Riyadh – Mubasher: Allied Cooperative Insurance Group (ACIG) saw a rise of 29.7% in net profits during the first quarter of 2017.

Profits amounted to SAR 4.9 million in Q1-17 from SAR 3.78 million in Q1-16, according to a bourse filing on Tuesday.

The increase in net profits was attributable to a decrease in net claims incurred by 15%, fall in policy acquisition cost by 6%, in addition to SAR 1.39 million posted as net profit from shareholders investments.

Net incurred claims reached SAR 71.88 million, down 14.8% from SAR 84.31 million in Q1-16.

Surplus of insurance transactions amounted to SAR 3.85 million in Q1-17 compared to SAR 3.66 million in the year-ago period, with a 5.3% increase.