Riyadh – Mubasher: Al Alamiya for Cooperative Insurance Company reported on Thursday net profits before Zakat of SAR 1.4 million for the year 2020.
This represents a year-on-year shrinkage of 93.9% when compared to SAR 23.7 million in 2019, according to a stock exchange statement.
The decrease in the insurer’s annual net profits is due to a slump in net premiums earned and investment income, coupled with a hike in the allowance for doubtful debts and general and administrative expenses.
This decrease in profit was partially offset by lower net claims incurred and policy acquisition costs as well as higher reinsurance commissions and other income.
