Saudi Arabia: Listed insurers post profits of $301 mln in Jan-Sep
Source: Middle East Insurance Review | Dec 2017
Insurance companies listed on the Saudi stock market earned profits totalling SAR1.13 billion (US$301.3 million) during the first nine months of this year.
Among them, 23 of them reported an increase in profits, six saw a fall in profits, and the remaining four suffered losses. The 23 companies, whose profits grew in the past nine months, represent 69.7% of the total listed companies in the insurance sector, reported Al-Sharq Al-Awsat.
For the first nine months of 2017, total premiums generated by the insurance sector reached SAR28.6 billion, reflecting flat growth compared to the SAR28.4 billion registered for the corresponding period last year, reported Al Eqtisadiah, a Saudi daily newspaper.
Total premiums written by the insurance sector in Saudi Arabia during the third quarter of 2017 amounted to SAR8.3 billion, 8.2% higher than the SAR7.7 billion generated in the same quarter of the previous year.
During the first nine months of 2017, the consolidated profits of the insurance sector amounted to SAR1.47 billion compared to SAR1.73 billion for the same period last year, a decrease of 15%. M
SAR1 = US$0.27