NCCI Net Profit Rises 66 Percent

RIYADH, 17 January 2006 — National Company for Cooperative Insurance (NCCI) net profit reached SR313 million ($83.5 million) in 2005, up 66 percent from the previous year, the company said yesterday. Earnings per share rose to SR31 from SR19 in 2004, NCCI said in a statement posted on the Saudi bourse’s website. Total assets rose 32 percent to SR3.63 billion at the end of 2005 including shareholder equity of SR1.7 billion, up 118 percent from 2004, NCCI said. Turnover, in terms of insurance premiums, rose 18 percent to SR1.5 billion against SR1.27 billion in 2004. NCCI reported nine-month net profit of SR244 million, up 89 percent from the same period of 2004.