Riyadh – Mubasher: Allianz Saudi Fransi Cooperative Insurance Company has registered net profits before Zakat worth SAR 3.19 million during the first quarter (Q1) of 2022, an annual drop of 32.72% from SAR 4.74 million.

Earnings per share (EPS) stood at SAR 0.01 in Q1-22, versus SAR 0.04 in Q1-21, according to the interim financial results.

Meanwhile, the net written premiums (NWP) reached SAR 135.72 million in the first three months (3M) of 2022, a 22.09% year-on-year (YoY) growth from SAR 111.16 million.

During the January-March 2022 period, the net incurred claims inched down by 0.41% to SAR 89.68 million, compared to SAR 90.05 million in the year-ago period.

On a quarterly basis, the net written premiums in Q1-22 declined by 1.86% from SAR 138.30 million in Q4-21, while the net incurred claims rose by 9.28% from SAR 82.06 million.

In addition, the Saudi insurer posted 64.57% lower net profits in Q1-22 than SAR 9.01 million in Q4-21.

It is worth noting that Allianz Saudi Fransi incurred net losses before Zakat of SAR 1.06 million in Q3-21, down 89.60% from SAR 10.30 million in Q3-20.