Riyadh – Mubasher: The net profits before Zakat and tax of Al Sagr Cooperative Insurance Company reached SAR 12.27 million in the second quarter (Q2) of 2020, against net losses of SAR 6.39 million in the same quarter of 2019.

The company's profitability is attributed to a 23% reduction in net claims and other benefits incurred by SAR 19.8 million and a 54% increase in investment income by SAR 3.7 million, according to the company's financial results for the period ended on 30 June 2020.

The company's net written premium decreased by 2.6% to SAR 82.96 million in Q2-20, compared to SAR 85.18 million in Q2-19.

During the first half (H1) of 2020, the company logged net losses before Zakat and tax of SAR 46.15 million, up from SAR 6.71 million in H1-19.

Meanwhile, the company incurred accumulated losses of SAR 107.58 million, representing 26.9% of the capital.

It is noteworthy to mention that in the first quarter (Q1) of 2020, the company saw a surge in the net losses before Zakat at SAR 58.4 million, compared with SAR 319,000 in Q1-19.