Record profits for Saudi insurers in Q2
Saturday, 08 29 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Consolidated statistics of “Mubasher” showed that insurance companies listed on the Saudi Stock Exchange “Tadawul” recorded record gains during the second quarter of 2020 on an annual basis, supported by positive results for 24 companies out of 32 companies listed in the sector.
According to statistics based on company disclosures, the sector achieved a net profit growth of 270.93 percent during the second quarter of this year, with an increase of 786.57 million riyals over the net profit of the same quarter of 2019.
The net profits of 31 companies listed in the sector (Fatima Insurance Company did not disclose its results) reached 1.08 billion riyals before zakat, compared to 290.3 million riyals net profits before zakat in the second quarter of last year.
The sector recorded positive results for most companies in the second quarter of 2020 on an annual basis. With 16 companies able to increase their profits in the second quarter compared to the same quarter of last year, 8 companies turned to profit, and 3 companies cut their losses.