Saudi Arabia: Al Rajhi Takaful net profit reaches $11m in 1Q
Source: Middle East Insurance Review | Jun 2022
The preliminary financial results of Al-Rajhi Cooperative Insurance (Al-Rajhi Takaful) showed a decline in its net profit before zakat by 40.5% in the first quarter of 2022 to SAR40.75m ($10.86m), compared to about SAR68.5m achieved in the same quarter of 2021, according to a bourse filing.
The decrease in net profit was attributed to an increase in net claims of SAR45m (11.63% increase) and policy acquisition costs of SAR31m (79.2% higher).
The increase in the cost of incurred claims and the acquisition cost was offset by an increase in the net earned insurance premiums by SAR16.13m, or 2.87%, and a decrease in general and administrative expenses by SAR5.86m, or 8.93%. M