Riyadh – Mubasher: Alahli Takaful Co. (ATC) logged SAR 14.06 million in net profit before Zakat in 2020, up by 2.26% year-on-year (YoY) from SAR 13.75 million.
The company ascribed the annual growth in profits to an increase in surplus of insurance operations, excluding the revenues of policyholders’ investments, by 58.29%, as well as higher other income and lower net incurred claims, according to a bourse disclosure on Wednesday.
Net incurred claims dropped by 5.96% YoY to SAR 17.607 million, while other income surged by 85.59%.
Gross written premiums rose to SAR 248.234 million last year from SAR 238.841 million in 2019.
During the first nine months of 2020, the insurer’s profits dropped by 35.7% YoY to SAR 6.96 million from SAR 10.83 million.
