RIYADH, SAUDI ARABIA – The Company for Cooperative Insurance (Tawuniya) swung to a net profit of US$20 million (SAR 75 million) in Q1 2023, from a net loss of US$3.6 million (SAR 13.8 million) in the year-earlier period.
Insurance services results improved by US$55 million (SAR 207.07 million), compared to Q1 2022. This was driven by a strong growth in gross written premiums (GWPs) by nearly US$440,000 (SAR 1.65 million).
Gross earned premiums also increased by SAR 1.19 million. The growth in revenues were offset by an increase in claims incurred and attributable expenses by US$172 million (SAR 647.86 million).
Tawuniya booked additional risk adjustments of US$10 million (SAR 38.09 million) in Q1 2023 and additional acquisition costs of US$18 million (SAR 69.25 million), which drove the GWPs growth.
Meanwhile, net income from reinsurance contracts decreased to SAR 474.61 million, from SAR 570.08 million in Q1 2022.
