Riyadh – Mubasher: Aljazira Takaful Taawuni Company witnessed a sharp decline in financial performance for the first half (H1) of 2026, with net profit after Zakat and tax falling by 99.50% to SAR 100,000, compared to SAR 20.19 million in H1-25.
The company attributed the decline to a shift in insurance results, which moved from a profit to a net loss of SAR 1.12 million during the six-month period.
For the second quarter (Q2) of 2026, the insurer posted a net loss of SAR 7.36 million, compared to a net profit of SAR 4.08 million in the prior-year quarter. This quarterly downturn occurred despite a 20.03% increase in insurance revenues, which reached SAR 104.59 million.
The company noted that business growth drove the revenue rise, but insurance service results declined by 5.48% to SAR 9.19 million.
Investment performance provided a partial offset, as net investment results for the quarter rose 176.21% to SAR 149.13 million.
For the half-year period, earnings per share dropped to SAR 0.002 from SAR 0.31. Total shareholders' equity hit SAR 980.78 million at the end of June 2026, up 0.25% when compared to the previous year.
Fitch Ratings recently assigned the company’s an Insurer Financial Strength (IFS) rating of 'BBB+' and a National IFS rating of 'AA- (sau)'.
