KSA - Arabia Ins. turns to profitability in Q1-20
Friday, 06 12 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Arabia Insurance Cooperative Company (AICC) has achieved net profits before Zakat of SAR 190,000 during the first quarter (Q1) of 2019, against losses of SAR 5.2 million in the corresponding quarter in the year before.
On an annual basis, the company’s net written premiums (NWP) increased by 41.2% in the January-March period, standing at SAR 99.85 million from SAR 70.7 million, according to a filing to the Saudi Stock Exchange (Tadawul) on Thursday.
The positive interim results are owed to lower net claims incurred and higher net investment income of shareholders’ capital.