Buruj Insurance Profits Decreased to SR15.8 mln at End of 2021, by 8%

The Buruj Cooperative Insurance Company net profit before zakat for decreased to SR15.8 million during the year 2021, compared to SR17 million during the year before last, at a rate of 8%.

This came after Buruj Cooperative Insurance Company announcement on Thursday of the estimated financial results for the period ending on 31.12.2021. (12 months).

The net investment profits of shareholders’ funds during the current period amounted to SR22.5 million, compared to SR5.2 million during the same period last year, an increase of 335%.

The gross shareholders’ equity (after excluding minority interests) during the current period, it amounted to SR442 million, compared to SR445 million during the same period last year, down 0.5%.

Profits per share during the current period amounted to SR0.14, compared to SR0.19 during the same period last year.

The reason for decrease in profits this year compared to previous year is attributed to the decrease in net underwriting surplus by 27.35% due to the decrease in net earned premiums by 14.74%. In addition to the increase in other underwriting expenses by 91.43%. This is despite the decrease in net claims incurred by 14.48%.

The company concluded that the profits per share have been calculated based on net income after Zakat.