Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) witnessed a 15.91% growth in net profit before Zakat to SAR 390.23 million during the first nine months (9M) of 2022, versus SAR 336.65 million in 9M-21.
The earnings per share (EPS) stood at SAR 2.58 during January-September 2022, higher than SAR 2.14 in the year-ago period, according to the interim consolidated financial results.
Additionally, the net incurred claims totalled SAR 5.98 billion in 9M-22, a 23.15% year-on-year (YoY) jump from SAR 4.85 billion.
The net written premiums (NWP) surged by 36.43% YoY to SAR 7.94 billion from SAR 5.82 billion.
Income Statements during Q3-22
In the third quarter (Q3) of 2022, the Saudi company logged net profits before Zakat worth SAR 138.03 million, an annual hike of 53.53% from SAR 89.90 million.
The net incurred claims enlarged by 25.95% YoY to SAR 2.10 billion in Q3-22 from SAR 1.67 billion, while the NWP widened by 48.07% YoY to SAR 2.16 billion from SAR 1.45 billion.
On a quarterly basis, the Q3-22 net profits before Zakat plummeted by 34.48% from SAR 210.69 million in Q2-22.
Meanwhile, the net incurred claims in Q3-22 rose by 9.44% from SAR 1.92 billion in Q2-22, whereas the NWP shrank by 15.67% from SAR 2.56 billion.
During the first half (H1) of 2022, the net profits before Zakat of Tawuniya reached SAR 252.19 million, up 2.21% from SAR 246.74 million in H1-21.
