SABB Takaful reports almost 79 per cent slump in net profit
The company also cited, “Increase in G&A by 20.2 per cent which consist of increase in supervision and inspection cost accruals. Decrease in Fees and commission income by 49 per cent (due to decrease in profit share from Reinsurers) and decrease in investments income by 4.7 per cent. This is despite the marginal increase in NWP by 2.9 per cent, decrease in surrenders & maturities by 52.5 per cent, decrease in policy acquisition costs by 29 per cent.”
Operating transactions results showed a drop of 82.28 per cent to SAR 2.564 million. Gross written premiums rose 4.71 per cent to SAR 202.183 million. Earnings per share before Zakat and income tax fell from SAR 0.5 to SAR 0.11.