The Chief Financial Officer of the “Cooperative Insurance Company”, Amr Al-Kurdi, revealed, in an interview with “Al-Arabiya”, the amount of liquidity available to the company by about one billion riyals.
Al-Kurdi said that we expect a similar growth in profits during the current year at the levels of 2022.
He added that the company’s insurance premiums rose to a record level in 2022 (the highest in the company’s history), which puts it in the ranks of insurance companies.
He explained that the growth in the company’s profits came with the support of the package of services provided and the use of modern technology in pricing.
He pointed out that about 60% of the profits came from operating businesses, and 40% of the total profits were through investment.
The quarterly and annual profits of the “Cooperative Insurance Company” in Saudi Arabia were better than the average expectations of analysts, as profits before zakat for the last quarter of 2022 doubled by more than 6 times to 90 million riyals.
While the net profit before zakat increased by 37% on an annual basis during the year 2022 to reach 480 million riyals.
The company attributed the increase in net profit before zakat last year mainly to the growth in net investment profits and net underwriting income.
The increase in net underwriting income is due to the growth in net written premiums by 33%, the increase in net claims by 27%, in addition to the growth in costs of the insurance companies’ share of the dividends payable by 600%.
