News
Tawuniya reports strong Q2 results
| July 21, 2010 by Tracey Scott
Tawuniya has reported an 118.6 per cent increase in net income for Q2 this year compared to the previous quarter.
Net income for Q2 this year reached US$61.6m, compared to US$28.2m in the first quarter. Year-on-year net income increased 82.3 per cent from US$33.8m in Q1 last year.
The insurer reported US$325m in gross written premiums for the first quarter, representing a 23.8 per cent quarter-on-quarter increase. Year-on-year gross premiums written increased 43.1 per cent from US$227m in Q1 2009.
The reinsurance ratio has gone down from 66 per cent in Q1 2010 to 54 per cent in Q2 2010. The decline in ratio is due to underwriting of medical policies which have higher retention ratio as compared to any other segment, said research firm Global Investment House.
The company has reported a marginal reduction in net claims from US$115m in Q1 2010 to US$106m in Q2 this year. Global Investment House said the decline in claims clearly attributes the company’s strong growth in the medical insurance which has been made compulsory in Saudi.
