KSA - Tawuniya’s net profit jumps 45% in H1 2019
Tuesday, 08 06 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Company for Cooperative Insurance (Tawuniya) reported a net profit of SAR 116.43 million for H1 2019, up 45.2 percent year-on-year (YoY) due to a 96.7 percent hike in operating performance and an 11.8 percent decline in net incurred claims.
Net profit in Q2 2019 surged 83.98 percent YoY to SAR 70.4 million driven by improved operating performance and higher net underwriting income.
On a quarterly basis, Q2 2019 net profit increased by 52.96 percent, due to a 132.55 percent soar in underwriting income. The company also recorded higher investment income.