Riyadh – Mubasher: Al Etihad Cooperative Insurance Company gained SAR 29.9 million in net profits before Zakat during the third quarter (Q3), up by 111.6% when compared to the year-ago period.

This profit hike was driven by a decrease in net claims incurred by 28%, according to a bourse filing on Monday.

Net written premiums (NWP) reached SAR 186.2 million in the July-September period this year, 14.1% less than SAR 216.6 million in the corresponding period in 2019.

In the January-September period, the profits leapt by 70.9% annually to SAR 80.8 million.