Al Ahlia for Cooperative Insurance Co.’s (Al Ahlia) net profit increase in the third quarter of 2018 is mainly attributed to a 5 percent year-on-year (YoY) rise in net earned premiums (NEPs) and a 26 percent YoY increase in both insurance and shareholders’ investment income, CEO Mesheal Alshayea told CNBC Arabia.
Investment income doubled in the first nine months of the year to SAR 12 million versus SAR 6 million a year earlier, which improved the firm’s earnings for the period, he said.
The company focuses on quality insurance, as it only chooses products that make profit for the shareholders, he said, noting that the firm has traditional and untraditional products, such as the medical malpractice insurance.
As for the Saudi Arabian Monetary Authority’s (SAMA) remarks on Al Ahlia’s technical system, he said that the company’s systems were reviewed, accurately restructured and completely digitalized.
According to data compiled by Argaam, Al Ahlia’s Q3 net profit before zakat jumped 44 percent YoY to SAR 4.5 million from SAR 3.16 million a year earlier.
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