announced Cooperative Insurance Company For the condensed initial consolidated financial results for the period ending on March 31, 2022, recording a decrease in profits by 66% to reach 20 million riyals at the end of the first quarter of this year, compared to profits of 59.1 million riyals achieved during the same period in 2021.
The company explained in a statement on “Saudi Tadawul” today, Monday, that the reason for the decrease in profits is due to the decrease in the total profits of policyholders’ investments and shareholders’ funds investments by 12,182 thousand riyals, and the increase in net other operating expenses by 15,756 thousand riyals, as well as a decrease in net The subscription income amounted to 12,036 thousand riyals.
She added that the decrease in the net underwriting income of 12,036 thousand riyals is generally due to the increase in the net claims incurred by the amount of 375,096 thousand riyals, an increase of 23.77%, in addition to the increase in the costs of the insurance companies’ share of the distribution of the due profits by 41,591 thousand riyals, an increase of 654.46%.
It is also due to the increase in the costs of acquiring documents by 8,825 thousand riyals, an increase of 10.08%.