Allianz Saudi Fransi Insurance turns to profit in 2021

Allianz Saudi Fransi Cooperative Insurance Co. turned to profit of SR 16.48 million in 2021 from losses of SR 17.63 million in 2020.

The company added in its financial result statement published on Tadawul that its net profit of shareholders capital investment soared by 46.76% to SR 10.98 million last year from SR 7.48 million the year before.

Moreover, total shareholders’ equity (after deducting minority equity) declined 0.48% to SR 711.29 million compared to SR 714.74 million in 2020.

In addition, profit per share (EPS) of Allianz Saudi Fransi Cooperative Insurance dropped to SR 0.09 from SR 0.85.

The company said that turning to profit was mainly driven by lower net claims and other benefits incurred by 19.8% (SR 316.8 million vs. SR 394.9 million) and the decrease in general and admin expenses by 14.3% (SR 116.8 million vs SR 136.3 million).The decrease in net revenue is mainly driven by lower motor business by 42.4% (166.4 million vs. 289 million).