Tawuniya posts net loss at SAR 68.4m in I1 of 2013

31/03/2013 Argaam Exclusive

The Company for Cooperative Insurance, the largest and oldest insurance company in the Saudi Arabia, reported SAR 68.4m net loss before zakat in the first quarter of 2013, compared to SAR 52.7m net profit in the same period last year as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Gross Written Premium (GWP) 1,079.21 1,211.26 12.2 %
Net Profit Before Zakat & Tax 62.02 (60.64) (197.8 %)
Net Income 52.72 (68.41) (229.8 %)
Average Shares 150.00 150.00 -
EPS (Riyals) 0.35 (0.46) (229.8 %)

Insurance Operations (M)

Item 3m 2012 3m 2013 Change‬
Gross Written Premium (GWP) 1,079.21 1,211.26 12.2 %
Net Written Premiums (NWP) 875.03 1,036.18 18.4 %
Net Incurred Claims (784.91) (1083.05) (38.0 %)

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Share Price

The Company for Cooperative Insurance
124.00
2.20 1.81 %

The Company for Cooperative Insurance (Tawuniya)

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Financial Ratios
Current
Market Cap (M) 18,600.00
Shares Outstanding ((M)) 150.00
EPS ( Riyal) (TTM) 3.97
Book Value (BV) ( Riyal) 23.56
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 31.24
P/E (TTM) 31.24
Price/Book 5.26
Return on Average Assets (%) (TTM) 3.2
Return on Average Equity (%) (TTM) 18.3
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2004 48.58 592.5 % 0.32 48.58 592.5 %
Q2 2004 31.13 154.2 % 0.21 31.13 154.2 %
Q3 2004 49.77 15801.6 % 0.33 49.77 15801.6 %
Q4 2004 58.24 129.9 % 0.39 58.24 129.9 %
Q1 2005 41.85 (13.8 %) 0.28 43.35 (10.8 %)
Q2 2005 125.45 303.0 % 0.84 128.75 313.6 %
Q3 2005 76.98 54.7 % 0.51 80.18 61.1 %
Q4 2005 617.91 960.9 % 4.12 622.91 969.5 %
Q1 2006 130.67 212.2 % 0.87 134.37 209.9 %
Q2 2006 131.80 5.1 % 0.88 135.30 5.1 %
Q3 2006 104.46 35.7 % 0.70 107.36 33.9 %
Q4 2006 101.44 (83.6 %) 0.68 104.34 (83.2 %)
Q1 2007 121.10 (7.3 %) 0.81 124.48 (7.4 %)
Q2 2007 264.84 100.9 % 1.77 272.40 101.3 %
Q3 2007 103.43 (1.0 %) 0.69 106.49 (0.8 %)
Q4 2007 35.47 (65.0 %) 0.24 63.47 (39.2 %)
Q1 2008 23.63 (80.5 %) 0.16 26.17 (79.0 %)
Q2 2008 44.73 (83.1 %) 0.30 44.44 (83.7 %)
Q3 2008 33.50 (67.6 %) 0.22 34.69 (67.4 %)
Q4 2008 (155.48) (538.4 %) (1.04) (154.86) (344.0 %)
Q1 2009 25.97 9.9 % 0.17 27.37 4.6 %
Q2 2009 43.29 (3.2 %) 0.29 44.69 0.6 %
Q3 2009 125.58 274.9 % 0.84 129.98 274.7 %
Q4 2009 101.53 165.3 % 0.68 105.13 167.9 %
Q1 2010 105.81 307.4 % 0.71 109.16 298.8 %
Q2 2010 125.49 189.9 % 0.84 135.96 204.2 %
Q3 2010 163.83 30.5 % 1.09 180.15 38.6 %
Q4 2010 89.78 (11.6 %) 0.60 87.05 (17.2 %)
Q1 2011 112.39 6.2 % 0.75 121.08 10.9 %
Q2 2011 58.49 (53.4 %) 0.39 66.37 (51.2 %)
Q3 2011 76.15 (53.5 %) 0.51 83.81 (53.5 %)
Q4 2011 192.03 113.9 % 1.28 202.64 132.8 %
Q1 2012 52.72 (53.1 %) 0.35 62.02 (48.8 %)
Q2 2012 28.03 (52.1 %) 0.19 34.91 (47.4 %)
Q3 2012 189.10 148.3 % 1.26 198.46 136.8 %
Q4 2012 49.87 (74.0 %) 0.33 56.08 (72.3 %)
Q1 2013 (68.41) (229.8 %) (0.46) (60.64) (197.8 %)

