Saudi Arabia: Tawuniya more than doubles pre-tax profit in 1H2020
Source: Middle East Insurance Review | Sep 2020
The Company for Cooperative Insurance (Tawuniya) has reported a net profit before zakat and tax of SAR295.2m ($78.7m) for 1H2020, 153.5% higher compared to SAR116.4m in the same half of last year.
The company attributed the surge in profit to an increase of 85.79% in net underwriting income, a 5.10% rise in net earned premiums, in addition to a 7.63% decline in net incurred claims.
Net profit in 2Q2020 surged 198% y-o-y to SAR210.1m, driven by a rise in net underwriting income, a fall in net incurred claims, a decline in allowance for doubtful debts, offset by a fall in policyholders’ and shareholders’ investment gains. M