Allianz SF’s profits up 53% in Q2

The increase in net profit is primarily attributed to a decrease in net claims incurred by 38.8%

  

Riyadh -Mubasher: Allianz Saudi Fransi Cooperative Insurance Company (Allianz SF) generated SAR 10.39 million in net profits during the second quarter (Q2) of 2020, posting a 53.3% yearly growth.

The increase in net profit is primarily attributed to a decrease in net claims incurred by 38.8%, while net revenue slid by 26.8%, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Net written premiums (NWP) recorded SAR 112.27 million in Q2-20, down 27.67% on an annual basis.

During the January-June period in 2020, Allianz SF turned to losses of SAR 4.6 million, against profits of SAR 18 million in the year-ago period.

Source: Mubasher

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