KSA - SAICO net profit surges to SAR 27.2m in H1
Wednesday, 08 19 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi Arabian Cooperative Insurance Co. (SAICO) reported a net profit before Zakat of SAR 27.2 million for the first half of 2020, compared to SAR 7.1 million in the same period last year.
The increase in net profit was attributed to lower incurred claims, lower insurance policies subscription cost and lower inspection and supervision cost in addition to a decline in general and administrative expenses and an increase in other subscription revenue.
The insurer reported a net profit before Zakat of SAR 37.2 million in Q2 2020, compared to SAR 4 million in Q2 2019 on lower incurred claims, reduction in policy underwriting costs, and lower inspection and supervision fees.
On a quarterly basis, SAICO turned to profits compared to the last quarter due to higher other income and revenue from IPO.