The financial statements of the Arab Insurance Cooperative Company showed that the company was turning to profit at the end of the first nine months of the current year compared to the same period in 2019.
According to the company's results for the Saudi market (Tadawul), today, Wednesday, the profits for the period amounted to 10.136 million riyals, compared to losses for the first nine months of 2019 of 33.89 million riyals.
The company said in a statement to the Stock Exchange that the positive shift in results during the comparison periods is due to the decrease in net claims incurred, provision for doubtful debts, administrative and general expenses, and the increase in net premiums Earned insurance.
The company achieved profits of 5.303 million riyals in the third quarter of this year, compared to losses of 16.215 million riyals for the same period of the previous year.
