United Cooperative Assurance Co announces the interim financial results for the period ending on 31-03-2014 (Three Months)

17 April 2014 06:03 PM

UCA 8190 48.87% 13.16 4.32

Element		Current quarter	Similar quarter for previous year	% Change Current	Previous quarter	% Change Previous
Net profit (loss) before Zakat		2,299	16,095	-85.72	-103,681	-
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)		206	9,891	-97.92	-107,552	-
Gross written premiums (GWP)		387,673	457,771	-15.31	331,796	16.84
Net written premiums (NWP)		284,505	373,134	-23.75	146,536	94.15
Net incurred claims		144,585	148,716	-2.78	316,534	-54.32
Net profit (loss) of policy holders investment		989	301	228.57	1,141	-13.32
Net profit (loss) of shareholders capital investment		1,882	7,317	-74.28	1,756	7.18
Earning or loss per share, Riyals		0.08	0.57	-	-	-

All figures are in (Thousands) Saudi Arabia, Riyals

Element	Explaination
Reasons of increase (decrease) for the quarter compared with same quarter last year	decrease in insurance surplus operations related to decrease in earned premium and decrease in income from shareholders investments
Reasons of increase (decrease) for the period compared with same period last year	decrease in incurred claims
External auditor's report containing reservation	the company has prepared the financial statements in accordance with international standards for financial reporting (IFRS) IAS 34 and not in accordance with SOCPA standards recognized in the Kingdom of Saudi Arabia
Other notes	United Cooperative Assurance Co announces addendum as :EPS was calculated for the last year following the increase in the company's capital, where it was in 26/06/2013 increase from 28,000 thousand to 28,000 thousand shares calculated by dividing the net income for the period by the weighted average number of shares after the increase amounting to 28,000 thousand shares.

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