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Al-Rajhi Takaful posts 131.3% profit hike in 2020

Al-Rajhi Takaful posts 131.3% profit hike in 2020
The insurer's profits amounted to SAR 251.8 million in 2020.
-0.58% 85.60 -0.50

Riyadh – Mubasher: The net profit before Zakat of Al-Rajhi Company for Cooperative Insurance (Al-Rajhi Takaful) increased by 131.3% in 2020 to SAR 251.8 million.

The growth in the insurer’s net profits was backed by an improvement in net claims costs by 27.35% and a rise in Re-takaful/ re-insurance commission income by 134.60%, according to a bourse statement on Wednesday.

This was partially offset by a drop in net earned premiums by 11.60% and an increase in policy acquisition costs and allowance of doubtful debts by 35.49% and 148.57%, respectively.

Net written premiums (NWP) reached SAR 2.3 million by the end of the last year, a yearly decline of 4.9%.