Riyadh – Mubasher: Aljazira Takaful Taawuni Company recorded net profits before Zakat worth SAR 13.41 million over the first quarter (Q1) of 2020, 80% more than SAR 7.4 million in the same period of the previous year.
Net written premiums (NWP) advanced by 145.9% year-on-year (YoY), reaching SAR 40.1 million in the January-March period, according to a bourse statement on Thursday.
The growing Q1-20 earnings were backed by an increase in the net underwriting income by 142.6%, owing to higher NWP and completion of the acquisition of Bank AlJazira’s insurance portfolio.
Moreover, net earned premiums (NEP) for the period surged by 112.6%, whilst revenues from policyholders’ and shareholders’ investments grew by 476.8% and 18.2%, respectively.
