Riyadh – Mubasher: Allianz Saudi Fransi Cooperative Insurance Company (Allianz SF) reported a 15.9% year-on-year profit increase during the first quarter of 2019.

Net profits before zakat reached SAR 11.22 million in Q1-19, from SAR 9.6 million in Q1-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The Saudi insurer’s net written premiums increased by 23.4% year-on-year to SAR 289 million in the three-month period ended 31 March.

Earnings per share (EPS) reached SAR 0.56 during the first three months of 2019, compared to SAR 0.48 in the corresponding period a year before.

The increase in Q1-19 net profit before zakat is mainly due to the decrease in total underwriting costs and expenses by 3.1%, which highlights the excellent performance in motor and other general lines.