KSA - Tawuniya swings to SAR 402.2 m profit in FY19
Friday, 03 06 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Company for Cooperative Insurance (Tawuniya) reported a net profit before Zakat of SAR 402.2 million for the fiscal year of 2019, as compared to a net loss of SAR 213.3 million a year earlier.
The insurer said in a bourse statement that the rise in net profit is mainly due to higher net underwriting income of SAR 770 million last year compared to SAR 32.7 million in 2018.
The profit was also backed by improved operating results of SAR 192.4 million, compared to a deficit of SAR 455.2 million in the previous year.
The surge in profit was also driven by 11.54% decline in net incurred claims last year, lower policy acquisition cost of SAR 30.5 million last year, down 7.83% from the year earlier, as well as 90.8% decline in lower other underwriting expenses last year, the statement also said.
In Q4 2019, Tawuniya turned to a net profit before Zakat of SAR 176.6 million against a net loss of SAR 270.6 million in year-earlier period.