Saudi Re for Cooperative Reinsurance Co. on Tuesday said that its net profits tumbled 57.02% year-on-year in the fourth quarter of 2017.
Net profits dropped to SAR 18.2 million during the fourth quarter of 2017, down from SAR 42.38 million in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).
The reinsurance products provider attributed the decrease in its year-on-year net profits to 117% surge in incurred net claims, in addition to a 15% decline in net shareholders’ investments income.
The Kingdom-based insurance firm turned profitable in 2017 after achieving SAR 10.4 million, against SAR 21.1 million in the year before.
By 11:23 am KSA time, Saudi Re’s stock rose 0.21% to SAR 9.53.