Riyadh – Mubasher: Walaa Cooperative Insurance Company gained net profits before Zakat worth SAR 25.271 million over the three-month period ended 30 September 2020, 218.2% more than SAR 7.9 million in the prior-year quarter.

The growth in quarterly profits was helped by an increase in net premiums earned (NPE) by SAR 23.55 million, combined with higher reinsurance commission and other underwriting income by SAR 8.28 million and SAR 910,000, respectively, according to a bourse disclosure on Tuesday.

Meanwhile, additional premium reserves and other technical reserves slid by SAR 9.59 million and SAR 6.41 million, respectively. 

Net written premiums (NWP) increased by 23.8% annually during the third quarter (Q3) to SAR 177.061 million, compared with SAR 143 million last year.

During the January-September period, the insurer logged SAR 42.804 million worth of profits, up by 360.6% yearly.