According to the company's results for the Saudi market (Tadawul) today, Thursday, the profits for the period (before zakat) amounted to 13.41 million riyals, compared to the profits for the same period of last year with a value of 7.45 million Real.
The company said in a statement to the stock exchange that the increase in profits during the comparison periods is due to the increase in the net underwriting results by 10.83 million riyals and equal to 142.6%, due to the increase in written insurance premiums The acquisition of Bank Al-Jazira insurance portfolio has been completed.
Net earned premiums for the current quarter reached 47.25 million riyals, compared to 22.22 million riyals for the same in the first quarter of 2019, an increase of 112.7% as a result of the growth of written premiums 150%, and the completion of procedures Transferring the insurance portfolio of Al-Jazira Bank to Al-Jazira Company for cooperative takaful.
Revenue from policyholders' investments during the first quarter of this year amounted to 2.79 million riyals compared to 483 thousand riyals for the same period in 2019, an increase of 476.8%, due to an increase in investments Policyholders 573%.
Income from shareholders ’investments for this quarter amounted to 3.08 million riyals compared to 2.6 million riyals for the same quarter of the previous year, an increase of 18.25%.
