KSA- Malath Ins. reports net profit of SAR 18.4 m for 2019
Wednesday, 03 11 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
In comparison with SAR 15.6 million in 2018, Malath Cooperative Insurance Co. reported a net income before Zakat of SAR 18.4 million for financial year 2019, which is an increase of 18 percent.
The increase was over a climb in gross written premiums by 14.6 percent, growth in net earned premiums by 12.35 percent, and a rise in reinsurance commission profits by 13 percent.
Malath Cooperative Insurance Co. also mentioned reduced policy acquisition costs by 7.41 percent and a rise in net investment profits of policy holders and shareholders by 68.5 percent.
At the end of 2019, the accumulated losses dropped 10.9 percent to stand at SAR 42 million, showing 8.5 percent of the share capital.
Source: MENA FN