Riyadh – Mubasher: Ace Arabia Cooperative Insurance turned to profits in the third quarter of 2016.
The company posted SAR 9,466 profits before Zakat in Q3-16 versus SAR 748,000 losses in Q3-15, according to a bourse filing on Wednesday.
Net written premiums decreased 18.6% to SAR 17,144 in Q3 from SAR 21,061 in the same period of 2015.
The increase in the profit is due to higher net earned premium and lower net claims incurred and allowances for doubtful debts, the statement said.
Higher investment income and other income of policyholders and lower losses of shareholders investment income contributed to the profits achieved.
The company’s profits before Zakat surged 259.6% to SAR 23,450 in the first nine months of 2016 from SAR 6,521 in the year-ago period.
