Aljazira Takaful records 53.5% drop in Q1-23 net profits

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Riyadh – The net profits before Zakat of Aljazira Takaful Taawuni Company reached SAR 7.90 million in the first quarter (Q1) of 2023, marking a year-on-year (YoY) plunge of 53.48% from SAR 16.98 million.

The insurance firm registered gross written premiums (GWP) valued at SAR 75.24 million in Q1-23, up 17.41% from SAR 64.08 million in Q1-22, according to the interim financial results.

Earnings per share (EPS) stood at SAR 0.13 during January-March 2023, lower than SAR 0.30 in the year-ago period.

Meanwhile, the insurance revenue hiked by 58.23% YoY to SAR 78.93 million in Q1-23 from SAR 49.88 million.

Last year, Aljazira Takaful posted 37.90% higher net profits before Zakat at SAR 30.28 million, compared with SAR 21.96 million in 2021.

The net written premiums (NWP) enlarged by 134.07% to SAR 212.36 million as of 31 December 2022 from SAR 90.72 million a year earlier, while the incurred claims retreated by 33.84% to SAR 77.57 million from SAR 117.25 million.