QIC owns 25 percent of Beema’s capital, which is pegged at 2 million riyals ($549.3 million).
The insurer’s net profit for the first nine months of the year jumped 491 percent to 511 million riyals compared to the same period in 2020.
The company said it managed to achieve positive results after a successful implementation of its strategy that includes de-risking of international operations, expanding low-volatility activities, diversifying business portfolio and digitising operations in the Middle East and North Africa region.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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