AXA Insurance annual profit rises 53.8% to 167 million riyals

The annual financial statements of AXA Cooperative Insurance showed that the company's profits last year increased by 53.8% on an annual basis.

According to the company's results for the Saudi market (Tadawul), today, Thursday, last year’s profits amounted to approximately 166.84 million riyals, compared to 2019 profits of 108.47 million riyals.

and the company attributed the increase in profits during the comparative years to the improvement in the total loss ratio; The loss ratio decreased from 75% in 2019 to 70% in 2020.

It also attributed the improvement in the loss rate mainly to the vehicle, property and casualty sectors.

In addition, the increase in investment income for policyholders and shareholders contributed to an increase in profits, as investment income increased by 6 million riyals and by 11% compared to the previous year. < / p>