Allianz Saudi Fransi turns to profit in Q1

Net written premiums decreased 14%

  
Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

REUTERS/Ahmed Yosri
Riyadh – Mubasher: Allianz Saudi Fransi Cooperative Insurance Company achieved a net profit before Zakat of SAR 4.74 million during the first quarter (Q1) of 2021, against a net loss of SAR 14.97 million in the same period a year ago.

The company posted a profit per share of SAR 0.04 in Q1-21, versus a loss per share of SAR 0.45 in Q1-20, according to the initial income statements.

Net written premiums decreased 14% to SAR 228.67 million in the first three months of 2021 from SAR 129.41 million in the corresponding period in 2020.

Net incurred claims also shrank 34.5% year-on-year (YoY) to SAR 90.05 million in Q1-21 from SAR 137.51 million in Q1-20.

On a quarterly basis, Allianz Saudi Fransi also turned to profit in Q1-21 when compared to the SAR 2.75 million losses incurred during the fourth quarter (Q4) of 2020.

Net written premiums rose 2.6% in Q1-21 from SAR 108.32 million in Q4-20, while net incurred claims declined 2.9% from SAR 92.74 million.

It is worth noting that during 2020, the company reported net losses of SAR 17.63 million, against net profits worth SAR 41.61 million in 2019.

Source: Mubasher

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