Riyadh – Mubasher: The net profits before Zakat of the Saudi Arabian Cooperative Insurance Company (SAICO) surged 820.6% in the second quarter (Q2) of 2020 to reach SAR 37.21 million, as shown in the company's financial statements.
This jump was helped by a decrease in the net claims incurred by 58%, lower insurance policy underwriting costs by 15%, and lower general and administrative expenses by 6%, according to a bourse statement on Monday.
Lending further support to the rise was the increase in the other income and other underwriting income by 86% and 78%, respectively, among other factors.
The insurer gained SAR 142.991 million in net written premiums (NWP) during Q2-20, a drop of 7.3% when compared to SAR 154.252 million in Q2-19.
