Riyadh – Mubasher: Arabia Insurance Cooperative Company generated net profits before Zakat worth SAR 12.77 million in 2022, higher by 2,310% year-on-year (YoY) than SAR 530,000.
Earnings per share (EPS) stood at SAR 0.31 during January-December 2022, against a loss per share of SAR 0.21 a year earlier, according to the annual income statements.
The net written premiums (NWP) hiked by 108.22% YoY to SAR 606.07 million in 2022 from SAR 291.07 million, whereas the incurred claims widened by 45.03% YoY to SAR 314.50 million from SAR 216.86 million.
Accumulated Losses
Arabia Insurance registered accumulated losses worth SAR 41.20 million as of 31 December 2022, accounting for 15.60% of the company’s capital.
Last year, the Saudi insurer raised its capital by 100% to SAR 530 million from SAR 265 million after obtaining the approval of the shareholders in November.
