KSA - Arabia Insurance swings to profits in Q2-20
Friday, 08 21 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Arabia Insurance Cooperative Company (AICC) returned to profitability in the second quarter (Q2) of 2020, generating SAR 4.6 million in net profits, versus SAR 12.5 million in net losses in the year-ago period.
The move to profits was boosted by a decline in net claims incurred and the provision for doubtful debts, coupled with higher net premiums earned (NPE), according to a bourse statement on Wednesday.
Net written premiums (NWP) increased by 11.65% during the three-month period ended 30 June, reaching SAR 51.2 million from SAR 45.8 million in the same period in 2019.