Saudi Al Ahlia Ins. swings to profits in Q2
Saturday, 08 22 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Al Ahlia Insurance Company turned profitable in the second quarter (Q2) of 2020, achieving SAR 616 million in net earnings, versus SAR 5.7 million in net losses over the same quarter a year earlier.
Net written premiums (NWP) totalled SAR 44.15 million in the April-June period in 2020, marginally down by 0.4% on an annual basis, according to a bourse statement on Thursday.
The move to profits was supported by higher net earned premiums (NEP) at SAR 44.5 million and lower net claims incurred at SAR 26 million.
During the first (H1) of 2020, the insurer’s net losses before Zakat slumped by 42.7%, reaching SAR 3.3 million from SAR 5.8 million in the year-ago period.