Al-Etihad Insurance profits down 95% to SR690K in 1Q

Al-Etihad Cooperative Insurance Co. announced that its losses after zakat and tax declined 95% to SR 690K in the first quarter of 2022 compared to 15 million during the same period of 2021.

This came after Al-Etihad Insurance announcement on Monday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s net profit of shareholders capital investment fell 40% to SR 3.4 million in the 1^st quarter from SR 6 million in same period of the previous year.

Deficit of insurance operations minus the revenues of policy holders’ investments (operational procedures result) declined to SR 4.1 million from SR 9 million.

The loss per share of Al-Etihad Insurance reached SR 0.008 against profit per share at SR 0.28 in the same period of the last year.

Decrease in Net Profit is mainly due to the increase in net incurred claims by 26% compared to an increase in net earned premium by 20%, and the increase in policy acquisition costs and other underwriting expenses and the decrease in shareholders’ investment returns.

Decrease in Net Profit is mainly due to the decrease in shareholders’ investment returns by 71.2%.

Certain prior period figures have been reclassified to conform to current period presentation.

Additional Information:

Earning (loss) Per Share is calculated based on Net Profit (loss) after Zakat amounted to SAR (3,060,090)

Retained Earnings at the end of the quarter are amounted to SAR 97,417,959