Saudi Arabia – Insurance companies’ profits jump by 214%
Thursday, 08 11 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
Insurance companies listed in the Saudi stock exchange realized a large growth in achieved profits, which grew by 214 percent compared to the same period last year. Mr. Eyad Al-Hebe CEO of Namar Insurance & Reinsurance Brokers confirmed that the size of the insurance market in the Kingdom is expected to grow by 70% during the next five years due to the new legislations, which help boost the sector.
Against this backdrop, the performance of the insurance sector in the Saudi stock market improved significantly during the past period because it reacted positively to the results achieved by most of the companies in the market. It showed an increase in profits for the 25 companies listed compared to a decrease in profit or losses for 9 other companies.
Source: Asharq Al Awsat