Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) reported net profits before Zakat worth SAR 246.74 million in the first half (H1) of 2021, down 16.4% from SAR 295.16 million in H1-20.
Earnings per share amounted to SAR 1.62 in H1-21, compared to SAR 2.04 in H1-20, according to a bourse filing on Wednesday.
Net written premiums went up 1.6% to SAR 4.36 billion in H1-21 from SAR 4.29 billion in H1-20.
The net incurred claims also increased by 21% to SAR 3.18 billion in the January-June 2021 period from SAR 2.62 billion in the same six months last year.
As for the second quarter (Q2) of 2021, Tawuniya registered 21% lower net profits at SAR 165.93 million from SAR 210.1 million in Q2-20.
The net written premiums also decreased by 5.8% to SAR 1.77 billion in Q2-21 from SAR 1.88 billion in Q2-20, while the net incurred claims grew by 43% to SAR 1.6 billion from SAR 1.12 billion.
On a quarterly basis, the net profits in Q2-21 were 105% lower than SAR 80.81 million in Q1-21, the net written premiums decreased by 31% from SAR 2.58 billion, while the net incurred claims went up 1.9% from SAR 1.57 billion.
