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Ahliea Insurance Group realizes a loss of $0.28 million in the first nine months of 2012

2012-11-04

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Ahliea Insurance Group Company ( AIG). PEX disclosure rules give all PEX listed companies one month to report their third quarter interim financial statements as reviewed by the company’s internal auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms.

The disclosure included an initial approval from the Insurance Directorate Department within the Palestine Capital Markets Authority (PCMA) to disclose financial information. The Insurance Directorate will issue later a final approval.

The disclosed information includes: the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 35 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Insurance Sector. The interim report should also include information required by Article (37/2) of the PEX disclosure rules in place. The company included information regarding management, issued shares, material changes and significant events that may have affected financial performances during the first nine months of the year.

According to company data for the first nine months of the year, net loss reached (279,264) USD, compared with a net profit before taxes of 238,395 USD from the first nine months of 2011. Total assets of the company reached 53,434,766 USD as of September 30^th, 2012, compared to total assets of 51,370,786 USD as of December 31^st, 2011, a net increase of 4.0%. Total liabilities of the company reached 40,401,364 USD as of September 30^th, 2012, compared to total liabilities of 38,058,120 USD as of December 31^st, 2011, a net increase of 6.2%. Net ownership equity of the company reached 13,033,402 USD as of September 30^th, 2012, compared with a net ownership equity of 13,312,666 USD as of December 31^st, 2011, a net decrease of 2.1% in the first nine months. Furthermore, paid-in capital increased from 8,374,837 USD on December 31^st, 2011 to 10,000,000 USD by September 30^th, 2012, an increase of 19.4%.

AIG failed to disclose its third quarter financials within the statutory period ended on October 31, 2012. PEX received AIG disclosure on November 1^st, 2012.