Salama Insurance returns to profit as premiums rise

Salama Insurance returns to profit as premiums rise
Salama provides auto, medical and travel insurance. (File)
Short Url
Updated 23 May 2021

Salama Insurance returns to profit as premiums rise

Salama Insurance returns to profit as premiums rise
  • Net profit was SR2.7 million compared with a loss of SR25.4 million

RIYADH: Salama Cooperative Insurance Co. returned to profit in the first quarter of this year as gross written premiums surged by more than one third.

Net profit before zakat was SR2.7 million ($720,000) compared with a loss of SR25.4 million in the year earlier period and SR75,000 in the fourth quarter of 2020, Salama said in a filing to the Tadawul.

Gross written premiums rose 37.8 percent year on year to SR118.2 million and by 34.8 percent from the previous quarter.