Riyadh – Mubasher: The Saudi Arabian Cooperative Insurance Company (SAICO) gained SAR 12.48 million in net profits before Zakat during the third quarter (Q3) of the year.

This represents a 629.6% annual growth from SAR 1.71 million in the year-ago quarter, according to a bourse filing on Thursday.

The growth in profits was boosted by a rise of 425% in the net profit of shareholders capital investment and a decline in net claims incurred and insurance policies’ underwriting costs by 29% and 10%, respectively.

This came despite the drop in net earned premiums (NEP) by 14% and the decrease in other income and other underwriting income by 80% and 22%, respectively.

During the first nine months of the year, SAICO reported SAR 39.64 million in net profits, an annual surge of 351.83%.