The annual profits of Buruj Cooperative Insurance Company decreased by 79%, the company recorded net profits before zakat amounting to 15.18 million riyals.
According to ArabiaNet, the company explained in a statement to the Saudi Stock Exchange, Tadawul, that the reason for the decrease in profits during the current year is due to the decrease in the underwriting surplus by 67.8% due to the decrease in the net acquired premiums by 21.1%, the increase in net incurred claims by 4.3%, and a decrease Insurance policy issuance fee of 95.2%, in addition to a premium deficit reserve of 328.8%.
The company added that an improvement was observed in the decrease in the allowance for doubtful receivables, as a reversal of the provision was recorded during this year of approximately 4.8 million riyals, compared to a provision recording of 3.6 million riyals in the previous year, in addition to the increase in the total investment profits for insurance and shareholders' operations by 49.4%.
