Saudi United Cooperative Insurance Company Announces the correction in the previous announcement relating to the interim financial results for the period ending on 31

July 22, 2015 5:46 AM

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Further to the announcement published on Tadawul's website on 19-04-2015 related to the interim financial results for the period ending on 31-03-2015 (Three Months) where the announcement mention that The reasons for the decrease in the quarter compared to the previous quarter is due to increase in net incurred claims by 2%, increase in other underwriting costs by 59%, increase in operating expenses by 16%, positively impacted by increase in total underwriting revenues by 2%. while the correction in the current quarter compared to the previous quarter remain the same level.

The net earned premium increased by 4% whereas the reinsurance commission reduced by 28%. Net claims incurred increased by 1.6%, the policy acquisition costs decreased by 26%, other underwriting expenses increased by 20% and the operating expenses increased by 16%.

Source: english.mubasher.info

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