Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) on Tuesday reported an 84.62% year-on-year decline in net profits for the second quarter of 2018.

Tawuniya’s profits amounted to SAR 38.27 million ($10.20 million) during Q2-18, down from SAR 248.76 million ($66.32 million) in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits fell 8.73% from SAR 41.92 million.

The Saudi insurance firm attributed the large decrease in Q2-18 profits to a 13.7% rise in net incurred claims, reaching SAR 1.6 billion, compared to SAR 1.4 billion in the year-ago period.

At the level of first six months, Tawuniya’s profits plunged 80.39% to SAR 80.2 million, from SAR 409 million during H1-17.

Tawuniya’s stock levelled down 2.88% to close Monday’s trading session at SAR 64.