News Middle East06 Aug 2019

Saudi Arabia:Tawuniya sees 1H net profit jump by 45%

| 06 Aug 2019

The Company for Cooperative Insurance (Tawuniya), which is one of Saudi Arabia's largest insurers, has reported a net profit of SAR116.43m for 1H2019, up by 45.2% year-on-year.

This is due to a jump in operating performance and a decline in net incurred claims.

Some details of the company's first-half financial performance are as shown:

 

1H2018

SAR m

1H2019

SAR m

Change

%

GWP

3,851.58

4,456.55

15.7

Net Profit Before Zakat & Tax

80.20

116.43

45.2

 

In comparison, for the 2018 full year, the company posted net loss of SAR213m on GWPs of SAR7,641m.

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