Insurance Operations Performance (M)

Compared With The
Period Gross Written Premium (GWP) Change Net Written Premiums (NWP) Change Net Incurred Claims Change
Q1 2004 311.95 (26.8 %) 175.87 (28.6 %) (152.97) (97.2 %)
Q2 2004 345.52 (25.9 %) 151.97 (16.9 %) (162.23) (54.3 %)
Q3 2004 198.35 1.1 % 144.28 (6.5 %) (125.66) (15.2 %)
Q4 2004 414.12 (9.4 %) 233.47 (4.9 %) (120.65) 32.4 %
Q1 2005 316.49 1.5 % 208.12 18.3 % (145.39) 5.0 %
Q2 2005 452.41 30.9 % 252.83 66.4 % (184.38) (13.7 %)
Q3 2005 290.28 46.3 % 214.87 48.9 % (158.88) (26.4 %)
Q4 2005 445.10 7.5 % 275.85 18.2 % (173.04) (43.4 %)
Q1 2006 313.81 (0.8 %) 216.28 3.9 % (133.19) 8.4 %
Q2 2006 575.76 27.3 % 280.23 10.8 % (159.23) 13.6 %
Q3 2006 340.14 17.2 % 247.79 15.3 % (145.47) 8.4 %
Q4 2006 520.68 17.0 % 358.35 29.9 % (174.76) (1.0 %)
Q1 2007 334.75 6.7 % 218.12 0.8 % (174.98) (31.4 %)
Q2 2007 648.37 12.6 % 291.55 4.0 % (194.66) (22.3 %)
Q3 2007 381.27 12.1 % 251.52 1.5 % (189.60) (30.3 %)
Q4 2007 546.81 5.0 % 344.83 (3.8 %) (167.00) 4.4 %
Q1 2008 512.11 53.0 % 312.46 43.3 % (228.03) (30.3 %)
Q2 2008 727.13 12.1 % 364.65 25.1 % (246.43) (26.6 %)
Q3 2008 685.38 79.8 % 496.00 97.2 % (245.62) (29.5 %)
Q4 2008 699.48 27.9 % 507.44 47.2 % (233.45) (39.8 %)
Q1 2009 760.04 48.4 % 517.99 65.8 % (275.67) (20.9 %)
Q2 2009 948.33 30.4 % 556.16 52.5 % (328.90) (33.5 %)
Q3 2009 1,001.72 46.2 % 612.14 23.4 % (327.09) (33.2 %)
Q4 2009 1,336.87 91.1 % 851.72 67.8 % (339.40) (45.4 %)
Q1 2010 985.25 29.6 % 635.31 22.6 % (432.85) (57.0 %)
Q2 2010 1,220.03 28.7 % 662.28 19.1 % (399.43) (21.4 %)
Q3 2010 635.28 (36.6 %) 538.03 (12.1 %) (339.10) (3.7 %)
Q4 2010 1,340.35 0.3 % 1,057.63 24.2 % (376.94) (11.1 %)
Q1 2011 826.29 (16.1 %) 651.59 2.6 % (467.76) (8.1 %)
Q2 2011 1,249.46 2.4 % 819.49 23.7 % (559.10) (40.0 %)
Q3 2011 836.32 31.6 % 707.25 31.5 % (536.70) (58.3 %)
Q4 2011 1,519.09 13.3 % 1,257.61 18.9 % (531.74) (41.1 %)
Q1 2012 1,079.21 30.6 % 875.03 34.3 % (784.91) (67.8 %)
Q2 2012 1,382.55 10.7 % 985.97 20.3 % (749.48) (34.1 %)
Q3 2012 1,330.23 59.1 % 1,079.34 52.6 % (812.80) (51.4 %)
Q4 2012 1,842.65 21.3 % 1,560.67 24.1 % (884.52) (66.3 %)
Q1 2013 1,211.26 12.2 % 1,036.18 18.4 % (1083.05) (38.0 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 150.00 0.58 0.58 3.02
Q2 2004 150.00 0.70 0.70 3.17
Q3 2004 150.00 1.03 1.03 3.55
Q4 2004 150.00 1.25 1.25 5.21
Q1 2005 150.00 1.21 1.21 5.28
Q2 2005 150.00 1.84 1.84 6.35
Q3 2005 150.00 2.02 2.02 7.00
Q4 2005 150.00 5.75 2.09 11.24
Q1 2006 150.00 6.34 2.68 10.05
Q2 2006 150.00 6.38 2.72 10.34
Q3 2006 150.00 6.57 2.91 11.04
Q4 2006 150.00 3.12 3.12 11.70
Q1 2007 150.00 3.06 3.06 8.96
Q2 2007 150.00 3.95 3.95 10.51
Q3 2007 150.00 3.94 3.94 11.53
Q4 2007 150.00 3.50 3.50 12.31
Q1 2008 150.00 2.85 2.85 8.48
Q2 2008 150.00 1.38 1.38 8.89
Q3 2008 150.00 0.92 0.92 8.12
Q4 2008 150.00 (0.36) (0.36) 6.98
Q1 2009 150.00 (0.34) (0.34) 6.58
Q2 2009 150.00 (0.35) (0.35) 7.42
Q3 2009 150.00 0.26 0.26 8.70
Q4 2009 150.00 1.98 1.98 9.44
Q1 2010 150.00 2.51 2.51 8.94
Q2 2010 150.00 3.06 3.06 9.42
Q3 2010 150.00 3.31 3.31 10.90
Q4 2010 150.00 3.23 3.23 11.79
Q1 2011 150.00 3.28 3.28 11.76
Q2 2011 150.00 2.83 2.83 12.23
Q3 2011 150.00 2.25 2.25 12.33
Q4 2011 150.00 2.93 2.93 13.66
Q1 2012 150.00 2.53 2.53 12.48
Q2 2012 150.00 2.33 2.33 12.30
Q3 2012 150.00 3.08 3.08 13.84
Q4 2012 150.00 2.13 2.13 14.29
Q1 2013 150.00 1.32 1.32 13.98

