ACIG’s profits jump by 366% in Q3 to SAR 34.6 mln

Allied Cooperative Insurance Group recorded a net profit before Zakat during the third quarter of SAR 34.6 million, compared to SAR 7.4 million in the same quarter last year, by 366.3%. This came after today’s announcement of the interim financial results for the period ending on September 30, 2023 (9 months).

The gross written premiums (GWP) in the third quarter amounted to SAR 261.3 million, compared to SAR 266.7 million in the same quarter of the previous year, with an increase of 15.2%.

The net profit during the nine-month period amounted to SAR 52.1 million, compared to a loss of SAR 35.6 in the similar period of the previous year.

The total shareholders’ equity (excluding minority rights) reached one million riyals in the current period, compared to one riyal in the same period last year, an increase of %.

Lastly, earnings per share in the current period reached SAR 1.59 riyals, compared to a loss of SAR 0.96 in the same period last year.

As per the Group, the reason for the increase in net profit during the current quarter compared to the same quarter last year is the increase in insurance revenues and net investment returns.

The reason for the increase in net profit during the current quarter compared to the previous quarter is the increase in insurance revenues and net investment returns.

Moreover, the reason for the increase in net profit during the current period compared to the same period last year is the increase in insurance revenues and net investment returns.