Riyadh – Mubasher: Al Alamiya for Cooperative Insurance Company reported a 55.3% annual decline in net profits before Zakat over the third quarter (Q3) of 2020.

The insurer’s earnings reached SAR 2.3 million in Q3-20, compared with SAR 5.2 million in Q3-19, according to a bourse disclosure on Wednesday.

This slump in profits is due to lower net premiums earned (NPE), higher allowance for doubtful debts, and a lower investment income, partially offset by lower net claims incurred, higher other income, and lower policy acquisition costs.

In the first nine months of the year, the profits fell by 51.4% to SAR 9.96 million.