Riyadh – Mubasher: Allianz Saudi Fransi Cooperative Insurance on Sunday announced a 23.97% increase in its net profits year-on-year in the second quarter of 2017.

Net profits reached SAR 7.79 million in Q2-17, compared to SAR 6.29 million in Q2-16, according to statements to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, net profits levelled down 11.62%.

The insurance firm attributed the rise in its year-on-year net profits to the increase in net earned premiums by 38%, net claims’ growth by 29%, and an increase in investments returns.

At the level of the first six months of 2017, net profits surged 27.29% to SAR 16.6 million, from SAR 13 million in H1-16.

By 11:55 am KSA time, the stock increased 0.72% to SAR 36.30.