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Business, Economy

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Axa insurance Q3 premiums down 7 percent

Axa said the fall in net profit can be attributed to the overall decrease in insurance results.
By TRENDS Desk
November 7, 2021 3:42 pm
  • The firm's total comprehensive income also dropped 36 percent to 38 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.

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.

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