Malath Cooperative Insurance Co. reported a net profit before Zakat of SAR 18.4 million for fiscal year 2019, a rise of 18%, as compared to SAR 15.6 million a year earlier.
The rise was driven by an increase in gross written premiums by 14.6%, rise in net earned premiums by 12.35%, and an increase in reinsurance commission income by 13%.
The company also cited reduced policy acquisition costs by 7.41% and an increase in net investment income of policy holders and shareholders by 68.5%.
The accumulated losses at the end of 2019 decreased by 10.9% , to reach SAR 42 million, representing 8.5% of the share capital.
In Q4 2019, the insurer turned to profit of SAR 15.72 million versus net losses of SAR 9.71 million in Q4 2018.
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