Riyadh – Mubasher: Arabia Insurance Cooperative Company (AICC) has achieved net profits before Zakat of SAR 12.257 million in 2020, against net losses of SAR 37.762 million in 2019.
The company has turned to profitability in 2020, driven by lower net incurred claims, allowance for doubtful debts provision, and general and administrative expenses, alongside higher net earned premiums, according to the company's financial results for 2020.
The company's net written premiums rose by 13.074% to SAR 245.8 million in 2020 from SAR 217.38 million in the previous year.
Meanwhile, the company's net incurred claims decreased by 7.597% to SAR 158.46 million last year from SAR 171.49 million in 2019.
The earnings per share (EPS) settled at SAR 0.24 in 2020, versus the loss per share of SAR 1.6 in the previous year.
The company has logged accumulated losses of SR 44 million as of the end of 2020, representing 16.6% of the capital.
It is noteworthy to mention that during the third quarter (Q3) of 2020, the company gained SAR 5.3 million in net earnings, compared to SAR 16.2 million worth of losses in the same quarter in 2019.
