Riyadh – Mubasher: Saudi Reinsurance Company (Saudi Re) posted a 61.64% year-on-year (YoY) plunge in net profit before Zakat to SAR 13.99 million during the first half (H1) of 2022, versus SAR 36.47 million.
The earnings per share (EPS) plummeted to SAR 0.08 in H1-22 from SAR 0.33 in H1-21, according to the interim financial results on Sunday.
During the first six months (6M) of 2022, the net incurred claims amounted to SAR 324.44 million, an annual hike of 28.05% from SAR 253.36 million.
Meanwhile, the net written premiums (NWP) fell by 23.13% to SAR 667.70 million during the January-June 2022 period, compared to SAR 868.59 million in the year-ago period.
In the second quarter (Q2) of 2022, Saudi Re turned to net losses before Zakat of SAR 4.84 million, versus net profits before Zakat worth SAR 16.89 million in Q2-21.
The net incurred claims increased by 13.14% YoY to SAR 149.27 million in Q2-22 from SAR 131.93 million, while the NWP rose by 6.83% YoY to SAR 81.42 million from SAR 76.22 million.
During January-March 2022, the company’s net profits before Zakat went up by 3.95% to SAR 19.58 million, compared to SAR 18.83 million during the same period a year earlier.
