Riyadh - Mubasher: The net profits before Zakat of The Company for Cooperative Insurance (Tawuniya) rose by 4.3% yearly in the third quarter (Q3) of 2020 to reach SAR 113.8 million.
The growth in quarterly profits was due to an increase in net underwriting income by 5.73% and higher policyholders’ share of insurance operations’ surplus by 22.85%, according to a bourse disclosure on Monday.
Meanwhile, the insurer saw a decrease in net claims incurred by 3.51% and a lower total of policyholders’ investment and shareholders capital investment by 30.72%.
Net written premiums (NWP) came in at SAR 990.22 million during Q3-20, a decline of 16.2% when compared to SAR 1.2 billion in the year-ago quarter.
In the first nine months of the year, the company logged 81.3% higher earnings at SAR 408.96 million.
