AXA Cooperative Insurance: 2020 results

AXA Cooperative Insurance has recorded a slight turnover increase of 0.6% in 2020. The latter went from 1.409 billion SAR (375.23 million USD) in 2019 to 1.417 billion SAR (377.35 million USD) in 2020.

The net profit before zakat grew by 53.8% to reach 166.836 million SAR (44.42 million USD) against 108.474 million SAR (28.88 million USD) by the end of 2019.

This performance is due to the five-point improvement in the loss ratio which stood at 70% against 75% in 2019. The 11% growth in the investment income in 2020 also contributed to the improvement in results.

As at 31 December 2020, the incurred losses amounted to 879.321 million SAR (234.164 million USD), a 6.5% decrease over one year.