Riyadh – Mubasher: Sabb Takaful’s profits before Zakat declines 43.8% in the first quarter of the year.
The company posted a net profit of SAR 2.12 million in Q1-17, falling from SAR 3.77 million reported for Q1-16.
Sabb Takaful attributed the decrease in net profits to lower fees and commission income by 30% (due to decline in commission and surplus from reinsurers) and higher net incurred claims by 25%.
Net incurred claims reached SAR 4.05 million in Q1-17 compared to SAR 3.24 million in Q1-16, with a 25.1% increase.
Net written premiums amounted to SAR 37.53 million, adding 0.8% to SAR 37.24 million achieved in Q1-16.
