National Company for Cooperative Insurance (Tawuniya) posted Thursday its interim financial results for the nine-month period that ended on September 30, 2014.
The insurance company reported SAR 209.8 million net profit in Q3-14, representing a surge by 808.85% compared with SAR 23.1 million in the same period a year earlier, and a rise by 8.61% compared with SAR 193.2 million in Q2-14.
The company attributed the profit surge in Q3 profit year-over-year to the increase in operating surplus due to the 9% rise in net written premiums (NWP), in addition to the decline in potential net claims by 10.48%.