Riyadh – Mubasher: AlAhli Takaful Company’s (ATC) third-quarter (Q3) net profit before Zakat shrank by 94.8% year-on-year (YoY) to SAR 202,000, compared to SAR 3.9 million in the year-ago quarter.

The drop in earnings was fuelled by an increase in the net claims incurred by 50%, coupled with losses of SAR 584,000 in the shareholders' investments and a 67% lower net profit of policyholders’ investments, according to a bourse disclosure on Tuesday.

This came despite the growth in the gross written premiums (GWP) by 13%.

Net written premiums (NWP) reached SAR 14.7 million in the three-month period ended 30 September, a YoY increase of 22.7%.

Over the period from January to September, the company’s profits dropped by 35.7% YoY to stand at SAR 6.96 million.