted to SAR 18,252 thousands against a deficit of SAR 10,124 thousands for the same period last year which is an increase of 80%.
  9. The Gross written premiums for the last nine months amounted to SAR 40,908 thousands against SAR 227,576 thousands for the same period last year which is a decrease of 82%. The net written premiums for the last nine months amounted to SAR 26,178 thousands against SAR 143,451 thousands for the same period last year which is a decrease of 81.8%.
  10. Net incurred claims for the last nine months amounted to SAR 26,909 thousands against SAR 29,274 for the same period last year which is a decrease of 8%.
  11. There were no policyholders investments for the last nine months and the same were for the same period last year. Net investment income on the shareholders investments amounted to SAR 593 thousands for the last nine months against SAR 410 thousands for the same period last year.
  12. The increase in the net losses during quarter three 2012 compared to the same period of 2011 is due to the decrease in production because of the change in the companys strategy and reorganization and developing the infrastructure through developing the sales channels and not focusing on the medical insurance only.
  13. The decrease in the net losses for quarter three compared to previous quarter is due to the decrease in policy acquisition costs.
  14. The increase in the net losses during the last nine months compare to the same period last year is due to the decrease in written premiums for medical as a result of the decrease in prices and the impact of the incurred claims on the current period.
  15. The external auditors draw the attention to the fact that these financial statements are prepared according to IAS34 and not according to SOCPA and assure that there were no material differences related to the above mentioned fact.
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AMANA COOPERATIVE INSURANCE COMPANY ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING 31/03/2012 (3 MONTHS)

2012-04-18 (1433-05-26 )

Amana Cooperative Insurance Company announces its interim financial results for the period ending 31/03/2012 (3 months):

  1. Total comprehensive loss (before Zakat )for the period amounted to SAR 1,810 thousands against total comprehensive loss (before Zakat) for the same period last year for SAR 2,445 thousands which is a decrease of 25.9%, and against total comprehensive loss (before Zakat) for the previous quarter for SAR 2,662 thousands which is a decrease of 32%.
    Total comprehensive loss (after Zakat) for the period amounted to SAR 3,172 thousands against total comprehensive loss (after Zakat) for the same period last year for SAR 3,441 which is a decrease of 7.8%, and against total comprehensive loss (after Zakat) for the previous quarter for SAR 3,927 thousands which is a decrease of 19.2%
  2. Net deficit from insurance operations after deduction of the policyholders investments income amounted to SAR 503 thousands against a loss of SAR 2,308 thousands for the same period last year.
  3. Gross written premiums (GWP) for the period amounted to SAR 15,826 thousands against SAR 100,309 for the same period last year which is a decrease of 84.2%.
    Net written premiums (NWP) for the period amounted to SAR 9,389 thousands against SAR 63,336 thousands for the same period last year which is a decrease of 85.1%
  4. Net incurred claims for the period amounted to SAR 11,252 thousands against SAR 4,962 for the same period last year which is a decrease of 126.7%.
  5. No policyholders investments for the period and neither for the same period last year. Shareholders investment income for the period amounted to SAR 11,771 thousands against SAR 194 thousands for the same period last year which is an increase of 5967.5%.
  6. The loss per share for this period amounted to SAR 0.06 against SAR 0.08 for the same period last year.
  7. The deficit is due to the
  8. The external auditors draw the attention to the fact that these financial statements are prepared according to IAS34 and not according to SOCPA and assure that there were no material differences related to the above mentioned fact.
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