Riyadh – Mubasher: The Company for Cooperative Insurance’s (Tawuniya) profits before Zakat surged 160.5% in the first quarter of the year.
The company posted SAR 160.3 million in Q1-17 compared to SAR 61.53 million in the year-ago period.
Tawuniya attributed the hike in net profits to higher operating operations by 10.3% due to the rise in net unearned premiums by 8.5%, according to a bourse filing on Monday.
Lower operating and selling expenses by 12.3% also contributed to the increase in net profits.
Net written premiums reached SAR 1.89 billion compared to SAR 1.58 billion in the same quarter of 2016, with a 19.2% growth.
