Riyadh – The Company for Cooperative Insurance (Tawuniya) registered net profits before Zakat of SAR 252.19 million during the first half (H1) of 2022, higher by 2.21% year-on-year (YoY) than SAR 246.74 million.
The earnings per share (EPS) edged up to SAR 1.65 in the first six months (6M) of 2022, versus SAR 1.62 in the year-ago period, according to the interim financial results.
Furthermore, Tawuniya reported incurred claims of SAR 3.87 billion in H1-22, an annual jump of 21.68% from SAR 3.18 billion.
The net written premiums (NWP) increased by 32.54% in January-June 2022 to SAR 5.78 billion, versus SAR 4.36 billion during the same period a year earlier.
During the second quarter (Q2) of 2022, the company’s net profits before Zakat amounted to SAR 210.69 million, a 26.98% hike from SAR 165.93 million in Q2-21.
The net incurred claims rose by 19.63% YoY to SAR 1.92 billion in Q2-22 from SAR 1.60 billion, while the NWP soared by 44.15% YoY to SAR 2.56 billion from SAR 1.77 billion.
In January-March 2022, the Saudi insurer recorded net profits before Zakat worth SAR 41.49 million, an annual drop of 48.65% from SAR 80.81 million.
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