KSA - Tawuniya net profit rises 28% in 2020
Tuesday, 03 23 2021, Category: Islamic Insurance, Country: Saudi Arabia
The Company for Cooperative Insurance’s (Tawuniya) net profit before Zakat jumped 28% to SAR 514.5 million for 2020, from SAR 402.2 million a year earlier.
The company cited an increase of 30.97% year-on-year (YoY) in net underwriting income of approximately SAR 1 million for 2020.
Tawuniya also reported higher net earned premiums, policy acquisition costs and lower net claims incurred.
The fourth-quarter net profit before Zakat dropped 40% YoY to SAR 105.5 million.