The profits of the Cooperative Insurance Cooperative decreased by 21.02% to record 165.94 million riyals before zakat in the second quarter of 2021, compared to a net profit before zakat 210.12 million riyals in the same quarter of 2020.
According to Arabiya Net, Tawuniya's profits increased in the second quarter of 2021, by 105.34%, compared to a net profit of about 80.8 million riyals in the first quarter of 2021.
The cooperative said in a statement on Saudi Arabia's Tadawul, today, Wednesday, that the reason for the decrease in net profit before zakat in the second quarter of 2021, on an annual basis, is mainly due to The net underwriting income decreased by 82,987 million riyals, this decrease was offset by a positive increase in the total net profits of policyholders’ investments and shareholders’ funds by 43.865 million riyals.
The cooperative net profit decreased by 16.4% in the first half of this year, to 246.75 million riyals, compared to 295.17 million riyals in the first half of 2020.
