25 Saudi Insurers Achieve Profit Growth in H1 2017
Monday, 08 21 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
Riyadh- Twenty-five insurance companies out of 33 listed on the Saudi stock market have achieved a new growth in profitability for the first half of 2017.
However, the performance of only eight insurance companies has declined, including five companies that suffered losses during the first half of this year.
The 25 companies constitute around 75.7 percent of the firms listed in the insurance sector in the Saudi stock market, which reflects the size of growth in the insurance market in the country, suggesting that the Kingdom is heading strongly towards stimulating and regulating the insurance sector to play its vital role in diversifying the economy.
In this context, the financial results of the Saudi insurance companies show that in the first half of this year they achieved a net profit of about SR660 million ($176 million). The results of the firms in general were positive, with the exception of five companies that suffered losses.
Source: Asharq Al-Awsat