Riyadh – Mubasher: Insurance companies in Saudi Arabia registered a net income of SAR 100.4 million during the first quarter (Q1) of 2021, higher by 23% compared to SAR 81.6 million in the same period a year earlier, according to official figures.

This annual increase was driven by a surge of 54.7% in investment income to SAR 279.2 million in Q1-21 from SAR 180.4 million in the January-March 2020 period.

Gross written premiums totalled SAR 12.8 billion at the end of March 2021, edging up 0.4% compared to the same period a year earlier, the Saudi Central Bank (SAMA) said. Insurance companies have retained 85.6% of the overall value in Q1-21, backed by the health and auto insurance.

Health insurance accounted for 61.3% of Q1-21 total premiums, compared with a share of 60.2% in Q1-20.