Buruj Cooperative Insurance Co. reported a net profit before Zakat of SAR 15.2 million for the fiscal year 2019, a drop of 79% year-on-year (YoY), as compared to SAR 72.4 million a year earlier
The decline was attributed to a 67.8% drop in net underwriting surplus, a 21.1% decrease in net earned premiums and a rise in net incurred claims by 4.3%, the company said in a bourse statement.
The insurer also cited a decrease in policy issuance fees by 95.2% and an increase in premium deficiency reserves by 328.8%.
Gross written premiums (GWP) stood at SAR 305.5 million, down by 4.5% YoY, while net incurred claims increased by 4.2% YoY to SAR 193 million in FY19.
In Q4 2019, the insurer's net profit declined 43% YoY to reach SAR 4.56 million.
On the other hand, the provision of doubtful debts improved by SAR 4.8 million compared to a provision record of SAR 3.6 million in FY2018.
Additionally, the total combined investment income for insurance and shareholders operations increased by 49.4%.
Total shareholders’ equity for the current period reached SAR 438.2 million.
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