KSA - Aljazira Takaful posts 80% rise in Q1 2020 net profit
Friday, 06 19 2020, Category: Islamic Insurance, Country: Saudi Arabia
Aljazira Takaful Taawuni Co.’s net profit before Zakat increased 80% year-on-year (YoY) to SAR 13.4 million in Q1 2020, compared to SAR 7.5 million for Q1 2019.
The company attributed the increase to higher net underwriting income due to the completion of the acquisition of Bank Aljazira’s insurance portfolio.
Net earned premiums for Q1 2020 amounted to SAR 47.2 million, an increase of more than two-fold, due to higher gross written premiums (GWP) by 150%.
Compared to the previous quarter, the insurer’s net profit increased 21% due to higher net underwriting income by SAR 10.4 million on the completion of the acquisition of Bank Aljazira’s insurance portfolio.