Riyadh – Mubasher: AlAhli Takaful Company (ATC) on Thursday has announced that net profits increased 22.3% in the first quarter of 2017, compared to the same quarter in 2016, according to a bourse filing.

Net profits amounted to SAR 9.36 million in Q1-17, compared to SAR 7.65 million in Q1-16.

The company attributed the increase in profits to the underwriting surplus from insurance operations due to improved underwriting results and the rise in net profits of shareholders’ capital investment.

AlAhli Takaful had previously reported a 3.1% decline in net profits to SAR 33.3 million in 2016, compared to SAR 34.4 million in 2015.