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Three key Saudi insurance firms disclose FY18 financials

Three key Saudi insurance firms disclose FY18 financials
AXA Cooperative Insurance’s profits rose 27% to SAR 76.4 million last year
ALRAJHI TAKAFUL
8230
9.88% 71.20 6.40
SABB TAKAFUL
8080
-2.87% 11.50 -0.34
GIG
8250
-0.17% 29.30 -0.05

Riyadh – Mubasher: Three major Saudi insurance companies announced positive financial results for the fiscal year 2018, according to data published on the Saudi Stock Exchange (Tadawul) on Monday.

Al-Rajhi Company for Cooperative Insurance reported a 1.2% increase in net profits before zakat, logging SAR 185 million in 2018, compared to SAR 182.87 million in the prior year.

The rise in net profit was ascribed to the increase in policyholder and shareholder investment income.

AXA Cooperative Insurance’s profits rose 27% to SAR 76.4 million last year from SAR 60.2 million in 2017, supported by improved claims, particularly in vehicles and properties sectors, along with the increase in investment yield for policyholders and shareholders.

SABB Takaful posted SAR 1.06 million in profits in 2018, against net losses of SAR 5.5 million a year earlier, on the back of higher fees and commission income and increased investment income as well as the decline in policy underwriting costs and net claims.