Mubasher TV
Contact Us Advertising   العربية

Allianz SF’s Q2 profits fall 29%

Allianz SF’s Q2 profits fall 29%
Net profits plunged by 29.01% to SAR 6.7 million in Q2-19
ALLIANZ SF
8040
19.70% 19.44 3.20

Riyadh – Mubasher: Allianz Saudi Fransi Cooperative Insurance Company (Allianz SF) reported its interim financial statements for the second quarter of 2019.

Net profits plunged by 29.01% to SAR 6.7 million in Q2-19, compared to SAR 9.5 million in Q2-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

Meanwhile, gross written premiums (GWP) of the Saudi firm grew by 28.27% to SAR 288.3 million during the three-month period between April and June, from SAR 224.8 million in the same period of the prior year.

The company noted that both the net profit and GWP were influenced by the technical result of the medical business.

Year-on-year, Allianz SF’s profits fell by 6.36% to SAR 18 million during the first half of 2019.

GWP of the Saudi insurance firm increased by 23.6% to SAR 647.3 million in H1-19, versus SAR 523.3 million in H1-18.

Profit per share stood at SAR 0.69 during the six-month period ended June, from SAR 0.9 in the same period of the year before.