The Company for Cooperative Insurance (Tawuniya) has published its key business indicators for the first half of 2023.
The written premiums have increased by 44.85% to 9.753 billion SAR (2.6 billion USD) against 6.733 billion SAR (1.8 billion USD) as at 30 June 2022.
The insurance revenue, the new equivalent of turnover according to IFRS 17, went up by 36.59% to 7.105 billion SAR (1.9 billion USD).
The Saudi insurer recorded a sharp 292.02% growth in net profit to 377.21 million SAR (100.5 million USD) for the first half of 2023, compared with 96.222 million SAR (25.6 million USD) for the same period in 2022.
It is worth recalling that Tawuniya [4] has reclassified and restated its financial statements so as to be in compliance with the new IFRS 17 and IFRS 9 accounting standards.