CEO of Saudi insurer SAICO set to retire this year

Saudi Arabian Cooperative Insurance Company (SAICO) has announced the retirement of its chief executive officer (CEO).

Hassan Abdullah Al Somali is to leave his post on December 31, 2021, the insurer said in a statement to the Saudi Stock Exchange (Tadawul), where its shares trade.

Al Somali’s retirement was approved by the company’s board by circulation, SAICO said.

The company posted a pre-Zakat net profit of 39.6 million riyals ($10.6 million) for the first nine months of 2020, up from 8.8 million riyals for the same period in 2019.

The growth has been attributed to the increase in net profit on shareholder's investments, decline in insurance claims and underwriting costs, among others.

(Writing by Imogen Lillywhite; editing by Cleofe Maceda)

Imogen.Lillywhite@refinitiv.com

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