The financial statements of the United Cooperative Insurance Group (ACIG) showed that the company's profits in the first half of this year increased by 75.8% on an annual basis.
According to the company's results for the Saudi market (Tadawul) today, Wednesday, the profits for the period amounted to 9.963 million riyals, compared to profits of 5.669 million riyals for the same period last year.
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the company said that the increase in profits during the comparison periods was due to the increase in commissions earned from reinsurance by 23%, the increase in other subscription revenues 349%, and the rise in reverse The provision for doubtful debts is 2291%.
The company also attributed the increase in profits to the decrease in net claims incurred by 13%, and the decrease in general and administrative expenses by 3% despite the decrease in gross written premiums of 2% A decrease in net written premiums by 7%, a decrease in net insurance premiums earned by 7%, a decrease in net profits from investments of policyholders 'funds by 51%, a decrease in net profits from investments of shareholders' funds by 55%, and an increase in the costs of acquiring documents by 7%. p>
The company achieved profits of 7.086 million riyals in the second quarter of this year, compared to profits of 2.483 million riyals for the same period last year, an increase of 185.4%. < / p>
(Amazon Fun Knowledge)
