Riyadh – Mubasher: SABB Takaful Company achieved a net profit before Zakat worth SAR 1.88 million in the first quarter (Q1) of 2021, against net losses of SAR 10.41 million in Q1-20, according to the interim financial results.

The company reported a profit per share of SAR 0.01 in Q1-21, versus a loss per share of SAR 0.34 in Q1-20.

Net written premiums grew 17% to SAR 36.96 million in the first three months of 2021, compared to SAR 31.55 million in the same period in 2020.

Net incurred claims also increased by 23.6% to SAR 26.27 million in Q1-21 from SAR 21.24 million in Q1-20.

Until 31 March 2021, SABB Takaful’s accumulated losses totalled SAR 64.06 million, which accounted for 18.8% of the SAR 340 million paid-up capital.

Quarter-on-quarter (QoQ), the company turned to profit in Q1-21 against a net loss before Zakat of SAR 9.04 million during the fourth quarter (Q4) of 2020.

Net written premiums in Q1-21 grew 4.94% QoQ when compared to SAR 35.21 million in Q4-20. Net incurred claims also rose 54.5% from SAR 35.21 million in the last quarter of 2020.