The profits of the Union Cooperative Insurance Company sharply declined by 42.2% to reach 19.2 million riyals before zakat in the second quarter of 2021, compared to 33.3 million riyals in the same period last year.
According to Arabiya Net, in the first half of the year, profits before zakat also declined by 33.5% to 33.8 million riyals, compared to 50.8 million riyals in the half. The first of the year 2020.
According to the company's clarification on the Saudi market website Tadawul, the reason for the decrease in profits on a quarterly basis is mainly due to the return of paid claims to their normal rates compared to the exceptionally low rate during In 2020 due to the closing conditions related to the Corona pandemic, and the increase in net claims incurred by 53.4%, compared to the decrease in total investment profits by 7% due to the continuous decline in the rates of bank Murabaha returns, which was partially offset by the decrease in administrative and general expenses by 33.5% .
