Saudi Re's profit jumps 226%

Posted On: May. 27, 2019 6:12 AM CST

Saudi Re for Cooperative Reinsurance Co.'s profit surged 226% year over year to nearly 25 million Saudi Arabian riyals ($7 million) in the first quarter, Middle East Insurance Review reported. Gross written premiums declined nearly 20% to SAR 424 million. Net incurred claims totaled more than SAR 121 million, up 8% from the first quarter of 2018.