Riyadh – Mubasher: Al Etihad Cooperative Insurance Company has recorded SAR 17.5 million in net profits before Zakat during the first quarter (Q1) of 2020, 16.8% more than SAR 14.98 million in the comparative period in 2019.
Net written premiums (NWP) retreated by 25.5% on an annual basis, reaching SAR 133.8 million over the period between January and March from SAR 179.69 million, according to a bourse disclosure on Wednesday.
The positive Q1 results were largely driven by lower additional premiums reserve by SAR 15.3 million in Q1-20, against a rise of SAR 13.8 million in Q1-19.
Last year, the insurer logged a 27% decline in net profits before zakat, compared to its profits in 2018.
