Riyadh – Mubasher: The Saudi Arabian Cooperative Insurance Company (SAICO) gained SAR 12.48 million in net profits before Zakat during the third quarter (Q3) of the year.
This represents a 629.6% annual growth from SAR 1.71 million in the year-ago quarter, according to a bourse filing on Thursday.
The growth in profits was boosted by a rise of 425% in the net profit of shareholders capital investment and a decline in net claims incurred and insurance policies’ underwriting costs by 29% and 10%, respectively.
This came despite the drop in net earned premiums (NEP) by 14% and the decrease in other income and other underwriting income by 80% and 22%, respectively.
During the first nine months of the year, SAICO reported SAR 39.64 million in net profits, an annual surge of 351.83%.
Source: Mubasher
All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
