Riyadh – Mubasher: Saudi Arabian Cooperative Insurance Company (SAICO) recorded net profits after Zakat of SAR 2.86 million in the second quarter (Q2) of 2026, an annual plunge of 78.66% from SAR 13.41 million.

The company attributed the decline primarily to a sharp drop in net insurance service results, which fell by 96.97% to SAR 393,000 from SAR 12.95 million.

Insurance revenue for the quarter rose by 35.12% to SAR 394.88 million, versus SAR 292.24 million a year earlier. The company stated that this growth was driven mainly by expansion in the motor insurance segment. Investment results also showed improvement, increasing by 27.35% to SAR 7.30 million.

In the first half (H1) of 2026, the net profits of SAICO dropped by 42.33% YoY to SAR 15.95 million from SAR 27.66 million. Earnings per share (EPS) for H1-26 hit SAR 0.53, compared to SAR 0.92 previously.

Total shareholders' equity increased by 65% to SAR 431.17 million. The company noted that the overall six-month performance was impacted by a 64% decrease in insurance service results, which totaled SAR 9.60 million compared to SAR 26.67 million in the corresponding period.

Earlier this week, SAICO received a credit rating report from Simah Rating Agency (Tassnief) affirming its Insurance Financial Strength Rating at ‘-A’.