Annual profits of "Walaa Insurance" jump to 73 million riyals

The annual financial statements of Walaa Cooperative Insurance showed a jump in the company's profits last year by 213.6% on an annual basis.

According to the company’s statement to the Saudi market (Tadawul), today, Tuesday, last year’s profits amounted to about 72.83 million riyals, compared to 2019 profits of 23.16 million riyals.

and the company attributed the growth of profits during the comparative years to the increase in net earned premiums by 83.74 million riyals, by 11.75%, and the increase in the reinsurance commission of 16.71 million riyals, or 68.68%, The income of other subscriptions increased by 8.95 million riyals, or by 394.84%, and a decrease in net claims and other benefits incurred by 3.59 million riyals, by 0.64%.

she added; This corresponds to an increase in the costs of underwriting insurance policies by 5.57 million riyals or 13.06%, an increase in other underwriting expenses by 6.33 million riyals or 24.31%, an increase in the provision for doubtful receivables by 10.99 million riyals or by 387.76%, and an increase in general and administrative expenses An amount of 26.75 million riyals, or 23.24%, and a decrease in commission income from deposits by 10.68 million riyals, or 41.68%.