Gulf Insurance Group — Earnings Release 2011

Jan 21, 2012

AXA Cooperative announces its preliminary interim financial results for three month and twelve month period ended December 31, 2011 (Continued)

8250 · 21/01/2012 09:38:37 · Announcement #23801 · View on Saudi Exchange

AXA Cooperative announces its preliminary interim financial results for three month and twelve month period ended December 31, 2011 (Continued)

7.Loss per share for the twelve month period ended is 1.111 riyals compared to earnings per share of 0.141 for the previous period.

8.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 year.

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

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

11.There investment income for policyholders during the current twelve month period is 1,008 thousand riyals. There are no comparatives with the same period of the previous period. The net income on shareholders investments for the current twelve month period ended is 1,284 thousand riyals, compared to 1,256 thousand riyals for the previous period ended with an increase of 2.2 %.

12.The Company incurred a loss in the fourth quarter of the current twelve month period compared to profit in the same quarter of the previous period which is mainly due to higher net claims incurred which are increased by 28,822 thousand riyals. The lower loss in the previous quarter ended September 30, 2011 was due to lower claims ratio.

There is a loss during the current twelve month period ended December 31, 2011 compared to net profit during the previous twelve month period ended December 31, 2010. This is mainly due to increase in net claims incurred which are increased by 197,530 thousand riyals compared to previous period ended.

(Continued)

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