Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) reported a surge of 113.5% year-on-year in profits during the fourth quarter of 2016.
Earnings increased to SAR 212.29 million ($56.6 million) in Q4-16 from SAR 99.46 million ($26.52 million) in Q4-15, according to a bourse filing on Wednesday.
The growth in Q4 profits was due to higher operating transactions by 64.93% due to a 9.44% rise in net premiums, adding to lower other subscription expenses by 79.58%.
During the twelve-month period, Tawuniya gained 24.7% to reach SAR 800.95 million this year as compared with SAR 642.3 million in the same period of 2015.
