Saudi insurers' operating profit declines nearly 80%

Posted On: May. 17, 2018 5:57 AM CST

The Saudi Arabian Monetary Authority said that local insurers' operating profit declined nearly 80% to 449 million Saudi Arabian riyals ($120 million) in 2017 from more than SAR 2 billion in 2016, Middle East Insurance Review reported. Net profit declined more nearly 66% year over year to SAR 688 million while premiums fell 1% to SAR 36.5 billion. General insurance premiums fell nearly 5% to SAR 16.3 billion.