Riyadh – Mubasher: The net profits before Zakat of Buruj Cooperative Insurance Company increased by 12.374% to SAR 17.064 million in 2020 from SAR 15.185 million in 2019.
Higher net profits are driven by lower net incurred claims due to a decline in net paid claims and changes in net outstanding claims combined by 46.5%, according to a bourse filing on Tuesday.
The company’s net incurred claims plunged by 42.79% to SAR 110.332 million last year from SAR 192.869 million in 2019.
Meanwhile, the company’s net written premiums reached SAR 164.177 million in 2020, down by 33.62% from SAR 247.333 million in the earlier year.
The earnings per share (EPS) settled at SAR 0.19 last year, against SAR 0.14 in the previous year.
It is noteworthy to mention that during the third quarter (Q3) of 2020, the company’s net losses rose by 5.4% year-on-year (YoY) to reach SAR 10.4 million.
