Riyadh – Mubasher: Trade Union Cooperative Insurance Co. posted a 478.6% year-on-year rise in its net profits before zakat in Q1-17, according to a bourse filing.

Net profits before zakat reached SAR 8.07 million in Q1-17, compared to SAR 1.4 million in Q1-16.

The year-on-year rise in profits before zakat is mainly backed by an increase in total underwriting revenues by 4.9%, and a decrease in general and administrative and doubtful debts expenses by 9.8%.

Net written premiums reached SAR 187.42 million in Q1-17, a decline of 20.6% from SAR 235.96 million in Q1-16.

Accumulated profits reached SAR 14.99 by the end of Q1-17.