Saudi Re for Cooperative Reinsurance Co on Sunday announced that it turned a profit in the third quarter of 2018, against suffering a loss during the year-ago period.

Saudi Re posted a net profit of SAR 10.03 million before calculating Zakat by the end of Q3-18, against incurring SAR 271,290 in losses during Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the positive turn in its third-quarter financials to a 16% decline in net incurred claims.

Quarter-on-quarter, the Saudi insurer’s profits surged 55.8% in the three-month period ended September, from SAR 6.44 million.

During the first nine months of 2018, Saudi Re’s profits levelled up 16.4% to SAR 24.06 million, compared to SAR 20.67 million from January to September 2017.

The firm’s stock went down 2.33% to close Sunday’s trading session at SAR 7.13.

-Mubasher