Gulf Insurance Group — Earnings Release 2011

Jul 19, 2011

AXA Cooperative announces its financial results for the period ended June 30, 2011 (six month)

8250 · 19/07/2011 16:37:39 · Announcement #22368 · View on Saudi Exchange

AXA Cooperative announces its financial results for the period ended June 30, 2011 (six month)

AXA Cooperative Insurance Company announces its financial results for three month and six month period ended June 30, 2011 which are as follows:

1.The net income for the second quarter ended June 30, 2011 is 1,153 thousand riyals compared to a net loss of 62 thousand for the same quarter of previous year and compared to a net loss of 9,462 thousand for the previous quarter.

2.The surplus from insurance operations, net of return on investments of the policyholders (the results of operations) for the second quarter is 2,149 thousand riyals compared to deficit of 705 thousand riyals for the same quarter of previous year.

3.The Gross Written Premiums (GWP) for the second quarter is 96,859 thousand riyals compared to 90,859 thousand riyals for the same quarter of previous year with an increase of 6.6%. The Net Written Premiums (NWP) for the second quarter is 79,325 thousand riyals compared to 84,182 thousand riyals for the same quarter of previous year with a decrease of 5.8 %.

4. The net claims incurred for the second quarter is 70,915 thousand riyals, compared to 6,722 thousand riyals for the same quarter of previous year with an increase of 954.9 %.

5.There is no investment income for policyholders during the second quarter. There are no comparatives with the same quarter of previous year. The net income on shareholders investments for the second quarter is 568 thousand riyals, compared to 168 thousand riyals for the same quarter of previous year with an increase of 238 %.

6.The net loss for the six months period ended June 30, 2011 is 8,309 thousand riyals compared to a net loss of 1,168 thousand for the same period of previous year with an increase of 611.4%.

7.Loss per share for the six month period is 0.415 riyals compared to a loss per share of 0.058 for the same period of previous year.

8.The deficit from insurance operations, net of return on investments of the policyholders (the results of operations) for the six month period ended is 7,606 thousand riyals compared to deficit of 1,288 thousand riyals for the same period of previous year with an increase of 490.5 %.

(Continuo)

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