Gulf Insurance Group — Earnings Release 2014

Feb 19, 2015

AXA Cooperative Insurance Company announces the annual financial results for the period ending on 31-12-2014

8250 · 19/02/2015 08:28:09 · Announcement #37191 · View on Saudi Exchange

AXA Cooperative Insurance Company announces the annual financial results for the period ending on 31-12-2014

Element	Current year	Previous year	% Change
Net profit (loss) before Zakat	18,047	14,747	22.38
Earning or loss per share, Riyals	0.9	0.74	-
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	5,112	6,206	-17.63
Gross written premiums (GWP)	1,040,111	775,596	34.1
Net written premiums (NWP)	911,492	671,145	35.81
Net incurred claims	713,530	538,425	32.52
Net profit (loss) of policy holders investment	7,574	4,805	57.63
Net profit (loss) of shareholders capital investment	8,050	6,596	22.04
Pre operating expenses (first operation year)	-	-	-

*All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	The Increase in net profit before zakat can be attributed to the increase in net earned premium mainly from Motor, Medical and Marine lines and increased Investment income.
External auditor's report containing reservation	Attention is drawn to note 2 of the financial statements: The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and not in accordance with standards issued by the Saudi Organization for Certified Accountants and the Company stresses that there is no material financial impact on the financial statements as a result of preparation, in accordance with IFRS.
Other notes	Earnings per share calculation based on previous capital (20,000,000 shares, 200,000,000 SAR)

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