Riyadh – Mubasher: United Cooperative Assurance Company (UCA) disclosed its interim financial statements for the second quarter of 2019.

Net profits hiked by 136.3% to SAR 7.28 million in Q2-19, compared to SAR 3.08 million in Q2-18, according to the firm’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

“The reasons of increase in net profits for the current quarter compared with net profits in the same quarter last year due to decrease net claims incurred and achieve a surplus in insurance operations and increase in net income from shareholders’ investments and decrease in technical provisions in the current quarter,” the statement highlighted.

The company’s gross written premiums (GWP) inched down by 2.8% year-on-year to SAR 86.2 million during the three-month period ended June.

For the first half of 2019, United Cooperative achieved profits of SAR 1.7 million, versus losses of SAR 4.5 million in H1-18.

GWP of the Saudi-based firm grew by 4.07% to SAR 200.6 million in H1-19, from SAR 192.7 million in the same period a year ago.