The profits of Malath Cooperative Insurance Company decreased by 39%, where the net profit before Zakat amounted to 3.99 million riyals during the first quarter, compared to 6.573 million riyals during the same period last year.
According to Arabia Net, the company said in a statement that the reason for the decrease in net profit is due to the decrease in the total written insurance premiums by 33%, due to the decrease in insurance premiums Vehicles increased by 57% over the same quarter of the previous year, and the increase in net claims incurred by 18%, due to the increase in vehicle insurance by 32% compared to the same quarter of the previous year, and the increase in underwriting costs by 29% compared to the same quarter of the previous year, According to the company.
