Investors most bullish on Malath in insurance sector in Q1 2024: Survey

Logo of Malath Cooperative Insurance Co.

Investors are most optimistic about Malath Cooperative Insurance Co. in the insurance sector in Q1 2024, according to a survey by Argaam.

Malath received 65.79% of optimistic votes in the first quarter of 2024, compared to listed peers. 

The insurer posted net earnings before Zakat of more than SAR 36 million for the first nine months of 2023, the highest earnings for the company during this period. Al Rajhi Capital expected the company to report a net profit of SAR 11 million in Q4 2023, according to data available with Argaam.

In late 2023, Malath received a certificate confirming that its Shariah advisor, Shariyah Review Bureau (SRB), and Sharia Supervisory Committee (SSC) reviewed the company's activities.

According to its strategy for 2024, the insurer plans to expand in providing its products through electronic channels to easily provide quality services to customers.  

Malath introduced vehicle insurance through its product, Zed Motor Own Damage, which is one of the most prominent innovative products and goes in line with the third-party insurance product from any other insurance company.  

The company indicated that the insurance product is economical for customers as it meets their needs by avoiding financial consequences in repairing their vehicles.

Malath stressed its continuous work in developing its electronic systems and automating its products and services in light of the technical leaps in all fields. This makes the company closer to customers and has an easy and flexible nature in benefiting from the insurance products and services provided to customers.