KSA - Amana Cooperative turns to profitability in Q1-20
Friday, 06 19 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Amana Cooperative Insurance Company turned profitable in the first quarter (Q1) of 2020, recording net profits before Zakat of SAR 2.4 million, versus net losses of SAR 20.7 million, as shown in the company's initial financial statements.
Net written premiums (NWP) increased by 4.8% annually to reach SAR 97.5 million in the first three months of the year, compared with SAR 93.1 million, according to a bourse statement on Thursday.
The move to profits in Q1-20 is attributed to a 62% growth in net earned premiums (NEP), higher other revenues by 481%, coupled with a drop in the premium deficiency reserve (PDR) by SAR 8,064.