The financial statements of Al Alamiya for Cooperative Insurance showed that net profits before zakat decreased by 24.3% from a year ago, on an annual basis.

According to the results of the company for the Saudi market (Tadawul), the profits of the previous year amounted to 23.66 million riyals, compared to the 2018 profits of 31.26 million riyals.

The company said in a statement to the stock exchange that the decline in profit for the period is due to a decrease in net earned premiums and a rise in net claims incurred.

This decrease in profits is partly offset by higher investment income, increase in other income, lower provision for doubtful debts, higher reinsurance commissions and a decrease in general and administrative expenses. p>

Total shareholders' equity (there are no minority rights) for the past year reached 407.71 million riyals, compared to 388.66 million riyals in 2018, an increase of 4.9%.

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