Riyadh – Mubasher: Salama Cooperative Insurance Company reported a 62% annual decrease in net profits before Zakat at SAR 2.75 million during the first half (H1) of 2021, compared to SAR 7.29 million in the same period last year.
Net written premiums grew by 33% to SAR 210.26 million in H1-21 from SAR 157.71 million in H1-20. Similarly, the net incurred claims rose by 6% to SAR 135.49 million from SAR 127.69 million.
At the end of June 2021, the accumulated losses totalled SAR 48.95 million, representing 19.58% of the SAR 250 million capital, according to the financial results on Monday.
As for the second quarter (Q2) of 2021, the insurance company posted 99.7% lower profits at SAR 80,000 from SAR 32.69 million in Q2-20. On a quarterly basis, the net profits shrank by 97% from SAR 2.67 million in Q1-21.
