Riyadh – Mubasher: Malath Cooperative Insurance Company turned to profitability in the second quarter (Q2) of 2020, generating SAR 4.72 million in net profits, versus SAR 11.16 million in net losses over the year-ago period.
The move to profits was supported by an increase in gross written premiums (GWP) by 105.84%, coupled with a rise in net earned premiums (NEP) by 6%, according to a stock exchange statement on Sunday.
Total reinsurance commission income and other underwriting income grew by 99%. Moreover, net claims paid fell by 36% and general and administrative expenses declined by 13%, while policy acquisition costs went down by 2%.
Net written premiums (NWP) totalled SAR 189.9 million in Q2 of 2020, posting a yearly surge of 126.1%.
Over the first half (H1) of 2020, the insurer reported earnings of SAR 8.72 million, against losses of SAR 4.16 million in H1-19.
