The Company for Cooperative Insurance (Tawuniya), Saudi Arabia's largest insurance company, reported Q1 net profit of SAR 39.7m, compared to a net loss of SAR 60.6m in the same quarter last year, as shown in the following table:

The company attributed the increase in Q1-2014’s net profit and insurance operations’ surplus, compared to a net loss and insurance operations’ deficit in the same period last year, to the decline in net incurred claims by 9% in addition to a 38.6% decrease in operating and marketing expenses.

The increase in Q1-2014’s net profit and insurance operations’ surplus, compared to a net loss and insurance operations’ deficit in the previous period (Q4-2013) was attributed to the decline in net incurred claims by 38.45% in addition to a 28.12% decrease in operating and marketing expenses.