“Acig” turns to losses in the second quarter due to the decrease in written premiums

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Riyadh – Mubasher: The United Group for Cooperative Insurance “ASIG” turned to losses in the second quarter of 2021 compared to net profits for the same quarter of 2020, in light of the decrease in written premiums.

The company’s results revealed that “Tadawul Saudi Arabia” achieved, today, Monday, a net loss before zakat of 5.54 million riyals, compared to profits of 7.09 million riyals for the second quarter of last year.

The company explained that its transformation of losses is due to the decrease in the total written premiums, the increase in the net claims incurred, the decrease in the net profits resulting from the investments of shareholders’ funds, the decrease in other underwriting income, the decrease in commissions earned from reinsurance and the increase in the costs of acquiring documents. .

She indicated that the company’s losses came despite the increase in net written insurance premiums and the increase in net profits resulting from investments of policyholders’ funds, the increase in net earned insurance premiums and the decrease in general and administrative expenses, and the decrease in the provision for doubtful debts.

At the level of the first half of 2021, the company incurred a net loss before zakat of about 1.8 million riyals, compared to a profit of 9.96 million riyals during the same period last year.

ACIG’s profits increased in the first quarter of 2021, about 17.1% to 3.37 million riyals, compared to 2.88 million riyals for the first quarter of last year.

Recommendations:

ACIG shareholders reject the Board of Directors’ report for the year 2020

“Acij” announces the resignation of the CEO, and he will leave the position on August 31







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