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2004 - -
Q2 2004 - -
Q3 2004 - -
Q4 2004 - -
Q1 2005 26.75 26.75
Q2 2005 23.05 23.05
Q3 2005 20.53 20.53
Q4 2005 8.16 22.46
Q1 2006 8.47 20.04
Q2 2006 9.06 21.23
Q3 2006 7.95 17.97
Q4 2006 11.24 11.24
Q1 2007 12.34 12.34
Q2 2007 8.47 8.47
Q3 2007 10.56 10.56
Q4 2007 14.35 14.35
Q1 2008 14.78 14.78
Q2 2008 20.80 20.80
Q3 2008 23.36 23.36
Q4 2008 NEG NEG
Q1 2009 NEG NEG
Q2 2009 NEG NEG
Q3 2009 More than 50 More than 50
Q4 2009 12.13 12.13
Q1 2010 11.59 11.59
Q2 2010 8.61 8.61
Q3 2010 9.64 9.64
Q4 2010 11.06 11.06
Q1 2011 10.55 10.55
Q2 2011 11.11 11.11
Q3 2011 12.00 12.00
Q4 2011 8.86 8.86
Q1 2012 12.09 12.09
Q2 2012 10.21 10.21
Q3 2012 6.66 6.66
Q4 2012 10.79 10.79
Q1 2013 16.50 16.50