Riyadh – Mubasher: The Saudi insurance sector’s operating profits via initial public offerings (IPOs) amounted to SAR 449 million in 2017, down from SAR 2.12 billion a year earlier, the Saudi Arabian Monetary Authority’s (SAMA) annual report showed on Tuesday.

Total value of premiums decreased by 1% or SAR 352 million to SAR 36.5 billion last year, compared to SAR 36.8 billion in the year before, the SAMA’s report added.

Value of general insurance premiums fell 4.9% to SAR 16.3 billion in 2017, from SAR 17.1 billion in the previous year. General insurance represents 45% of total premiums.

The paid claims rose 1.9% to SAR 26.5 billion in 2017, up from SAR 26 billion in 2016.