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Salama Cooperative Insurance swings to SAR 29m quarterly profit

Salama Cooperative Insurance swings to SAR 29m quarterly profit
The move to profit was driven by a 68% decline in net claims incurred
SALAMA
8050
-0.20% 25.50 -0.05

Riyadh – Mubasher: Salama Cooperative Insurance Company turned to a net profit of SAR 29.49 million in the second quarter (Q2) of 2020, versus a net loss of SAR 35.38 million in the year-ago quarter.

The move to profit was supported by a decline in net claims incurred by 68% and lower general and administrative expenses by 28%, partially offset by a 29% slump in net earned premiums (NEP), according to a stock exchange filing on Thursday.

Net written premiums (NWP) decreased by 32.4% yearly during the April-June period to stand at SAR 84.43 million.

In the first half (H1) of the year, the insurer logged SAR 6.42 million worth of profits, against losses of SAR 49.96 million in H1-19.