Al Sagr posts 253% jump in Q2 net profit

19/07/2011 00:00 AST

Al Sagr Cooperative Insurance Company's net profit skyrocketed 253 percent in the second quarter to SR8,697 thousands compared to SR2,466 thousand for the same quarter of previous year, and climbed 401 percent to SR1,735 thousand from the previous quarter, the company said in a statement on Tadawul website Sunday.

The rise was due to the increase in the net earned premiums by 27 percent accompanied by a decrease of net incurred claims of 10 percent and the improvement of shareholders investments by 66 percent, the company said.

Net profit for the investments of policyholders for the six months period is SR116 thousands.

Net profit for the investment of shareholders funds for the six months period is SR1,480 thousands, compared to SR1,064 thousands for the same period of previous year, an increase of 39 percent.

The improvement was due to the increase in net earned premiums by 29 percent and a decrease in net claims incurred by 4 percent, an increase of investment income for shareholders by 39 percent.

Insurance operations surplus, net of policyholders return on investments during the second quarter is SR10,253 thousands, compared to SR3,799 thousands for the same quarter of previous year, an increase of 170 percent. Total gross written premiums for the second quarter is SR69,108 thousands, compared to 56,248 thousand riyals for the same quarter of previous year, an increase of 23 percent.

Total net written premiums for the second quarter is SR54,993 thousands, compared to SR43,778 thousands for the same quarter of previous year, an increase of 26 percent. Net claims incurred for the second quarter is SR25,149 thousands, compared to SR28,008 thousands for the same quarter of previous year, a decrease of 10 percent.

Net profit for the investments of policyholders for the second quarter is SR86 thousands.

Net profit for the investment of shareholders funds during the second quarter is SR1,053 thousands, compared to SR634 thousands for the same quarter of previous year, an increase of 66 percent.

Saudi Gazette