Saudi insurers quarterly profits dragged down by higher claims

 Two of the Saudi-listed major insurers have reported losses in the first quarter of 2022, driven by higher claims, revealed their earning announcements on Monday.

The Co. for Cooperative Insurance, also known as Tawuinya, saw its first-quarter profit drop by 49 percent to SR41 million ($11 million) from SR80.81 million the same period in 2021, while Al-Etihad Cooperative Insurance Co. profit plunged 95 percent to SR689,910 in the first quarter compared to SR14.55 million in the first quarter of 2021, according to their bourse filings.

ECONOMY, SAUDI ARABIA, INSURANCE, INSURERS

Although both companies attributed the drop in their bottom lines to an increase in claims, Tawuinya added that a decrease in earnings from policyholders and shareholders also a major factor.

Comments

Post a Comment

Popular posts from this blog

Mali withdraws from regional anti-ISIS force

Image
Mali on Sunday announced that it will quit the multinational military force in West Africa's sub-Sahara region, after it was blocked from assuming the presidency of the group. The country's military government blamed a lack of progress in the fight against the Islamists and the failure to hold recent meetings in Mali. “The government of Mali is deciding to withdraw from all the organs and bodies of the G5 Sahel Force," including the joint force fighting the extremists, Bamako announced. “The opposition of some G5 Sahel member states to Mali's presidency is linked to manoeuvres by a state outside the region aiming desperately to isolate Mali,” it added, without naming the country. The G5 Sahel force, which includes troops from Niger, Chad, Burkina Faso and Mauritania, was set up in 2017 to counter Islamist extremists who have swept across the region in recent years, killing thousands of people and forcing millions to flee their homes. Read More : https://www.thenationa...
Read more

Elon Musk says Tesla on his mind 24/7 amid investor concerns about Twitter deal

Image
Billionaire businessman Elon Musk said Tesla is on his mind “24/7" in a bid to soothe investor concerns that he is being distracted by his $44 billion Twitter acquisition deal, which has weighed on the stock price of the world's largest electric vehicle maker that he runs. “To be clear, I’m spending 5 per cent (but actually) of my time on the Twitter acquisition. It ain’t rocket science!” the world’s richest person tweeted to his 94.1 million followers on Thursday. “Yesterday was Giga Texas, today is Starbase. Tesla is on my mind 24/7.” To be clear, I’m spending <5% (but actually) of my time on the Twitter acquisition. It ain’t rocket science! Yesterday was Giga Texas, today is Starbase. Tesla is on my mind 24/7. So may seem like below, but not true. pic.twitter.com/CXfWiLD2f8 — Elon Musk (@elonmusk) May 19, 2022 Tesla opened its new car factory in Texas this year, and Mr Musk’s rocket company SpaceX has a launch site known as Starbase in Boca Chica, Texas. Mr Musk has lost...
Read more

Barr: GOP has ‘big opportunity’ to move past Trump in 2024

Image
Former Attorney General William Barr said Thursday that the GOP needs to elect someone other that former President Trump to be party’s presidential nominee in 2024. Barr, who served as the nation’s top prosecutor under Trump, was asked on Newsmax if he would vote for the former president in 2024. “I don’t think he should be our nominee — the Republican Party nominee,” Barr responded. “And I think Republicans have a big opportunity — it would be a big mistake to put him forward,” he added.  Trump and Barr’s relationship crumbled after Barr refuted claims that the 2020 election was tainted by widespread voter fraud. In his memoir “One Damn Thing After Another,” Barr said that Trump had  “lost his grip” after the 2020 presidential election. “He stopped listening to his advisers, became manic and unreasonable, and was off the rails,” Barr wrote. “He surrounded himself with sycophants, including many whack jobs from outside the government, who fed him a steady diet of comforting bu...
Read more