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International

Saudi insurers' profit declines 55%: Report

April 23, 2018 Reprints

A report by U.S.-based S&P Global Ratings Inc. found that Saudi Arabian insurers' aggregate net income declined 55% to more than 1 billion Saudi Arabian riyals ($267 million) in 2017 from SAR 2.5 billion in 2016, Saudi Gazette reported. Gross written premiums fell 1% to SAR 36.4 billion from nearly SAR 37 billion in 2016. The ratings agency said that the Saudi Arabian Monetary Authority is likely to introduce more sophisticated risk-based regulations, which could lead to fewer, but more profitable insurers in the market.

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Saudi insurers' profit declines 55%: Report

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