Walaa Cooperative Insurance Company, which is listed in the Saudi market, recorded a 76.9% decline in profits in 2019, with a net profit before Zakat of 23.159 million riyals, compared to 100.369 million riyals in 2018.
According to ArabiaNet, the company said in a statement to the Saudi financial market that the reason for the decline in profits is due to a decrease in net acquired premiums of SAR 85.46 million by 10.70%, a decrease in reinsurance commission of SAR 4.23 million and a rate of 14.81%, and a rise in net claims and other benefits Incurred is SAR 80.76 million, or 16.82%, and other underwriting expenses increase by SR 12.99 million and 134.19%.
