Gulf Insurance Group — Earnings Release 2011

Feb 22, 2012

AXA Cooperative announces its financial results for year ended December 31, 2011

8250 · 22/02/2012 16:00:52 · Announcement #24286 · View on Saudi Exchange

AXA Cooperative announces its financial results for year ended December 31, 2011

AXA Cooperative Insurance Company announces its financial results for year ended December 31, 2011 which are as follows:

1.The net loss before zakat and tax for the year ended December 31, 2011 is 21,830 thousand riyals compared to net profit before zakat and tax of 4,704 thousand for the previous year period December 31, 2010. The net loss after zakat and tax for the current year ended is 24,816 thousand riyals compared to net profit after zakat and tax of 880 thousand for the previous period ended.

2.Loss per share for the year ended is 1.111 riyals compared to earnings per share of 0.235 for the previous period.

3.The deficit from insurance operations, net of return on investments of the policyholders (the results of operations) for the year ended is 21,194 thousand riyals compared to surplus of 1,452 thousand riyals for previous period.

4.The Gross Written Premiums (GWP) for the current year ended is 427,790 thousand riyals compare to 330,182 thousand riyals for the previous period ended with an increase of 29.6%. The Net Written Premiums (NWP) for the year is 350,890 thousand riyals compared to 288,906 thousand riyals for the previous period with an increase of 21.5 %.

5. The net claims incurred for the current year is 284,852 thousand riyals, compared to 87,322 thousand riyals for the previous period ended with an increase of 226.2 %.

6.There investment income for policyholders during the current year is 1,008 thousand riyals. There are no comparatives of the previous period. The net income on shareholders investments for the current year is 1,284 thousand riyals, compared to 6,591 thousand riyals for the previous period ended with a decrease of 80.5 %.

7.There is a loss during the current year ended December 31, 2011 This is mainly due to increase in net claims incurred which are increased by 197,530 thousand riyals compared to previous period ended. Net claims incurred have increased due to high loss ratio in property and medical insurance.(Continued)

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