Riyadh – Mubasher: AXA Cooperative Insurance Company reported net profits before Zakat of SAR 166.836 million in 2020, up 53.8% from SAR 108.474 million in 2019.

Higher net profits are driven by an improvement in the overall loss ratio to 70% and a rise in investment income by SAR 6 million, according to a bourse filing on Thursday.

The company's net written premiums declined by 2.533% to SAR 1.288 billion last year from SAR 1.321 billion in 2019.

Meanwhile, the company's net incurred claims reached SAR 879.321 million in 2020, down 6.55% from SAR 940.915 million in the earlier year.

The earnings per share (EPS) settled at SAR 2.77 in 2020, against SAR 1.73 in 2019.

It is noteworthy to mention that during the third quarter (Q3) of 2020, the company's net profits registered SAR 55.7 million, 146.8% more than SAR 22.5 million in the corresponding quarter in 2019.