Riyadh – Mubasher: Walaa Cooperative Insurance Company turned to profitability in the second quarter (Q2) of the year, gaining SAR 28.352 million in net profits before Zakat, against net losses of SAR 15.831 million in the same quarter a year ago.

The turn to profits is due to a rise in the net premiums earned by SAR 18.53 million or 10.43% and the increase in the reinsurance commission by SAR 2.90 million or 43.55%, according to a bourse statement on Wednesday.

Moreover, the insurer’s other underwriting income rose by SAR 7.31 million or 1,067.45%, whereas net claims and other benefits incurred plunged by SAR 82.83 million or 50.48% and the general and administrative expenses slid by SAR 2.64 million or 8.57%.

Net written premiums (NWP) came in at SAR 196.079 million in the three-month period ended 30 June, up 7.07% when compared to SAR 183.136 million in Q2 of last year.