KSA - SAICO turns to profitability in 2020
Thursday, 03 18 2021, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Cooperative Insurance Company (SAICO) has achieved net profits before Zakat of SAR 57.584 million in 2020, against net losses of SAR 2.382 million in 2019.
The company has turned to profitability due to a decline in net incurred claims, policy registration costs, general and administrative expenses, and doubtful debts.
The company’s net written premiums decreased by 6.954% to SAR 532.985 million last year from SAR 572.820 million in 2019, according to the company’s financial results for 2020.
In the meantime, the company’s net incurred claims amounted to SAR 343.89 million in 2020, down 30.034% from SAR 491.516 million during the earlier year.
The earnings per share (EPS) settled at SAR 1.58 in 2020, compared to the loss per share of SAR 0.35 in 2019.
It is noteworthy to mention that during the third quarter (Q3) of 2020, the company gained SAR 12.48 million in net profits before Zakat, up from SAR 1.71 million in the year-ago quarter.