KSA - SAICO 9M 2020 net profit rises to SAR 39.6 mln
Thursday, 11 05 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi Arabian Cooperative Insurance Co. (SAICO) reported a net profit before Zakat and tax of SAR 39.6 million for the first nine months of 2020, a more than fourfold increase, compared to SAR 8.8 million in the same period a year earlier.
The company attributed the increase in net profit to higher net profit on shareholders’ investments, lower claims incurred, lower insurance policies underwriting costs and lower inspection and supervision fees.
The company reported a net profit before Zakat and tax of SAR 12.5 million for Q3 2020 on lower net incurred claims and policy underwriting costs.