Riyadh – Mubasher: United Cooperative Assurance Company shifted to profitability in 2023, recording a net profit after Zakat attributable to shareholders of SAR 5.29 million, versus a net loss of SAR 55.48 million a year earlier.
Insurance revenues soared 67.38% YoY to SAR 1.06 billion last year from SAR 634.33 million, according to the annual financial results.
The company reported earnings per share (EPS) of SAR 0.13 in 2023, compared to a net loss of SAR 1.39 the year before.
The accumulated loss reached SAR 180.56 million last year, representing 45.14% of the company’s capital.
Gross written premiums (GWP) jumped 25% YoY to SAR 1.02 billion in the 12-month period that ended on 31 December 2023 from SAR 821.84 million.
United Cooperative Assurance posted a net loss before Zakat of SAR 7.08 million in the first nine months (9M) of 2023, 85.27% YoY lower than SAR 48.05 million in 9M-22.
