Riyadh – Mubasher: Allied Cooperative Insurance Group (ACIG) achieved a growth of 50.12% in net profits before zakat during the second quarter of 2017, compared to the same period a year ago.

Earnings increased to SAR 6.6 million in Q2-17 from SAR 4.4 million in Q2-16, according to a bourse filing issued on Wednesday.

ACIG clarified that the increase in Q2 profits is attributed to a decline in net claims incurred by 27%, as well as a decline in policy acquisition cost by 18%.

During the first half of 2017, ACIG achieved a gain of 40.69% in net profits to SAR 11.5 million from SAR 8.2 million in H1-16.

In the first quarter this year, profits rose by 29.7% to SAR 4.9 million from SAR 3.78 million in Q1-16.