8230
Riyadh - Mubasher: Al-Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) reported on Monday a 55% growth in profits in the second quarter of 2016, to SAR 24.43 million ($6.5 million), from SAR 15.75 million ($4.2 million) in the same quarter last year.
The year-on-year rise in profits is due the increase in net underwriting surplus by 6.63%, as a result of the 57.13% surge in Takaful Gross written contributions, leading to an increase in net contributions earned by 42.03%.
Al Rajhi Takaful recorded a net profit of SAR 33.19 million in the first half of 2016, compared to SAR 22.17 million in H1-15, leveling up 49.73%, according to its statement to the Saudi Stock Exchange (Tadawul).