KSA - AXA Cooperative Insurance's net profits climb 54% in 2020
Friday, 03 19 2021, Category: Insurance and Reinsurance, Country: Saudi Arabia
AXA Cooperative Insurance Company reported net profits before Zakat of SAR 166.836 million in 2020, up 53.8% from SAR 108.474 million in 2019.
Higher net profits are driven by an improvement in the overall loss ratio to 70% and a rise in investment income by SAR 6 million, according to a bourse filing on Thursday.
The company's net written premiums declined by 2.533% to SAR 1.288 billion last year from SAR 1.321 billion in 2019.
Meanwhile, the company's net incurred claims reached SAR 879.321 million in 2020, down 6.55% from SAR 940.915 million in the earlier year.