Walaa Cooperative Insurance Company achieved a growth of 218% in its third quarter 2020 profits, to reach 25.2 million riyals, compared to 7.9 million riyals, in the corresponding period of last year.
and compared to the previous quarter, Walaa Insurance's profits fell by 10.9%, to 28.3 million riyals.
According to Arabiya Net, the company's profits increased by 360% during the first nine months of 2020 to reach 42.8 million riyals, compared to 9.2 million riyals, in the corresponding period from Last year.
the company said that the reason for the increase in net profit is the rise in net insurance premiums earned by 23.55 million riyals, by 13.23%, and the increase in reinsurance commission by 8.28 million riyals, by 138.56% and higher In other underwriting revenue by 0.91 million riyals, or by 193.83%, and a decrease in additional insurance premium reserves by 9.59 million riyals, or by 326.16%.
and other technical precautions decreased by 6.41 million riyals, or by 112.26%.
This corresponds to an increase in net claims and other benefits incurred by 6.28 million riyals, by 4.70%, an increase in insurance policy costs by 2.03 million riyals, or by 18.20% and an increase in expenses The other subscription amounted to 1.40 million riyals, or 21.29%, an increase in the provision for doubtful debts by 8.90 million riyals, an increase in general and administrative expenses by 9.82 million riyals, or 33.44%, and a decrease in commission income from deposits by 3.03 million riyals, or 49.37%.
