Riyadh – Mubasher: Allianz Saudi Fransi Cooperative Insurance Company (Allianz SF) posted a 9.8% year-on-year decrease in its profits during the third quarter of 2019, recording SAR 8 million.

The gross written premiums (GWP) reached SAR 166 million in Q3-19, up 18% from SAR 140.5 million in Q3-18, according to a bourse statement on Sunday.

“The decrease in net profit before zakat is mainly due to the increase in the general and administrative expenses by 32.8%,” the company said.

For the first nine months of 2019, net profits of Allianz SF retreated by 7.5% to SAR 26.3 million, compared to SAR 28.4 million in the same period last year.

On a yearly basis, Allianz SF’s GWP hiked by 22.5% to SAR 813 million during the nine-month period ended September.