ACE ARABIA COOPERATIVE INSURANCE COMPANY announces the interim financial results for the period ending on 31-03-2014 (Three Months)
| Element | Current quarter | Similar quarter for previous year | % Change Current | Previous quarter | % Change Previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat | 1,803 | 6,231 | -71.06 | 6,271 | -71.25 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | 2,266 | 7,406 | -69.4 | 7,056 | -67.89 |
| Gross written premiums (GWP) | 89,922 | 121,240 | -25.83 | 26,932 | 233.89 |
| Net written premiums (NWP) | 42,803 | 49,128 | -12.87 | 16,835 | 154.25 |
| Net incurred claims | 14,176 | 12,757 | 11.12 | 18,710 | -24.23 |
| Net profit (loss) of policy holders investment | 230 | 198 | 16.16 | 294 | -21.77 |
| Net profit (loss) of shareholders capital investment | 365 | 293 | 24.57 | 490 | -25.51 |
| Earning or loss per share, Riyals | 0.18 | 0.62 | - | - | - |
| 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 the profit due increase Excess of loss premium , increase in net incurred claims and increase in provision for bad debts |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | Decrease in the profit due increase Excess of loss premium , increase in policy holders general administrative expenses and change in net premiums earned |
| External auditor's report containing reservation | These condensed interim financial statements are prepared in accordance with international accounting standared 34- interim financial reporting (IAS34) and not in accordance with the standard on Interim financial Reporting issued by SOCPA |
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