KSA - Amana Ins. swings to SAR 7.2 m profit in H1
Monday, 08 24 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Amana Cooperative Insurance Co. reported a net profit before Zakat of SAR 7.2 million for H1 2020, against a net loss of SAR 25 million a year earlier.
The insurer was backed by a decline of 15.34% in net incurred claims.
The insurer turned to profit of SAR 4.6 million in Q2 2020, from a net loss of SAR 4.3 million in prior-year period, thanks to a 17.6% rise in net earned premiums and a 95% surge in other income.
On a sequential basis, net profit surged 86.6%, thanks to higher net earned premiums and other income.