United Cooperative Assurance Co. (UCA) recorded a huge loss of 50.4 percent in the second quarter net profit at SR11,200 thousands as against SR22,577 thousands in the same period last year, the company said in a statement posted on Tadawul website Sunday. It garnered a net profit of SR11,878 thousands in the first quarter, representing a 5.7 percent reduction. The decline in net income for the second quarter was the increase of general and administration expenses on employment growth. Net profit for the six months reached SR23,078 thousands compared to a net profit of SR8,506 thousands for the same period previous year, representing an increase of 171.3 percent. The increase was due to the surplus within the insurance operations following the increased gross premiums income and the return on investments with the decrease in the net claims incurred compared to the same period previous year. The insurance operations surplus, excluding investment income from the policyholders investments portfolio for the second quarter reached SR10,446 thousands compared to a surplus of SR24,773 thousands for the second quarter previous year, a decrease of 57.8 percent Gross written premiums for the second quarter reached SR227,523 thousands compared to SR214,276 thousands for the second quarter of the previous year, representing a 6.18 percent increase. Net written premiums for the second quarter were SR170,201 thousands compared to SR146,605 thousands for the second quarter previous year, representing an increase of 16 percent. Net claims incurred for the second quarter 2011 reached SR124,694 thousands compared to SR126,235 thousands for the second quarter previous year, representing a decrease of 1.22 percent. Net investment income from policyholders investments portfolio for the second quarter reached SR1,524 thousands compared to SR320 thousands for the second quarter previous year, increased by 376.25 percent. Net investment income of shareholders portfolio for the second quarter reached SR991 thousands compared to SR671 thousands for the second quarter previous year, representing an increase of 47.7 percent. Earning per share for the six months was SR1.15 compared to of SR0.43 per share for the same period previous year. The insurance operations surplus, excluding investment income from the policyholders investments portfolio for six months reached SR21,904 thousands compared to SR8,529 thousands surplus for the same period previous year, representing an increase of 156.8 percent. Gross written premiums for the six months reached SR609,796 thousands compared to SR532,706 thousands for the same period previous year, representing an increase of 14.47 percent. Net written premiums for the six months reached SR500,866 thousands compared to SR409,506 thousands for the same period previous year, representing an increase of 22.3 percent.
