Riyadh – Mubasher: Allied Cooperative Insurance Group’s (ACIG) recorded a 50.161% decline in net profits before Zakat to SAR 3.546 million in 2020 from SAR 7.115 million in 2019.
The company’s net written premiums decreased by 4.546% to SAR 449.46 million last year from SAR 470.867 million in 2019, according to the company’s financial results for the period ending on 31 December 2020.
Meanwhile, the insurer’s net incurred claims reached SAR 339.932 million in 2020, down 5.916% from SAR 361.308 million during the earlier year.
The company has incurred net accumulated losses of SAR 1.431 million as of the end of 2020, representing 1.01 % of the capital.
It is noteworthy to mention that during the third quarter (Q3) of 2020, the company’s net losses before Zakat skyrocketed by 163.22% to SAR 1.45 million, compared to losses of SAR 552,000 in the year-ago period.
