KSA - Arabia Insurance turns profitable in Q3
Thursday, 11 05 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Arabia Insurance Cooperative Company (AICC) turned profitable in the third quarter (Q3) of 2020, gaining SAR 5.3 million in net earnings, compared to SAR 16.2 million worth of losses in the same quarter in 2019.
The move to profits was backed by a drop in net claims incurred, additional premium reserves, and general and administrative expenses, coupled with a rise in net premiums earned (NPE), the company said in a statement to the Saudi bourse on Wednesday.
During the period from January to September, the insurer logged SAR 10.1 million worth of profits, versus losses of SAR 33.9 million in the last-year period.