KSA - Salama swings to SAR 9.6 mln profit in 9m
Tuesday, 11 10 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Salama Cooperative Insurance Co. reported net profit before Zakat of SAR 9.6 million for the first nine months of 2020 from a net loss of SAR 64.3 million a year earlier.
The insurer attributed the profit to decrease in net incurred claims and general and administration expenses.
In Q3 2020, the insurer reported net profit before Zakat of SAR 3.2 million, as against a net loss of SAR 14.3 million in the year-earlier period, due to lower net incurred claims and an increase in profit in policyholders’ investments.
When compared to previous quarter, the company’s Q3 2020 net profit fell 89.2%.
The accumulated losses reached SAR 47.3 million, or 18.92% of the capital, for the period ended Sept. 30, 2020.