A fall of 7 percent in gross written premiums in the third quarter of 2021, as compared to a year earlier, led to a decline in the earnings of Axa Cooperative Insurance, a Saudi-listed insurer.
The company said in a Tadawul filing that its net profit for the Q3 was 45.44 million riyals ($12.1 million), down by 18.34 percent from 55.6 million riyals in the same period last year.
The firm’s total comprehensive income also dropped 36 percent to 38 million riyals. Its net written premiums also fell 5.8 percent to 326.9 million riyals.
Axa said the fall in net profit can be attributed to the overall decrease in insurance results and an increase in investment income.