KSA - Arabia Insurance turns to profitability in 2020
Monday, 03 22 2021, Category: Insurance and Reinsurance, Country: Saudi Arabia
Arabia Insurance Cooperative Company (AICC) has achieved net profits before Zakat of SAR 12.257 million in 2020, against net losses of SAR 37.762 million in 2019.
The company has turned to profitability in 2020, driven by lower net incurred claims, allowance for doubtful debts provision, and general and administrative expenses, alongside higher net earned premiums, according to the company's financial results for 2020.
The company's net written premiums rose by 13.074% to SAR 245.8 million in 2020 from SAR 217.38 million in the previous year.
Meanwhile, the company's net incurred claims decreased by 7.597% to SAR 158.46 million last year from SAR 171.49 million in 2019.