Walaa Cooperative sees 213.6% higher profit in 2020

The growth in the insurer’s annual earnings was driven by higher net earned premiums

  
An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

REUTERS/Faisal Al Nasser
Riyadh – Mubasher: The net profit before Zakat of Walaa Cooperative Insurance Company surged by 213.6% during 2020 to stand at SAR 72.6 million.

The growth in the insurer’s annual earnings was driven by higher net earned premiums by SAR 83.74 million, coupled with a rise in reinsurance commission and other underwriting income by SAR 16.71 million and SAR 8.95 million, respectively, according to a bourse disclosure on Tuesday.

On the other hand, net claims and other benefits incurred were down by SAR 3.59 million.

During 2020, net written premiums (NWP) stood at SAR 849.9 million, a hike of 15.6% when compared to SAR 735.5 million a year earlier.

Source: Mubasher

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