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Tawuniya achieves 28% higher net profits in 2020

Tawuniya achieves 28% higher net profits in 2020
The company's net written premiums reached SAR 7.567bn in 2020
TAWUNIYA
8010
31.49% 162.00 38.80

Riyadh - Mubasher: The net profits before Zakat of The Company for Cooperative Insurance (Tawuniya) jumped by 27.92% to SAR 514.459 million in 2020 from SAR 402.165 million in 2019.

Higher net profits are mainly driven by a 30.97% rise in the net underwriting income to SAR 1.008 billion in 2020, compared to SAR 769.955 million in the earlier year, according to a bourse filing on Sunday.

The company's net written premiums reached SAR 7.567 billion last year, up 12.75% from SAR 6.712 billion in 2019.

Meanwhile, the company's net incurred claims declined by 5.59% to SAR 5.487 billion in 2020 from SAR 5.812 billion in the earlier year.

The earnings per share (EPS) settled at SAR 3.15 in 2020, against SAR 2.62 in 2019.

It is noteworthy to mention that during the third quarter (Q3) of 2020, Tawuniya's net profits rose by 4.3% year-on-year (YoY) to SAR 113.8 million.