Johnson Varughese, CEO of Walaa Cooperative Insurance Co.
Walaa Cooperative Insurance Co.’s motor insurance policies grew 125% year-on-year (YoY) in the third quarter of 2023, CEO Johnson Varughese told Argaam.
The property and casualty insurance segment, together with the protection and savings segment, contributed most to the company’s profitability during Q3 2023, as collective earnings rose by SAR 13.7 million.
The company’s profit leap was also driven by an increase in investment income by SAR 16.27 million YoY on improved investment performance in the Saudi market and higher interest rates on short-term deposits.
The increase in revenues and decline in insurance services expenses had a positive impact of SAR 104 million on the results of insurance services before existing reinsurance contracts, the CEO noted.
He stated that the impact on Q3 2023 financials was positive at SAR 13 million after considering the SAR 91 million increase in net expenses of existing reinsurance contracts.
Walaa reported a net profit of SAR 102.9 million for the first nine months of 2023, while Q3 2023 net earnings stood at SAR 40 million, Argaam earlier reported.
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