The Cooperative Insurance Company’s profits jumped by 87.03% in the second quarter of 2024, compared to profits in the same quarter of 2023, amid a decrease in claims and an improvement in insurance services results through the main business.
The company's results, on the Saudi Stock Exchange (Tadawul), revealed today, Sunday, that the net profit after zakat for shareholders rose to 459.81 million riyals in the second quarter of this year, compared to 245.85 million riyals for the same period last year.
The company explained that the increase in net profit is due to a decrease in claims and better management of them, in addition to the improvement in the results of insurance services through the main business, the increase in the size of the investment portfolio, and the improvement in the percentage of returns.
She pointed out that the subscribed premiums rose to 5.73 billion riyals in the second quarter of this year, compared to 4.6 billion riyals in the same quarter of last year, an increase of 23.82%.
On a quarterly basis, the company's profits jumped by 133.77% compared to the previous quarter, which amounted to 196.69 million riyals.
The company's profits rose in the first half of 2024 to 656.5 million riyals, compared to 320.32 million riyals during the same period last year, an increase of 104.95%.
