RIYADH, 1 November 2003 — The National Company for Cooperative Insurance (NCCI) has achieved a record 415.1 percent growth in its business during the third quarter of this year, mainly due to the surge in income from Rukhsa, motor, medical and casualty insurance business. Mousa A. Al-Rubaian, managing director of NCCI, said in a statement issued here that as a result of these new growth areas NCCI posted a net surplus of SR178.7 million from insurance operations during the third quarter of 2003 ended Sept. 30 — up from SR34.7 million during the same period last year.
The income from insurance operation investment increased to SR63.5 million compared to SR37.6 million in the previous year, achieving a growth rate of 69 percent, the managing director said, adding that the shareholders’ net investment income amounted to SR19.8 million against a net loss incurred during the same period in 2002 amounting to SR11.3 million.
According to him, the gross written premiums went up to over SR1.084 billion compared to SR597.2 million during the third quarter of last year which amounted to a growth rate of 81.6 percent. This was mainly due to the increase of insurance premiums of Rukhsa, Motor, Medical and casualty insurance business.
He said the results showed a growth rate of 146.1 percent mainly due to the remarkable retention of motor and medical premiums. On the other hand, the gross claims paid to the clients increased at the rate of 42.6 percent as they reached SR481.3 million in the third quarter of this year compared to SR337.4 million last year. Al-Rubaian said the net claims incurred by the company shot up by 83.6 percent to reach SR292.1 million this year compared to SR159.1 million during the same period last year.
