Takaful News - Saudi Re's net profit falls to US$28,335
Source: Middle East Insurance Review | Mar 2016
Saudi Re has reported a sharp fall in net profit before zakat to SAR106,315 (US$28,335) for 2015, compared to SAR10.8 million for 2014, according to a statement lodged with Tadawul.
Interim financial results showed that profit narrowed in 2015 despite GWP jumping by 45% to SAR804.8 million last year and net written premiums increasing by 47% to SAR745.8 million. Net incurred claims fell last year by 15% to SAR339.5 million.
The Riyadh-based company attributed the results to an 87% decrease in shareholders’ investment income.
SAR1 = US$0.26