Riyadh - Mubasher: Salama Cooperative Insurance reported an increase in profits by 886.03% in 2016 to SAR 30.35 million from SAR 3.078 million in the year before, as shown by the company’s financial statements.

The increase in profits is due to the surge in net earned premium by 27% and increase in total investment income from policyholders and shareholders' fund by 60%, partly offset by a rise in net claims incurred by 13% and increase in operating, general, and administration expenses and provision for doubtful debts by 42%.

Earnings per share also went up to SAR 0.85 per share up from SAR 0.1 per share in 2015, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.