Reasons of increase (decrease) for the quarter compared with the previous quarterThe deterioration in result in the fourth quarter of 2014, versus the third quarter of 2014, was mainly due to the adverse seasonality of claims in the fourth quarter (third quarter lower claims due to the impact of summer) which resulted in an adverse, higher, net claims incurred ratio, in the fourth quarter, of 77.4% (versus the third quarter ratio which was at 74.2%). As a result the net underwriting result for the three month period ended 31 December 2014, versus the third quarter, deteriorated by SR22,153K, a reduction of 7%. In the fourth quarter there was a reduction in Gross Written Premiums (GWP), of SR1,299,478K, a reduction of 61%, due mainly to the third quarter GWP including a major account win. The net earned premium for the fourth quarter of 2014 increased, versus the third quarter of 2014, by SR85,241K, representing an increase of 6%.
distributed by