Buruj Cooperative Insurance: declining 2019 results

At the end of 2019, Buruj Insurance recorded a turnover of 305.5 million SAR (93.342 million USD), down 4.5% compared to the previous year.

The net profit before Zakat (tax) sharply fell by 79%, from 72.4 million SAR (19.273 million USD) in 2018 to 15.2 million SAR ( 4.047 million USD USD) in 2019. These declining results are accounted for by a 67.8% drop in the Saudi insurer’s net underwriting surplus.

Yet, Buruj’s investment income grew by 49.4% in one year.

Read also | Ranking of insurance companies in Saudi Arabia