Premiums and claims jump, with the profits of the “Gulf General” jumping 337% in the second quarter


Riyadh – Mubasher: The profits of the Gulf General Cooperative Insurance Company jumped about 337% in the second quarter of 2020, compared to the same quarter of 2019, as a result of higher premiums and lower claims.

According to the company’s data on the Saudi Stock Exchange “Tadawul”, the net profit before zakat jumped to 18.75 million riyals compared to 4.29 million riyals for the same quarter of last year.

The company explained that the increase in net profit is mainly due to the increase in net premiums earned and the decrease in net claims incurred, in addition to the improvement in the performance of the investment portfolio.

At the level of the first half of 2020, the company’s data revealed a net loss of 14.49 million riyals, compared to a net profit of 7.22 million riyals during the same period in 2019.

The accumulated losses of the company by the end of June 2020 amounted to about 31.27 million riyals, equivalent to 15.64% of the company’s capital of 200 million riyals.

And the “Gulf General” shifted to losses in the first quarter of 2020, With a net loss of 3.73 million riyals, compared to 2.64 million riyals, net profits for the same quarter of 2019.


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