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AlRajhi Takaful profits surge 55% in Q2

AlRajhi Takaful profits surge 55% in Q2
Al Rajhi Takaful recorded a net profit of SAR 33.19 million in H1-16 - (Photo Credit: Arabianeye-Reuters)
ALRAJHI TAKAFUL
8230
9.88% 71.20 6.40

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).