Buruj Cooperative Insurance Co. reported a net profit before zakat of SAR 10.6 million for the first nine months of 2019, a plunge of 83.5 percent year-on-year (YoY), on lower net earned premiums and underwriting surplus, along with higher net incurred claims.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
In Q3 2019, the insurer incurred a net loss before zakat of SAR 9.8 million against a net profit of SAR 25.4 million in year-earlier period, due to a decline in net earned premiums, increased net incurred claims, and net change of outstanding claims.
Buruj sustained a net loss of SAR 2.9 million in the previous quarter, as the insurer recorded an underwriting deficit from the increase in net incurred claims.