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  • 15-03-20

    KSA: Buruj Cooperative Insurance Co. reports net profit of SAR 15.18 million

    (MENAFN) In comparison with SAR 72.4 million in 2018, Buruj Cooperative Insurance Co. made a net income of SAR 15.18 million for the financial year 2019 before Zakat, which is a decrease of 79 percent yearly.


    As said in a statement by the company, the drop was attributed to a 67.8 percent decrease in net underwriting surplus, which is a drop of 21.1 percent in net earned premiums and an increase in net incurred claims by 4.3 percent.


    Buruj Cooperative Insurance Co. also cited a decrease in policy issuance fees by 95.2 percent and an increase in premium shortage reserves by 328.8 percent.


    Gross written premiums (GWP) reached SAR 305.5 million, which is a drop of 4.5 percent yearly, while net incurred claims climbed by 4.2 percent yearly to SAR 193 million in financial year 2019.

    MENAFN1503202000450000ID1099855859

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