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Press Dossier    By Date   17/08/2022 Saudi insurers report improved first-half profits on lower claims

Arab News, Wednesday, Aug 17, 2022 | Muharram 19, 1444

Saudi insurers report improved first-half profits on lower claims

Saudi Arabia: Major Saudi-listed insurers released first-half earnings results on Wednesday, with three reporting improved profits due to lower claims.

Alinma Tokio Marine Co. turned in a profit of SR2.4 million ($639,339) in the first half of 2022, erasing over SR3.2 million in losses from the first half of 2021, according to a bourse filing.

Saudi Enaya Cooperative Insurance Co. managed to narrow its losses by 53 percent to SR14 million, while Amana Cooperative Insurance Co. narrowed its losses by 50 percent to SR31 million.

Meanwhile, Wataniya Insurance saw its losses increase by 44 percent to SR37 million in the first half of 2022, bucking the trend, owing to a decrease in net underwriting income.

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