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Al Rajhi for Cooperative Insurance Q2 profits jump 87%

Al Rajhi for Cooperative Insurance Q2 profits jump 87%
The company's net written premiums fell by 7.22% yearly in Q2-20
ALRAJHI TAKAFUL
8230
9.88% 71.20 6.40

Riyadh – Mubasher: The net profits before Zakat of Al Rajhi Company for Cooperative Insurance totalled SAR 95.71 million in the second quarter (Q2) of 2020, a surge of 87.38% when compared to SAR 51.08 million in Q2 of 2019.

The positive interim results were supported by an improvement in claims costs by SAR 168.78 million or 30.74%, partially offset by lower net earned premium (NEP) by SAR 113.157 million or 16.47% and higher general and administrative expenses, according to a bourse filing on Tuesday.

Moreover, the insurer's net written premiums (NWP) decreased by 7.22% in Q2-20 to stand at SAR 486.23 million, compared with SAR 524.08 million during Q2-19.