Saudi Aljazira Takaful reports 14% profit decline in Q3

The insurer's quarterly profits stood at $2.10mln

  
Saudi traders are seen as they monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrator purpose

Saudi traders are seen as they monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrator purpose

REUTERS/Ahmed Yosri

Riyadh – Aljazira Takaful Taawuni Company reported on Sunday a 13.8% annual slump in quarterly profits to SAR 7.9 million.

This drop was driven by an increase in shareholders’ general and administrative expenses by 208%, the company said in a statement to the Saudi Stock Exchange (Tadawul).

In the meantime, the firm saw a growth in net premiums earned (NPE) by 143%, as gross written premiums (GWP) jumped by 99.5%.

During the first nine months of the year, the insurer achieved 32.8% higher earnings at SAR 35.4 million, compared with SAR 26.7 million in the year-ago period.

Source: Mubasher

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