Saudi ins. sector’s net income shrinks 69% in Q4-20
Monday, 04 19 2021, Category: Insurance and Reinsurance, Country: Saudi Arabia
The insurance sector in Saudi Arabia registered a drop of 69.1% year-on-year (YoY) in net income at SAR 94.5 million during the fourth quarter of 2020 (Q4-20).
Net income before Zakat totalled SAR 266.2 million in Q4-20, reflecting a decline of 35.2% YoY, according to a report by Aljazira Capital on Sunday.
The sector’s gross written premiums (GWP) stood at SAR 8.4 billion in Q4-20, posting an annual decline of 0.7%. Net written premiums (NWP) have increased by 4.6% YoY to SAR 6.9 billion in the last quarter of 2020.
Saudi insurance sector’s net premium earned (NPE) in Q4-20 totalled SAR 7.7 billion, indicating an annual rise of 0.3%.