Riyadh – Mubasher: The interim financials of AXA Cooperative Insurance Company showed a 1.41% year-on-year (YoY) decrease in net profits before zakat to SAR 124.179 million in the first nine months of 2021 from SAR 125.955 million.

Lower net profits are driven by a decrease in the company's insurance results and investment income and a rise in net claims incurred, according to a bourse filing on Sunday.

The company's net incurred claims rose by 1.55% to SAR 670.577 million in the January-September period of 2021 from SAR 660.34 million in the year-ago period.

Meanwhile, the company reported net written premiums (NWP) of SAR 1.057 billion in the first nine months of 2021, down 2.704% on an annual basis from SAR 1.087 billion.

The earnings per share (EPS) settled at SAR 2 in the January-September period of 2021.

In the third quarter (Q3) of 2021, the company's net profits before zakat decreased by 18.346% to SAR 45.44 million from SAR 55.65 million in the same quarter of 2020.

It is noteworthy to mention that during the first half (H1) of 2021, the company recorded net profits before Zakat worth SAR 78.73 million, higher by 12% than SAR 70.3 million.