Riyadh – Mubasher: The net profits before Zakat of Aljazira Takaful Taawuni Company increased by 5.92% to SAR 39.989 million in 2020 from SAR 37.755 million in 2019. 

Higher net profits are mainly driven by a rise in net underwriting income by SAR 26.369 million, according to the company’s financial results for 2020. 

The company’s net written premiums reached SAR 198.52 million last year, up 81.35% from SAR 109.468 million in 2019.

In the meantime, the company’s net incurred claims hiked by 143.84% to SAR 5.796 million in 2020 from SAR 2.377 million in 2019. 

The earnings per share (EPS) stood at SAR 1.11 in 2020, compared to SAR 1.05% during the earlier year. 

It is noteworthy to mention that during the third quarter (Q3) of 2020, the company recorded a 13.8% year-on-year (YoY) slump in quarterly profits to SAR 7.9 million.