Wataniyah Insurance’s Profits Soar by 203% to SAR 37 mln in Q3
Wataniyah Insurance witnessed a significant financial upswing in the third quarter of 2023; its net profit skyrocketed by 203% to approximately 37.378 million riyals, compared to 12.322 million riyals in the corresponding quarter of the previous year.
Underlying Factors of Profit Augmentation
The notable profit augmentation is attributed to several factors.
According to the company’s statement, the increased profits in the current quarter as compared to the same quarter in 2022 are due to a substantial increase in total subscribed insurance premiums by an amount of 24,272 thousand riyals, and an increase in investment revenues by an amount of 6,800 thousand riyals.
Performance in Insurance Services, Financing
Additionally, the company pointed out that the profit surge in the current quarter compared to the previous quarter was propelled by an uptick in insurance services results by an amount of 17,668 thousand riyals, and an increase in net income from insurance financing by 7,804 thousand riyals.
Cumulative Performance in Nine Months
The financial performance over the nine-month period also reflected positively, contrasting the loss in the same period last year.
The total subscribed insurance premiums elevated by an amount of 494,054 thousand riyals, alongside a hike in investment revenues by 23,900 thousand riyals.
Broader Economic Implications
The robust financial performance of Wataniyah Insurance is a testament to the positive economic landscape and the resilience demonstrated by key market players in navigating through economic challenges.
The figures do not only reveal the company’s substantial growth but also its strengthened market position, paving the way for an optimistic outlook in the forthcoming quarters.
This insightful revelation of Wataniyah Insurance’s financial standing is indicative of a broader economic buoyancy, reinforcing the robustness of the insurance sector within the region, and setting a positive precedent for other market contenders to emulate.
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