Riyadh – Mubasher: Al Alamiya for Cooperative Insurance Company registered SAR 3.4 million in net profits before Zakat during the first quarter (Q1) of 2020, 55.7% less than SAR 7.78 million in the same period a year ago.

The insurer’s net written premiums (NWP) shrank by 59.5% on an annual basis, reaching SAR 15.8 million by March-end when compared to SAR 39.1 million, according to a bourse statement on Thursday.

The plunge in Q1 profits was attributed to a drop in net premiums earned and a rise in net claims incurred, coupled with a relatively lower provision for doubtful debts. 

Moreover, the aforementioned drop was partially offset by higher reinsurance commissions and other income, and lower general and administrative expenses.