KSA - AXA’s profit hits SAR 108m in 2019
Friday, 03 13 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
AXA Cooperative Insurance Company achieved a net profit before zakat worth SAR 108.47 million in the fiscal year ended on 31 December 2019, up by 41.93% year-on-year (YoY) from SAR 76.42 million.
Earnings per share (EPS) totalled SAR 1.73 last year, compared to SAR 1.18 in 2018, according to a bourse filing on Thursday.
Net written premiums (NWP) increased by 2% annually to stand at SAR 1.32 million by 2019 year-end when compared to SAR 1.29 million.
Moreover, AXA noted that the growth in the 2019 net earnings is due to improving total claims, which reached 75% last year from 77%, in addition to an increase in the investment yield of policyholders and shareholders capital by 17.9% or SAR 8.2 million.
It is noteworthy that in the first nine months of 2019, net profit grew by 30.1% to SAR 79.85 million, up from SAR 61.38 million in the same period last year.