Riyadh – Mubasher: Al Etihad Cooperative Insurance Company registered net profits before Zakat worth SAR 33.8 million in the first half (H1) of 2021, lower by 33.5% than SAR 50.83 million in H1-20.
Earnings per share amounted to SAR 0.67 in H1-21, down from SAR 1.13 in H1-20, according to the financial results on Monday.
Net written premiums increased by 10% to SAR 305.5 million in H1-21 from SAR 277.47 million in H1-20. Similarly, the net incurred claims rose by 7.5% to SAR 260.88 million from SAR 242.67 million.
In the second quarter (Q2) of 2021, the insurance firm reported a 42% decrease in net profits to SAR 19.25 million from SAR 33.33 million in Q2-20.
Quarter-on-quarter (QoQ), the earnings were 32.3% higher than SAR 14.55 million in Q1-21.
Net written premiums went up 0.3% to SAR 144.15 million in Q2-21 from SAR 143.66 million in Q2-20.
The net incurred claims surged by 53% to SAR 127.38 million in Q2-21 from SAR 83.04 million in Q2-20.
