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AXA Cooperative’s profits shrink 42% in Q1-22 initial results

AXA Cooperative’s profits shrink 42% in Q1-22 initial results
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AXA COOPERATIVE
8250
-1.98% 29.65 -0.60

Riyadh – Mubasher: AXA Cooperative Insurance Company has registered net profits before Zakat worth SAR 25.39 million during the first quarter (Q1) of 2022, an annual drop of 41.98% from SAR 43.77 million.

Earnings per share (EPS) stood at SAR 0.41 in Q1-22, versus SAR 0.73 in Q1-21, according to the interim financial results on Wednesday.

Meanwhile, the net written premiums (NWP) slipped by 2.08% to SAR 478.41 million in the first three months (3M) of 2022, compared to SAR 488.61 million during the same period in the previous year.

During the January-March 2022 period, the net incurred claims settled at SAR 231.87 million, a 7.89% year-on-year (YoY) increase from SAR 214.90 million.

On a quarterly basis, the net written premiums in Q1-22 leaped by 89.77% from SAR 252.09 million in Q4-21, while the net incurred claims grew by 7.92% from SAR 214.84 million.

The Saudi listed company posted 40.31% lower net profits in Q1-22 than SAR 42.55 million in Q4-21.

In 2021, the insurer achieved net profits before Zakat worth SAR 166.72 million, a decline of 0.06% from SAR 166.83 million in 2020.