Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Company posted a 49.12% drop in net profits before Zakat during the second quarter (Q2) of 2020 at SAR 9.03 million from SAR 17.74 million in the same quarter in 2019.
Net written premiums (NWP) leapt by 104.19% to reach SAR 81.93 million in the April-June period in 2020, compared with SAR 40.12 million in the year-ago period, according to a stock exchange filing on Wednesday.
The insurer attributed the decline in Q2-20 earnings mainly to the rise in net claims incurred by 16%, which affected the underwriting results. Additionally, net shareholders' investments income retreated by 31% and net policyholders' investments income fell by 90%.
