Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) has achieved net profits before Zakat worth SAR 41.49 million during the first quarter (Q1) of 2022, down 48.65% from SAR 80.81 million in Q1-21.
The earnings per share (EPS) fell to SAR 0.16 in Q1-22 from SAR 0.47 in Q1-21, according to the interim financial results on Monday.
During the January-March 2022 period, the net written premiums (NWP) widened by 24.56% to SAR 3.22 billion, versus SAR 2.58 billion during the same period in 2021.
The net incurred claims totalled SAR 1.95 billion during the first three months (3M) of 2022, a 23.76% year-on-year (YoY) hike from SAR 1.57 billion.
On a quarterly basis, the net written premiums in Q1-22 surged by 15.74% from SAR 2.78 billion in Q4-21, while the net incurred claims increased by 8.46% from SAR 1.80 billion.
Tawuniya registered 207.75% higher profits in Q1-22 than SAR 13.48 million in Q4-21.
In 2021, the Saudi insurer generated SAR 350.13 million in net profit before Zakat, an annual drop of 31.94% from SAR 514.45 million.
