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Saudi-listed insurer Axa Cooperative Insurance Co. saw a decline in its earnings for the third quarter of 2021, as gross written premiums fell more than 7 percent compared to a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).
Net profit for the period stood at 45.44 million riyals ($12.1 million), down by 18.34 percent from 55.6 million riyals in the same period last year. Total comprehensive income also dropped 36 percent to 38 million riyals.
The insurer’s gross written premiums reached 361.4 million riyals, showing a decline of 7.2 percent from the same period in 2020. Net written premiums also fell 5.8 percent to 326.9 million riyals.
“The decrease in net profit before zakat by [10.2 million riyals) can be attributed to overall decrease in insurance results of the company,” Axa said.
The insurer also noted that the increase in investment income has also contributed to the fall in net profit.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)
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