Riyadh – Mubasher: The third-quarter net profits of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) hit SAR 65.1 million, up by 7.4% from SAR 60.6 million in the prior-year period.

The growing profits were supported by an improvement in claims cost by 11.55%, partially offset by a slump in net earned premium (NEP) by 5.55% and higher general and administrative expenses, according to a stock exchange filing on Tuesday. 

Meanwhile, there was a reversal of SAR 4.623 million of doubtful debt provision balances that was offset by lower special commission income.

Net written premiums (NWP) reached SAR 612.8 million in the July-September period, an annual rise of 11.6%.

During the first nine months of the year, the profits surged by 69.8% on an annual basis to SAR 197.1 million.