Saudi insurers quarterly profits dragged down by higher claims

RIYADH: Two of the Saudi-listed major insurers have reported losses in the first quarter of 2022, driven by higher claims, revealed their earning announcements on Monday. 

The Co. for Cooperative Insurance, also known as Tawuinya, saw its first-quarter profit drop by 49 percent to SR41 million ($11 million) from SR80.81 million the same period in 2021.

Al-Etihad Cooperative Insurance Co. saw its profits plunge 95 percent to SR689,910 in the first quarter compared to SR14.55 million in the first quarter of 2021, according to their bourse filings. 

Although both companies attributed the drop in their bottom lines to an increase in claims, Tawuinya added that a decrease in earnings from policyholders and shareholders also a major factor.