Riyadh – Mubasher: Allied Cooperative Insurance Group (ACIG) on Wednesday said its profits went down 16.4% in the third quarter of 2017, compared to the year-ago period.

Profits stood at SAR 3.9 million in Q3-17, compared to SAR 4.7 million in Q3-16, according to a bourse filing.

Quarter-on-quarter, profits slid 40.5%.

ACIG attributed the decrease in its year-on-year net profits to a decline in gross written premiums by 17%, in net written premiums by 14%, in net earned premiums by 25%, and to a growth in in general and administrative expenses by 24%.

At the level of the first nine months of 2017, the group’s net profits surged 19.9% before accounting Zakat to reach SAR 15.5 million, compared to SAR 12.9 million in the corresponding period in 2016.

The stock lost 1.28%, closing at SAR 17 on Wednesday.