The preliminary results of the AXA Cooperative Insurance Company AXA Cooperative recorded a decline in its net profit by 18.35% to reach 45.44 million riyals before zakat in the third quarter of this year, compared to a profit of about 55.65 million riyals in the third quarter of 2020.
According to Arabia Net, and on a quarterly basis, AXA Cooperative's net profit before zakat increased by 29.96% in the third quarter of 2021, compared to a net profit of about 34.96 million riyals. In the second quarter of 2021.
The AXA Cooperative said in a statement on Tadawul Saudi Arabia, today, Sunday, that the reason for the decrease in net profit before zakat during the third quarter of this year, on an annual basis, by an amount 10.210 million riyals to the total decrease in the insurance results of the company, which decreased from 45.419 million riyals in the previous quarter to 36.011 million riyals in the third quarter of 2021, as a result of the deterioration of the loss ratio mainly in the automotive and health sectors. In addition, the total decrease in investment income by 2.203 million riyals (policy holders and shareholders combined) contributed to the decrease in net profit before zakat and tax compared to the same quarter of the previous year.
AXA Cooperative's net profit, before zakat, decreased by 1.41% in the first nine months of this year, to 124.18 million riyals, compared to a net profit before zakat about 125.95 million riyals in the same period of 2020.
