KSA - Al-Etihad Ins. 9M 2020 net profit up 71%
Tuesday, 11 03 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Al-Etihad Cooperative Insurance Co. reported a net profit before Zakat and tax of SAR 80.8 million for the first nine months of 2020, a 71% increase, compared to SAR 47.3 million in the same period last year.
The company attributed the increase in net profit to a decrease in net claims incurred by 22%.
The insurer reported a net profit of SAR 29.9 million for Q3 2020 due to lower net claims incurred by 28%.
When compared to previous quarter, Q3 net profit fell 10.2% on higher net claims incurred.