Riyadh – Mubasher: Aljazira Takaful Taawuni Company reported SAR 15.76 million in net profits before Zakat during the first half (H1) of 2021, down by 42.8% year-on-year (YoY) from SAR 27.55 million.
The profit drop was mainly ascribed to lower net underwriting income by SAR 847,000 (2.15%) and higher general and administrative expenses by SAR 13.091 million (62.5%), due to the completion of the acquisition of Solidarity Saudi Takaful Company (SSTC), the company said in a bourse disclosure on Tuesday.
The net earned premiums surged by 275.22% to SAR 96.488 million in the January-June period, compared to SAR 25.715 million in the year-ago period.
As for the second quarter (Q2) of 2021, the Saudi insurer logged SAR 1.77 million in net profits before Zakat, down by 87.46% YoY from SAR 14.14 million.
