Saudi Arabian Cooperative Insurance: 2020’s results

In 2020, Saudi Arabian Cooperative Insurance (SAICO) has recorded a 4.71% drop in its turnover set at 795.038 million SAR (211.719 million USD) against 834.341 million SAR (222.195 million USD) in 2019.

As of 31 December 2020, the Saudi insurer achieved a net profit before zakat of 57.584 million SAR (15.334 million USD) against a net loss established at 2.382 million SAR (634 360 USD) by late 2019. Such a performance is mainly due to a decrease in the loss experience as well as a decrease in administrative costs.

The net incurred losses decreased by 30.034% set at 343.89 million SAR (91.57 million USD) compared to 491.516 million SAR (130.897 million USD) in 2019.