Saudi Arabia: Aljazira Takaful profit registers 24 percent increase in 3Q
Source: Middle East Insurance Review | Dec 2022
Net profit before zakat for Aljazira Takaful Taawuni Company increased by 23.83% to SAR26.15m ($7m) in the first nine months of 2022, versus SAR21.12m in the same period of the past year, according to the interim financial results posted on the Saudi stock exchange (Tadawul).
Net profit after zakat and income tax increased by 22.23% to SAR24.4m from SAR19.9m achieved in 3Q2021. The increase in profit is mainly attributable to the increase in net underwriting income which rose by 3.31% to SAR1.7m.
Gross written contribution for 3Q2022 reached SAR269.8m against SAR192.9m, a 39.84% increase. Net incurred claims dropped by over 60% to SAR40.13m in the first three months of 2022 from SAR101.21m. Net written premiums, on the other hand, jumped by 178.49% to SAR144.37m from SAR51.84m. M