Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Company disclosed its interim financial results for the third quarter of 2019.
Net profits after zakat and tax increased by 35.4% to SAR 13.5 million in Q3-19, compared to SAR 10.02 million in Q3-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Monday.
Gross written premiums (GWP) hiked by 104.1% year-on-year to SAR 169.9 million during the three-month period ended September.
“The reason for the increase in the net income for the current quarter versus the same quarter last year was mainly due to decrease in net claims incurred by 4% and increase in net earned premiums by 8% which had a positive impact on the underwriting results,” the company said.
For the nine-month period between January and September, net profits of the insurance provider jumped by 133.3% to SAR 56.15 million, compared to SAR 24.06 million in the same period the year before.
The company’s GWP inched up by 0.3% to SAR 676.4 million by the end of September, from SAR 673.8 million in September 2018.
Profit per share registered SAR 0.57 in nine months, versus SAR 0.18 in the same period a year ago.
