The Arab Cooperative Insurance Company achieved a shift to profitability, with profits before zakat at 12.3 million riyals in 2020, against losses of SAR 37.8 million last year.
According to Arab Net, the company said that the reason for achieving profits during the current period compared with the same period last year is due to the decline in net claims and dedicated debts in its collection, administrative and public expenses and the rise in net premiums earned.
The company also said equity (no minority rights) at the end of the period, SR 221.77 million, compared to SR 215.91 million as at the end of the previous year, at an increase of 2.71%.
The accumulated losses at the end of this year amounted to 44 million riyals and 16.6% of the capital.
