Riyadh – Mubasher: Saudi Arabian Cooperative Insurance Company (SAICO) announced its interim financial results for the second quarter of 2019.

Net profits soared 873.9% to SAR 4 million in Q2-19, compared to SAR 415,000 in Q2-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The jump in profits was attributed to the increase in net premium earned by 9% and increase in other underwriting income by 165% also increase in shareholders’ investment by 21%, and increase in net profit of policy holder’s investment by 387% and increase in other income by 827%, and a decrease in inspection and supervision fees by 15%.

Meanwhile, gross written premiums (GWP) plunged by 8.35% year-on-year to SAR 194.8 million during the three-month period between April and June.

For the first six months of 2019, net profits of SAICO hiked by 1,471% to SAR 7.05 million, versus SAR 449,000 in H1-18.