Saudi: Aljazira Takaful profit jumps by 79% in 1Q

Source: Middle East Insurance Review | Jun 2024

Aljazira Takaful has achieved net profit after zakat and income tax attributable to shareholders for the first quarter of 2024 of SAR12.78m ($3.4m), compared to SAR7.123m in 1Q2023, an increase of 79.42%. The increase in profit was due increase in insurance revenue by SAR13.082m, 16.50% over last year, which was principally driven by business growth.

The increase in profit was also driven by increase in insurance service result for 1Q2024 which amounted to SAR17.612m against SAR6.132m achieved in the same quarter of the previous year, representing a jump of 187.21%, which was also driven by business growth.

Increase in net investment results after deducting the net finance expense for 1Q2024 amounted by SAR8.59m, compared to SAR7.345m in 1Q2023, an increase of 16.95%.

GWP in 1Q2024 reached SAR92.965m versus SAR75.244m in 1Q2023, an increase of 23.55%. M

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